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(May 16, 2018)
LONDON, May 16, 2018 /PRNewswire/ -- Global big data in healthcare market to reach $68.75 billion by 2025
Health data has been growing at unprecedented rates, driven by fall in storage costs, emergence of cloud storage, growing regulatory mandates and the increasing government initiatives to promote adoption of healthcare information systems.The increasing adoption of wearable devices, at-home testing services and mhealth applications that are empowering patients to proactively manage their health are further contributing to the pool of personal data.
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The availability of large volumes of health information has paved way for massive advances in clinical research, development of precision medicine and clinical decision support tools, quicker drug discovery and more detailed view of population health, which has opened new arrays for managing chronic diseases.
The global big data in healthcare market amounted to $11.45 billion in 2016 and is expected to witness a double-digit growth throughout the forecast period of 2017-2025.
The research study is a compilation of various segmentations including the market breakdown by components and services, by application, and by region.This report provides a detailed market analysis and forecast of hardware, software and services, and prescriptive, descriptive and predictive analytics services.
Additionally, it also includes analysis of applications of big data for clinical analytics, financial analytics, and operational analytics.
The market has been analyzed based on various micro and macro trends influencing it. While highlighting the key driving and restraining forces for this dynamic market, the report also provides a comprehensive section on competitive landscape, industry attractiveness, market share analysis, and competitive benchmarking within the global big data in the healthcare market.
The following key questions have been addressed in the report:
How has the big data in healthcare market evolved in the past and how is it anticipated to evolve during the forecast period from 2017 to 2025?
What are the major market factors propelling the growth of the market?
What are the various challenges that the industry is facing which need to be addressed?
Who are the key players across components, services, applications and regions for big data in healthcare?
What are the key developmental strategies adopted by the key players to stand out in this market?
What were the market shares of the different data analytics services providers in 2017?
How will the market for each component and application of big data in healthcare market grow during the forecast period? What will be the revenue generated by each segment by the end of 2025?
Which applications are an investment priority in different regions and why? What will be the revenue generated through each application through the forecast period?
The report also includes an exhaustive analysis of the market for each geographical region, namely North America, Europe, Asia-Pacific, Latin America and RoW. Each geographical region analysis details the individual push and pull forces, and market for components and services and analytics applications, in addition to the key players from that region.
The report also examines the role of the leading market players involved in the industry.The company profiles section highlights significant information about the key companies, such as their product portfolio, financial positions, and the SWOT analysis of these players.
Some of the key players in the big data in healthcare market are McKesson Corporation, Allscripts, Epic Systems, Cerner Corporation, SAP, SAS, and Tableau, among others.
Amid rising healthcare costs, increasing rates of chronic diseases, aging population and declining reimbursement costs, hospitals and other healthcare organizations are under considerable pressure to prioritize investments focusing on improving outcomes and resource management.The increasing supply of health-related data from various sources has the potential to transform the healthcare delivery system, reduce costs, improve patient outcomes and provide value-based care.
The volume of healthcare data accounted for over 700 exabytes in 2017 from 153 million in 2013 and is projected to grow to 2,314 exabytes by 2020. Falling storage costs, emergence of cloud-based services and subscription models, government initiatives and regulatory mandates to encourage adoption of healthcare information systems and increasing adoption of mHealth, eHealth and wearable technologies among consumers are expected to drive the growth of the market.
Organizations are employing analytical tools and artificial intelligence and machine learning techniques on this growing pool of data to derive data-driven insights to reduce healthcare costs, enhance revenue streams, develop personalized medicine, and manage proactive patient care. Among, components and services, analytics services contributed the dominant share of $5.80 billion in 2017 and are expected to be the fastest growing segment throughout the forecast period. Financial analytics is the most prominent application of big data and contributed a market share of $2.38 billion 2016, due to early application of analytics for improving financial outcomes by analysing performance across revenue cycle management, insurance claims handling and fraud detection. However, clinical analytics is the priority investment for most of the organizations and is thus expected to witness the highest CAGR of 23.77% from 2017 to 2025, to reach the value of $11.35 billion by 2025. The access to large volumes of medical data has paved way for massive advances in clinical research, development of precision medicine and clinical decision support tools, speedier drug discovery and opened new arrays for managing chronic diseases.
While North America has been the leading market for big data in healthcare due to early adoption of the technology in the region, APAC is anticipated to grow at the fastest rate in the forecast period as development of big data infrastructure, and applications has become a priority field of investment for governments of the emerging economies of India and China.However, challenges must be overcome to improve connectivity and linkage between existing databases is to realize the complete potential of data-driven health care systems.
National and international platforms need to be established that can consolidate patient data over time and across different clinics.
Encouraging adoption of healthcare information systems, promoting usage of interoperable shared electronic health records (EHRs) and appropriate security measures to protect sensitive information, adoption of standard clinical terminologies, and building a more collaborative research environment will play a key role in improving the use of data analytics tools among the healthcare organizations. Substantial commitment and collaboration is demanded from all the stakeholders, along with a strong governance framework to ensure effective use of big data.
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