InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Big Data in Healthcare Market – Components and Services (data servers and storage, servers, and networking), software (electronic health records, practice management software, revenue cycle management software, and workforce management software), and analytical services (descriptive analytics, prescriptive analytics, and predictive analytics)), Application (clinical data analytics (quality care, clinical decision support, population health management, precision medicine, and reporting compliance), financial analytics (claims processing, revenue cycle management software, and risk assessment), and operational analytics (workforce analytics and supply chain analytics)), Trends, Industry Competition Analysis, Revenue and Forecast To 2030.”
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According to the latest research by InsightAce Analytics, the global big data in the healthcare market is valued at US$ 22.02 billion in 2021, and it is expected to reach US$ 84.5 billion by 2030, with a CAGR of 16.20% during the forecast period of 2022-2030.
Modern technologies are necessary to find solutions for disease treatment and enhance clinical knowledge. Big data techniques for healthcare examine extensive clinical databases and help organizations make clinical and business decisions. Adopting different big data solutions can make healthcare data analysis and management faster and easier.
Multiple factors such as the increasing government initiatives to develop healthcare facilities, advancements in medical and digital technologies, adoption of mobile healthcare applications, rising prevalence of chronic diseases are projected to propel the market growth during the estimated timeframe. Moreover, growing healthcare expenditure, increasing use of cloud-based healthcare applications, and the rising government funding for technological implementations in the healthcare sector is expected to witness lucrative opportunities during the forecast period. Healthcare organizations started implementing digital, cloud-based solutions to improve the management, understanding and analysis of clinical and life science data, likely to boost the demand for big data in healthcare market growth in the forthcoming years. On the other side, the expensive big data techniques, lack of skilled labour, and data privacy and security concerns may restrain the market development over the forecast years.
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Regionally, North America held a significant market share in 2021 and is expected to lead the big data in healthcare market in the upcoming year (2022-2030), owing to the increasing healthcare expenditure and rapid adoption of digital technologies by healthcare companies. Asia-Pacific is anticipated to register considerable growth over the forecast years due to the rising demand for medical data management tools and growing innovations of cloud-based, AI-based tools and platforms for healthcare data management by the pharma and IT companies.
Key market players operating in the big data in healthcare market include Allscripts Healthcare Solutions, Inc., Cognization Technology Solutions Corporation, Cerner Corporation, Computer Programs and Systems, Aetna, Inc., DELL, Epic Systems, eClinicalWorks, GE Healthcare, Health Catalyst, IBM Corporation, Siemens Healthineers, Xerox Holdings Corporation, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Optum, Philips Healthcare, Tableau Software, Inc., Premier, Inc., SAP ERP, SAS, among others.
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