Healthcare Big Data Analytics Market -Overview
The massive data being generated in the healthcare sector is a key driver behind the development of the Healthcare Big Data Analytics Market. Reports created by MRFR detail the developments in the industry that can be expected in the market through the forecast period. By 2025, the healthcare big data analytics market is estimated to observe a CAGR of 24.98%.
The enhanced accessibility to investment is estimated o create lucrative options for development in the healthcare big data analytics market through the forecast period. Moreover, the need to have robust systems in place during an emergency as the current pandemic is projected to benefit the healthcare big data analytics market.
The healthcare big data analytics market's segmental appraisal is carried out based on type, product, application, delivery mode, end user, and region. The healthcare big data analytics market's end user segment consists of population health analytics, clinical analytics, financial analytics, operational & administrative analytics, and others. The product segment of the healthcare big data analytics market consists of hardware, software, and service. The healthcare big data analytics market's application segment consists of financial analytics, operational & administrative analytics, clinical analytics, and population health analytics. The type segment of the healthcare big data analytics market consists of prescriptive analytics, predictive analytics, and descriptive analytics. The mode of delivery segment of the healthcare big data analytics market consists of on-premise and cloud-based model. The healthcare big data analytics market's region segment consists of Europe, Asia Pacific, Americas, and other prominent regional markets.
Detailed Regional Analysis
The healthcare big data analytics market's regional study consists of Europe, Asia Pacific, Americas, and other prominent regional markets. The Americas regional market directed the worldwide market for healthcare big data analytics due to the increasing implementation of big data and analytics solutions by healthcare bodies to make their enterprise more data-driven and growing healthcare spending. The European healthcare big data analytics market is second in the global market. The collective implementation of healthcare insurance, mounting strategic alliances and collaborations in the healthcare sector for data management, and flourishing investments in the healthcare industry in the region are anticipated to drive the European regional market's development. The Asia Pacific is the fastest-growing region in the healthcare big data analytics market through the forecast period due to collective demand for improved healthcare amenities, the incidence of a huge patient group, and an upsurge in government backing for healthcare IT in the region. The countries in the Asia Pacific are accepting advanced technology in the healthcare sector, fueling the healthcare big data analytics market growth in this region.
The rise in acquisitions and mergers is estimated to recreate an encouraging environment for the players, leading to several new product offerings. The government support is estimated to have a positive scope for the development in several key areas of the global market. The use of online channels is estimated to gain more precedence as the market comes to terms with the new business realities. The promotion of international trade is predicted to create a promising overall effect on the market, with many companies choosing this period to test new and untapped markets. The advancement in the global distribution chains is estimated to further enrich the market's progress in the coming period. The market is estimated to move forward with caution due to the experiences gained during the pandemic. The surge in innovation and resynchronization of the operation and distribution cycle is estimated to create a constructive situation for the overall market's future.
The promising companies in the healthcare big data analytics market are Cerner, Medeanalytics, Cotiviti (Verscend Technologies), SAS Institute Inc., Citiustech, Health Catalyst, IBM, Inovalon, Allscripts Healthcare Solutions, McKesson Corporation, Optum, Oracle, and SCIO Health Analytics (An EXL Company).
Mar 2021 Cerner has confirmed its USD 375 million cash purchase of Kantar Health, a life sciences data and analytics research company. The contract is a portion of a bigger strategy to cultivate Cerner's data-as-a-service contributions into a billion-dollar revenue concern over the next few years. With Kantar, Cerner will radically expand its competence in clinical research support, branding guidance, commercial planning, and marketing insights to serve life science clienteles. The Kantar purchase is one of several connected initiatives in Cerner's budding data-as-a-service line of business.
Mar 2021 Clarify Health, an enterprise analytics company, has secured USD 115 million in series C funding to increase its self-service healthcare analytics cloud and business software. Clarify Health unites longitudinal information for more than 300 million "exclusive patient lives" from government and commercial entitlements, electronic health records (EHRs) and prescriptions. This data can assist healthcare professionals in managing population health and commercialize biotechnology and pharmaceutical products.