Global Healthcare Big Data Analytics Market Size To Grow At A CAGR Of 15% In The Forecast Period Of 2023-2028

The 'Global Healthcare Big Data Analytics Market Size, Share, Trends, Report and Forecast 2023-2028' by Expert Market Research gives an extensive outlook of the global healthcare big data analytics market, assessing the market on the basis of its segments like analytics type, component, delivery model, application, end use, and major regions.

The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.

Healthcare Big Data Analytics Market Size, Share, Price, Trends, Industry Report, Key Players, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028) 

Forecast CAGR (2023-2028): 15%

The healthcare big data analytics market has been observing rapid growth globally owing to rising digitalisation of the healthcare information and growth in the number of patients resulting in generation of large volumes of data. Rising concern for the cost and quality of care is also a major factor fuelling the digitalisation of the healthcare system all around the globe. Regulatory need and compliance along with increasing demand for improved care of the patients and record-keeping services is further fuelling the growth of the market.

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Clinical data analytics play a major role in the healthcare industry as they help generate insights based on medical data that can help improve the quality of treatment. Numerous healthcare facilities and businesses are adopting healthcare big data analytics in their operations in order to provide optimised care. This is done by monitoring the data of the patient effectively and thereafter working on improving the efficacy of the services.

Healthcare big data analytics offers better insights into patients with elevated risk of sickness thereby permitting the practitioners and doctors to suggest the right therapies and also derive a more accurate clinical discernment. All these factors are expected to enhance the growth of the healthcare big data analytics market globally.

Healthcare Big Data Analytics Industry Definition and Major Segments

Healthcare big data analytics is the application of data analytics in healthcare settings, collecting and analysing the clinical or physical data of patients. Due to the large volumes of data generated, healthcare big data analytics are designed to process and manage massive volumes of complex patient data. It provides healthcare facilities with actionable insights that helps them measure, learn, improve planning, and manage their work.

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On the basis of analytics type, the market is classified into:

Descriptive Analytics
Predictive Analytics
Prescriptive Analytics
Cognitive Analytics
Others

Based on component, the market is segmented into:

Service
Software
Electronic Health Record Software
Practise Management Software
Workforce Management Software
Hardware
Data Storage
Routers
Firewalls
Virtual Private Networks
E-Mail Servers

By delivery model, the market is bifurcated into:

On-Premise Delivery Model
On-Demand Delivery Model

On the basis of application, the market is categorised into:

Financial Analytics
Clinical Analytics
Operational Analytics
Others

Based on end use, the market is segmented into:

Hospitals and Clinics
Finance and Insurance Agencies
Research Organisations

On the basis of region, the market can be categorised into:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Healthcare Big Data Analytics Market Trends

The key trends in the global healthcare big data analytics market include rapid technological advancements and the rising need for increasing productivity in the healthcare industry. Healthcare data analytics consist of a range of computational algorithms and high-powered computing systems which offer efficient marketing, improved operating performance, and enhanced patient care which thereby increases its demand in the market.

With improving technology, it has been easier to detect any healthcare fraud which is another major factor increasing the demand for the healthcare big data analytics market. Latest technologies facilitate the examination of information from several sources such as path laboratories and hospitals. Study of medical records and clinical trials have also become easier, fuelling the growth of the overall market.

North America holds a larger share in the healthcare big data analytics market because of several factors, particularly the rising adoption of technology in the region. Advanced healthcare services are easily available in North America which boosts the use of healthcare big data analytics technology in the region. Moreover, governments and private organisations in countries in the region are investing rapidly in the healthcare sector to bring further developments and innovations.

Key Market Players

The major players in the healthcare big data analytics market report are Allscripts Healthcare LLC, Health Catalyst, Cerner Corporation, MedeAnalytics Inc., and Cognizant, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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