The Global big data in healthcare market was valued at over $ 14.7 billion in 2018 and is projected to grow at a CAGR of around 20% to reach $ 42.8 billion by 2024 owing to increasing adoption of Electronic Health Record (EHR), control healthcare spending, advance patient outcomes, etc.
Big Data in Healthcare Report 2019
The Global Market Analysis of cybersecurity and big data analytics in the healthcare field is here! Read the objective of the study here:
- To analyze and forecast the market size of the global big data in the healthcare market.
- To classify and forecast the global big data in healthcare market based on component, deployment, analytics type, application, end-user and regional distribution.
- To identify drivers and challenges for the global big data in the healthcare market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global big data in the healthcare market.
- To identify and analyze the profile of leading players operating in the global big data in the healthcare market.
Health-related data is growing at a rapid pace driven by the government initiatives to promote the adoption of healthcare information system and the introduction of cloud storage. Moreover, increasing adoption of mobile health apps and wearable devices, are further stressing on the need for managing a large amount of data to obtain critical information, thereby driving the demand for big data in the healthcare sector. Additionally, elevating popularity of electronic prescriptions eliminates the need for paper-based prescriptions, which is further positively influencing the growth of the market.
Big data in healthcare market can be segmented based on component, deployment, analytics type, application, end-user and region. On the basis of the component, the market can be segmented into software and service. Software is the largest segment in the market and is poised to grow at brisk rate during the forecast period as well due to the growing need for analysis of electronic patient data which is growing at a rapid pace. In terms of deployment, the market can be bifurcated into on-premise and cloud. On-premise is the dominant segment, however, the cloud segment is expected to grow at the highest rate during the forecast period owing to a myriad of benefits, such as efficient resource utilization, low maintenance and no capital cost, offered by cloud deployment.
Regionally, the market for big data in healthcare is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and Middle East & Africa. Owing to the early adoption of technology and the presence of major players in the region, North America dominated the market and is likely to continue its dominance in the coming years as well.
The major players operating in big data in healthcare market include Allscripts Healthcare Solutions, Inc., Cerner Corp., Optum, Inc., Premier, Inc., McKesson Corporation, Epic Systems Corp., GE Healthcare, Hewlett Packard Enterprise (HPE), International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corp., Philips Healthcare, etc.
Major companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. Since 2005, IBM is working on the development of its big data and analytics and has over 6800 patents to its name. IBM acquired Truven Health Analytics, which is aiding the company to strengthen its position in the market.