Press release
Big Data Analytics in Healthcare Market in North America 2021 | Latest Updates with Market Shares, Revenue and Key Players by 2025
Canada big data analytics in healthcare market is expected to grow at a highest CAGR in the near future as healthcare is experiencing the shift from paper to digital, as large amount of raw data is generated, the opportunity to harness its power for health system use is growing. Also, The Canadian Institute for Health Information (CIHI) and Canada Health Infoway have collaborated to advance the use and reuse of digital health information resulting into progress the technology, analytics, and data capabilities required to deliver personalized medicine. In addition, increase in healthcare expenditure in Canada, which is expected to reach $253.5 billion in 2018 is also expected to boost the growth of the big data analytics in healthcare market.
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Rise in demand for analytics solutions for population health management, increase in need for business intelligence to optimize health administration & strategy, and surge in adoption of big data among end users in the industry have fueled the growth of North America big data analytics in healthcare market.
The key players analyzed in the market include Cerner, Epic System Corporation, All Scripts, International Business Machines (IBM) Corporation, Optum, Hewlett Packard Enterprise (HPE), Dell EMC, Oracle Corporation GE Healthcare, and Microsoft. They have adopted a number of stratagems including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to retain a resilient position in the industry.
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Based on region, the market is divided across U.S. and Canada. U.S held more than two-third of the total market share in 2017 and is expected to maintain its dominance during the estimate period. Growth in enterprise mobility and widespread wireless connectivity have driven the growth of big data analytics in healthcare in this region.
Based on application, the clinical analytics segment accounted for more than half of the total market in 2017 and is anticipated to maintain its top status throughout 2018-2025. Investments in population health and clinical management have spurred the growth in this segment. On the other hand, the financial analytics segment is anticipated to grow at the fastest CAGR of 20.10% during the period.
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Based on component, the software segment contributed to more than two-third of the total market in 2017 and is expected to be dominant throughout the forecast period. The growing demand for digitalization in healthcare organizations has driven the need to adopt big data analytics in healthcare software.
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