NEW YORK, Dec. 17, 2021 /PRNewswire/ -- The global big data analytics in healthcare market size is projected to reach a valuation of US$ 39.7 Bn in 2022, finds Fact.MR. Expanding at a stupendous 19% CAGR, the market valuation is projected to top US$ 194.7 Bn by 2032.
Big data analytics in the healthcare sector is widely being adopted, mainly to streamline operations, handle transactional information and patient data. With ongoing expansion of medical services in the healthcare sector, demand for big data analytics in healthcare is expected to witness an upward trajectory over the forecast period.
The onset of the COVID-19 pandemic has underpinned the need for cutting-edge technological tools for diagnosis and treatment. Due to the lockdown restrictions imposed to contain the virus, patients were resorting to telematics for virtual appointments.
This factor has spurred demand for patient data management software and tools, and the trend is expected to continue in the forthcoming years.
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Further, increasing government investments in the expansion of the healthcare sector are anticipated to boost the market. Federal mandates such as the American Recovery and Reinvestments Act of 2009 are encouraging healthcare providers and organizations to adopt electronic health records (ERH). Such initiatives are expected to bode well for the market.
Besides this, as the patient pool continues to rise, healthcare providers are striving to improve operations, streamline data transfer and protect patient data in a safe and accessible manner. This is compelling service providers to develop products with high security and accuracy, which in turn is augmenting the growth in the market.
"Introduction of telematics, wearables, and smart healthcare tracking devices for applications in hospitals is expected to continue driving sales in the market. Besides this, increasing adoption of online payment platforms in clinics and recreational centers will fuel the growth in the market over the assessment period," says a Fact.MR analyst.
- Based on spender type, the healthcare provider segment is projected to account for 72.8% of the total market share over the assessment period.
- In terms of deployment type, sales in the cloud-based segment are forecast to command 65% of the total market share.
- Demand for predictive analytics is expected to increase at a 21.6% CAGR through 2032.
- Applications in the transactional data segment are projected to hold nearly 50% of the total market share.
- The U.S. will continue to dominate the North America market, with sales growing at a 18.9% CAGR through 2032.
- China is expected to emerge as an attractive pocket, commanding a lion's share in the East Asia market.
- Rapid adoption of technologically advanced data backup services and tools in emerging economies will boost the market.
- Increasing deployment of on-premise services as a part of sustainability drive in chemist shops, local medical wholesalers, and other healthcare facilities will propel sales in the market.
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Leading players operating in the global big data analytics in healthcare market are focusing on research and development to diversify their product portfolios. Besides this, players are investing in mergers, acquisitions, collaborations and, partnerships to expand their global presence and distribution networks.
For instance, in October 2020, a global leader in software solutions, launched a new service known as Microsoft Cloud for Healthcare. The new service improves collaboration between healthcare providers and patients, improves health data insights, and protects patient data effectively.
Key Players in the Big Data Analytics in Healthcare Market Include:
- IBM Corporation
- OptumHealth Care Solutions
- Microsoft Corp
- Verisk Analytics
- Allscripts Healthcare Solutions
- Oracle Corp
- Zephyr Health
- Cisco Systems Inc.
- SAS Institute
- SAP SE
- Denodo Technologies Inc.
More Valuable Insights on Big Data Analytics in Healthcare Market
Fact.MR provides an unbiased analysis of the big data analytics in healthcare market, presenting historical demand data (2016-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the global big data analytics in healthcare market with a detailed segmentation on the basis of:
- Healthcare Payer
- Healthcare Provider
- Data Warehouse Analytics
- Financial Analytics
- Production Reporting
- CRM Analytics
- Predictive Analytics
- Visual Analytics
- Risk Management Analytics
- Supply chain Analytics
- Test Analytics
- Access Clinical Information
- Access Operational Information
- Access Transactional Data
- North America
- Latin America
- East Asia
- South Asia
Key Questions Covered in Big Data Analytics in Healthcare Market Report
- The report offers insight into the big data analytics in healthcare market demand outlook for 2022-2032.
- The market study also highlights projected sales growth for big data analytics in healthcare market between 2022 and 2032.
- Big data analytics in healthcare market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
- Big data analytics in healthcare market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
Explore Fact.MR's Coverage on the Technology Domain –
Big Data Technology and Services Market Scope - The development and consumption of data is expanding at a breakneck pace. As a result, big data analytics software, services, and hardware are becoming more expensive. Companies are using big data technologies to extract meaningful information from both structured and unstructured data from a variety of sources. The growing importance of big data technology in Internet of Things is the most recent trend gaining pace in the big data and service business (IoT). As a result, several industries are adopting big data services in order to handle enormous amounts of data and generate useful insights.
Digital Patient Engagement Market Forecast - The use of digital patient engagement has made it easier to manage the patient database, which has simplified clinical procedures. Convenience and rapid access to healthcare services have been made feasible for patients. Medical practitioners may devote their time and energy to providing high-quality care and effective cures now that automation has been brought to the healthcare industry. As a result, hospitals and clinics have seen a surge in the use of digital media, indicating that the digital patient engagement market has a bright future ahead of it.
Patient Monitoring Systems Market Insights - The rising number of patients with conditions including congestive heart failure, diabetes, cancer, and others is propelling the patient monitoring systems market forward. Another factor driving the market for patient monitoring systems is that, when compared to traditional consulting, these systems provide fast, reliable, and low-cost disease consultation. One of the primary aspects driving the growth of the patient monitoring systems market is the reduction of travel costs and hospital admission fees, which is one of the major causes driving the market.
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