Big Data Analytics in Healthcare Market Worth USD 67.82 Bn by 2025 | Top Players Such as - Cerner, GE Healthcare & Optum

According to the report published by Allied Market Research, The Big Data Analytics in Healthcare Market Worth USD 67.82 Bn by 2025 | Top Players Such as - Cerner, GE Healthcare & Optum. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Increase in adoption of big data in the healthcare industry, rise in demand for analytics solution to aid population health management, and shift in preference from a pay-for-service model to a value-based care model propel the growth of the big data analytics in healthcare market. However, issues related to data security and dearth of skilled workforce is expected to impede the growth to certain extent. On the other hand, growing inclination toward cloud-based analytics solutions and emerging trends in healthcare such as telehealth and innovations in genomics are anticipated to offer lucrative opportunities to the market.

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The global big data analytics in healthcare market size was valued at USD 16.87 billion in 2017, and is projected to reach USD 67.82 billion by 2025, growing at a CAGR of 19.1% from 2018 to 2025.

The global big data analytics in healthcare market is segmented based on component, deployment, analytics type, application, end user, and region. In terms of component, the market is bifurcated into software and services. On the basis of deployment, it is fragmented into on-premise and cloud. Depending on analytics type, it is segregated into descriptive analytics, predictive analytics, prescriptive analytics, and diagnostic analytics. By application, it is classified into clinical analytics, financial analytics, and operational analytics. By end user segment, it is divided into hospitals & clinics, finance & insurance agencies, and research organizations. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the market is bifurcated into software and services. The software segment accounted for more than two-thirds of the total market share in 2017 and is projected to maintain its dominance through 2025. However, the services segment is projected to register the fastest CAGR of 21.3% during the forecast period.

Based on deployment, the market is divided into on-premise and cloud. The on-premise segment held the largest share in 2017, accounting for 59.3% of total share and is expected to continue its dominance throughout the forecast period. On the other hand, the cloud-based deployment model is anticipated to register the fastest CAGR of 20.8% during the forecast period.

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Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The region across North America dominated the market in 2017, holding more than half of the total market share. On the other hand, the region across Europe is projected to have the highest CAGR of 21.8% during the forecast period.

The key players analyzed in the report include Cerner Corporation, Dell EMC, Allscripts, Epic System Corporation, Microsoft, Optum, Inc., International Business Machines (IBM) Corporation, Oracle Corporation, Hewlett Packard Enterprise Development LP, and GE Healthcare.

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Top Impacting Factors

● Rise in the demand for analytics solutions for population health management, increase in requirement for business intelligence to optimize health administration and strategy, surge in preference toward cloud-based analytics solutions in the market, are factors that drive the growth of big data in the healthcare market.

● In addition, increase in healthcare expenditure; collaborations & partnerships between key players to facilitate development; and technological advancements, are some factors, which boost the market growth for big data in healthcare.

● However, lack of skilled labor and high rates of security breaches hinder the big data in healthcare market growth.

● Contrarily, support from the government for regulatory compliance presents new pathways in the industry.

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