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. Health related data is growing at a rapid pace driven by the government initiatives to promote the adoption of healthcare information system and introduction of cloud storage. Moreover, increasing adoption of mobile health apps and wearable devices, are further stressing on the need for managing large amount of data to obtain critical information, thereby driving the demand for big data in 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 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 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, cloud segment is expected to grow at the highest rate during the forecast period owing to 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 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.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020–2024
Objective of the Study:
- To analyze and forecast the market size of global big data in healthcare market.
- To classify and forecast global big data in healthcare market based on component, deployment, analytics type, application, end user and regional distribution.
- To identify drivers and challenges for global big data in healthcare market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global big data in healthcare market.
- To identify and analyze the profile of leading players operating in global big data in healthcare market.
Some of the leading players in global 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.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of service providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major service providers across the globe.
TechSci Research calculated the market size of global big data in healthcare market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Hospitals and Clinics
- Research organizations and consulting companies
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to big data in healthcare
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global big data in healthcare market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
- Market, By Component:
Electronic Health Record Software
- Market, By Deployment:
- Market, By Analytics Type:
- Market, By Application:
o Clinical Data Analytics
o Financial Analytics
o Operational Analytics
- Market, By End User:
o Hospitals & Clinics
o Finance & Insurance Agencies
o Research Organizations
- Market, By Region:
o North America
o Middle East & Africa
o South America
- Company Profiles: Detailed analysis of the major companies present in global big data in healthcare market.
- With the given market data, TechSci Research offers customizations according to a company’s specific needs.
- Company Information
- Detailed analysis and profiling of additional market players (up to five).