Healthcare Big Data Analytics Market Report, Size, Share, Trends and Forecast to 2024

Healthcare Big Data Analytics Market
Press Release

According to the latest report by IMARC Group, titled “Healthcare Big Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global healthcare big data analytics market size reached US$ 19.6 Billion in 2018. The healthcare industry generates a large volume of data, driven by patient care, record keeping, and compliance and regulatory requirements. While the majority of this data is stored in the form of hard copies, the rise of value-based care and rapid digitization of healthcare information has prompted the industry to switch to big data analytics for making strategic decisions. Big data is generally processed by data scientists and machine learning algorithms. It helps in identifying geographic markets with high growth potential and boosting healthcare marketing efforts by providing information about the needs and preference of physicians and patients. Big data is expected to grow faster in healthcare as compared to the other sectors, including media, manufacturing and financial services.

Request for a free sample copy of this report:

Global Healthcare Big Data Analytics Market Trends:

Over the past few years, healthcare organizations have invested heavily in the market on account of the various benefits offered by big data analytics and artificial intelligence (AI). This increase is driven by the rising number of industry competitors and a massive influx of information. Besides this, with changing legislative regulations, healthcare management software solutions are rapidly being utilized for increasing profits, improving quality of life and personalizing patient care. These solutions also use predictive analysis to foresee the admission rate, which helps hospitals to allocate resources and manage operational costs accordingly while adequately utilizing the existing staff. Moreover, the need for eliminating incidences related to adverse drug events (ADEs) is another factor escalating the demand for big data analytics in the healthcare sector as these systems help in identifying fatal prescription errors before they occur. On account of the aforementioned factors, the market is projected to reach a value of US$ 47.7 Billion by 2024, registering a CAGR of around 16% during 2019-2024.

Explore full report with table of contents:

Insights on Market Segmentation:

Market Breakup by Component:

1. Service
2. Software
3. Hardware

The market has been segmented on the basis of the component, which consists of services, software and hardware. Currently, software is the largest segment, which is further divided into electronic health record software, practice management and workforce management.

Market Breakup by Analytics Type :

1. Descriptive Analytics
2. Predictive Analytics
3. Prescriptive Analytics
4. Cognitive Analytics

Based on the analytics type, the market has been segregated into descriptive, predictive, prescriptive and cognitive analytics. Amongst these, descriptive analytics is mostly preferred by organizations.

Market Breakup by Delivery Model:

1. On-Premise Delivery Model
2. On-Demand Delivery Model

The report has analyzed the market according to the delivery model, which mainly includes the on-premise and on-demand models. At present, the on-premise delivery model leads the market.

Market Breakup by Application:

1. Financial Analytics
2. Clinical Analytics
3. Operational Analytics
4. Others

Based on the application, the market has been segregated as financial, clinical, operational and other analytics. Amongst these, big data is most commonly used for financial analytics.

Market Breakup by End-User :

1. Hospitals and Clinics
2. Finance and Insurance Agencies
3. Research Organizations

On the basis of the end user, the market has been categorized as hospitals and clinics, finance and insurance agencies, and research organizations.

Market Breakup by Region:

1. North America
2. Europe
3. Asia Pacific
4. Middle East and Africa
5. Latin America

On a regional basis, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Presently, North America is the largest market, accounting for the majority of the total market share.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players being Allscripts Healthcare, LLC, Cerner Corporation, International Business Machines Corporation (IBM), COTIVITI, INC., Oracle Corporation, Health Catalyst, Inovalon, Optum, Inc., CitiusTech Inc., McKesson Corporation, MEDEANALYTICS, INC., SAS Institute Inc., SCIO Health Analytics, Vitreoshealth, Wipro Limited, Cognizant Technology Solutions Corporation, Siemens Healthcare Private Limited, Hewlett-Packard Inc., Koninklijke Philips N.V., and GE Healthcare.

Browse More Research Report in Technology & Media Industry:

Contact US:
309 2nd St, Brooklyn, NY 11215, USA
Email: [email protected]
USA: +1-631-791-1145, UK: +44-702-409-7331
Follow us on twitter: @imarcglobal

This post was originally published on The Market Plan

About the author



IMARC is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.