Healthcare Big Data Analytics Market Overview:
According to the latest report by IMARC Group, titled “Healthcare Big Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”,the global healthcare big data analytics market size reached US$ 36.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 80.8 Billion by 2028, exhibiting a growth rate (CAGR) of 13.6% during 2023-2028.
Big data analytics refers to an advanced process that generally serves to integrate, examine, and manage a large volume of data.
- It includes a set of predictive models and statistical algorithms supported by high-performance analytics systems.
- It is adopted to derive patterns from data that comprises unknown correlations, customer preferences, and hidden patterns, facilitating improved business decisions.
- It enables the analysis of large datasets of patients, detecting correlations while developing predictive models with the use of data mining techniques.
As a result, it delivers numerous business benefits across the healthcare sector, including new revenue opportunities, improved patient care, effective marketing, better operational efficiency, advancement of clinical delivery, personalized medicine, operational efficiency, and predictive care monitoring.
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Significant increase in data generation in the healthcare industry majorly drives the global market. This can be attributed to the growing adoption of electronic medical and health analytical record systems across the healthcare industry. Along with this, continuous technological advancements in healthcare institutions for ensuring effective patient management and retention to deliver enhanced patient care this is providing a boost to the demand for healthcare big data analytics. Moreover, the escalating investments by key players and the governments to improve the overall healthcare infrastructure is acting as another growth-inducing factor. Besides this, the widespread utilization of big data analytics in the manufacturing of personalized medicines is also contributing to market growth.
Apart from this, the increasing adoption of big data analytics across healthcare establishments for interpreting and managing clinical data obtained from research studies, tools, technologies, and methods to acquire optimal results is impacting the market growth favorably. In addition to this, the accelerating research and development (R&D) activities conducted using big data analytics to create predictive models for producing targeted drugs and devices are propelling the market growth. Furthermore, the widespread integration of big data analytics with healthcare tools to track and analyze disease patterns, transmission, and outbreaks for enhanced public health surveillance systems is creating a positive market outlook. Some of the other factors driving the market include rapid urbanization and continual improvements in the information technology (IT) sector.
Competitive Landscape with Key Players:
- Allscripts Healthcare, LLC
- Cerner Corporation
- International Business Machines Corporation (IBM)
- COTIVITI, INC.
- Oracle Corporation
- Health Catalyst
- Optum, Inc.
- CitiusTech Inc.
- McKesson Corporation
- MEDEANALYTICS, INC.
- SAS Institute Inc.
- SCIO Health Analytics
- Wipro Limited
- Cognizant Technology Solutions Corporation
- Siemens Healthcare Private Limited
- Hewlett-Packard Inc.
- Koninklijke Philips N.V.
- GE Healthcare.
Key Market Segmentation:
Analytics Type :
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Cognitive Analytics
- Hospitals and Clinics
- Finance and Insurance Agencies
- Research Organizations
- On-Premise Delivery Model
- On-Demand Delivery Model
- Financial Analytics
- Clinical Analytics
- Operational Analytics
Breakup by Region:
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
NOTE: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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