According to a new market intelligence report by BIS Research, titled "Global Big Data in Healthcare Market- Analysis and Forecast, 2017-2025", the big data in healthcare was estimated $14.25 billion in 2017, and is estimated to grow over $68.75 billion by the end of 2025. With the unprecedented growth in healthcare data, organizations are employing analytical tools, artificial intelligence, and machine learning techniques to derive data-driven insights in order to reduce healthcare costs, enhance revenue streams, develop personalized medicine, and manage proactive patient care.
Healthcare data is growing at rampant rates and is projected to exceed 2,314 exabytes by 2020, driven by falling storage costs. Moreover, the emergence of cloud-based services and subscription models has reduced the up-front investment and infrastructure development required for managing the big data. The increase in the adoption rate of wearable devices, mHealth, and eHealth services has further boosted the amount of patient data available for research. The booming supply of medical information from various sources has the potential to transform the healthcare delivery system, reduce costs, improve patient outcomes and help in the provision of value-based care.
According to Shazlie Khan, an analyst at BIS Research, "The big data in healthcare market is going to be driven by an urgent need to control rising healthcare costs and to improve patient outcomes and resource management. Among components and services, analytics services contributed the lion's share of $5.80 billion in 2017. Clinical analytics will be an investment priority for most of the hospitals due to regulatory requirements to make 'meaningful use' of healthcare data, the need to reduce medical errors, and to enhance population health management. North America was the largest market for big data in health in 2017, with 55% market share, and is expected to remain the largest revenue generating region throughout the forecast period. Big data in healthcare market in the APAC region will grow at the fastest rate due to increasing adoption of data management infrastructure in the region."
• Among different big data components and services, analytics services dominated the market with $5.80 billion revenue generation in 2017 and are expected to grow at a CAGR of 22.3% during the forecast period 2017-2025.
• Financial analytics was the most popular application of analytics services in the healthcare, with revenue generation of $2.90 billion in 2017. However, clinical analytics is expected to grow at the fastest CAGR of 23.77% through the forecast period.
• Geographically, North America is the largest market for the big data in healthcare and is expected to reach $31.12 billion by 2025. Within North America, the U.S. is the largest market contributing to 91% of the overall North America market in 2017.
This market intelligence report provides a multidimensional view of the global big data in healthcare market in terms of market size and growth potential. The research report aims at answering various aspects of the big data in healthcare market with the help of key factors driving the market, threats that can possibly inhibit the overall market growth, and the current growth opportunities that are going to shape the future trajectory of the market expansion. The study considers the growth-share matrix model for a comprehensive study of the market and assesses the factors governing the same.
Furthermore, the competitive landscape chapter in the report explicates the competitive nature of the global market and enables the reader to get acquainted with the recent market activities, such as product launches, regulatory clearance and certifications, partnerships, collaborations, as well as mergers and acquisitions. The research report provides a comprehensive analysis of various big data software, hardware components and analytics services and trend analysis by segments and demand, and by geographical regions.
This report is a meticulous compilation of research on more than 150 players in the market ecosystem and draws upon insights from the in-depth interviews with the key opinion leaders of more than 60 leading companies, market participants, and vendors. The report also profiles 21 companies including several key players, such as McKesson Corporation, Optum, Epic Systems, Allscripts, IBM, Tableau, SAP and SAS among others.
Key questions answered in the report:
How has the big data in healthcare market evolved in the past, and what is its scope in the future?
What are the major market drivers, challenges, and opportunities in the market?
How will the market for big data hardware, software and services grow during the forecast period, and what will be the revenue generated by each segment by the end of 2025?
What are the adoption rates of different healthcare information systems across the regions?
What are the key developmental strategies implemented by the key players to stand out in this market?
What are the most prominent applications of big data analytics and why? How will the demand for different applications evolve during the forecast period?
What are the demands for big data in healthcare components and analytics services in different geographical regions? Which application will witness the fastest growth in each country?
BIS Research is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on Healthcare, Automotive, Aerospace and Agriculture and other key industries that are seeing rapid technological disruption.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
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