Big Data Analytics in Healthcare Market to Reach $34.16 Bn in North America by 2025 at 17.7% CAGR: Allied Market Research
Rise in demand for analytics solutions for population health management, increase in need for business intelligence to optimize health administration & strategy, and surge in adoption of big data among end users in the industry have fueled the growth of North America big data analytics in healthcare market
PORTLAND, Oregon, April 22, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "North America Big Data Analytics in Healthcare Market by Component (Software and Services), Deployment (On-Premise and Cloud), Analytics Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Diagnostic Analytics), Application (Clinical Analytics, Financial Analytics, and Operational Analytics), and End User (Hospitals & Clinics, Finance & Insurance Agencies, and Research Organizations): Opportunity Analysis and Industry Forecast, 2018 – 2025." The report provides a detailed analysis of market definition & scope, growing market trends, top investment pockets, and market size & estimations. As per the report, the North America big data analytics in healthcare market was pegged at $9.36 billion in 2017 and is expected to hit $34.16 billion by 2025, registering a CAGR of 17.7% from 2018 to 2025.
Rise in demand for analytics solutions for population health management, increase in need for business intelligence to optimize health administration & strategy, and surge in adoption of big data among end users in the industry have fueled the growth of North America big data analytics in healthcare market. On the other hand, security concern related to sensitive patients' medical data and lack of skilled staffs have happened to curb the growth to some extent. Nevertheless, growing inclination toward cloud-based analytics solutions, emerging trend in healthcare such as telehealth and innovations in geonomics have created lucrative opportunities in the segment.
Software segment to dominate during the study period-
Based on component, the software segment contributed to more than two-third of the total market in 2017 and is expected to be dominant throughout the forecast period. The growing demand for digitalization in healthcare organizations has driven the need to adopt big data analytics in healthcare software.
Clinical analytics to rule the roost-
Based on application, the clinical analytics segment accounted for more than half of the total market in 2017 and is anticipated to maintain its top status throughout 2018-2025. Investments in population health and clinical management have spurred the growth in this segment. On the other hand, the financial analytics segment is anticipated to grow at the fastest CAGR of 20.10% during the period.
Based on region, the market is divided across U.S. and Canada. U.S held more than two-third of the total market share in 2017 and is expected to maintain its dominance during the estimate period. Growth in enterprise mobility and widespread wireless connectivity have driven the growth of big data analytics in healthcare in this region.
Major players in the market-
The key players analyzed in the market include Cerner, Epic System Corporation, All Scripts, International Business Machines (IBM) Corporation, Optum, Hewlett Packard Enterprise (HPE), Dell EMC, Oracle Corporation GE Healthcare, and Microsoft. They have adopted a number of stratagems including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to retain a resilient position in the industry.
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