North America Big Data Analytics in Healthcare Market is Projected to Reach $34.16 Billion by 2025

According to a recent report published by Allied Market Research, "the North America big data analytics in healthcare market size was valued at $9.36 billion in 2017, and is projected to reach $34.16 billion by 2025, growing at a CAGR of 17.7% from 2018 to 2025.

Big data analytics in healthcare involves the intricate process of analyzing large datasets to uncover valuable insights, such as hidden patterns, market trends, unknown correlations, and patient preferences. These insights enable healthcare organizations to make informed decisions both clinically and operationally.

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Healthcare analytics covers a wide range of areas, including clinical analytics, operational efficiency, and personalized medicine. Additionally, big data analytics helps reduce process-related costs in the healthcare industry by enhancing population health management, integrating performance modeling with financial analysis, predictive care monitoring, and more.

Rise in demand for analytics solution for population health management, increase in adoption of big data in the healthcare industry, the emerging trend of eHealth, shifting preference from a pay-for-service model, which financially rewards caregivers for performing procedures, to a value-based care model, rewarding them based on the health of their patient are some of the key factors that are expected to fuel the growth of the North America big data analytics in healthcare market. However, lack of skilled & expert staff and patient data security issues are expected to hamper the growth of the market.

North America big data analytics in healthcare market trends include adopting data warehouse optimization, customer analysis, fraud detection which is expected to create large number of opportunities during the forecast period. In addition, major players in this market are also enhancing their product portfolios by integrating machine learning (ML) and Artificial Intelligence (AI) technologies to make the analytics more advanced and effective.

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Further, big data and analytics is attracting support mostly in financial, retail and insurance industries, where there is an emphasis on engaging with the customer and understanding social perspectives of customers. Predictive analytics is emerging as a capability which permits organizations to make models that can predict customer behavior and other critical business information.

Canada big data analytics in healthcare market is expected to grow at the 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 the 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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Key Findings of theBig Data Analytics in Healthcare Market:

1. By component, the services segment is expected to exhibit significant growth during North America big data analytics in healthcare market forecast period.
In 2017, the on-premise segment accounted for the highest revenue in the deployment type category.

2. Based on application, the clinical analytics segment generated the highest revenue in 2017.

3. Based on end user, the hospitals & clinics segment generated the highest revenue in 2017.

4. Based on region, the U.S. led the North America big data analytics in healthcare market in terms of revenue in 2017.

Some of the key players operating in the North America big data analytics in healthcare industry include All Scripts, Cerner, Dell EMC, Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise (HPE), International Business Machines (IBM) Corporation, Microsoft, Optum, and Oracle Corporation.

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