Global big data analytics in the healthcare market is gaining interest with the introduction of personalized healthcare systems and demand for high-quality healthcare services. With the adoption of big data, healthcare payers and suppliers increased their capabilities. They study the patient behavior in a particular treatment and the diagnostic patterns. This provides them customized and highly cost-effective services.
Categorization of Healthcare Market:
Based on the deployment type, big data analytics in the healthcare market is categorized into on-demand and on-premise. Of the two, the on-demand deployment generates a larger revenue compared to the on-premise software deployment.
Based on the hardware, big data analytics within the healthcare market is categorized into data storage, routers, firewalls, virtual private network, e-mail servers, and others; others include data centers hardware and on-premise and on-cloud hardware. Data storage accounted for the biggest revenue share within the market in 2017.
Geographical Big Data Analytics:
Geographically, North America has been the largest big data analytics in the healthcare market. Asia-Pacific is expected as the fastest growth in the forecast period. The common factors include advancement in big data technologies, growing digitalization, expanding data analytics software industry, and increasing adoption of big data analytics services by health care providers in the region. Due to various initiatives were undertaken by the government, the market in the region is expected to grow significantly in the coming years. This makes more sophisticated and cheap healthcare services available to people. Factors driving the growth of big data analytics in healthcare market include
- A major increase in demand for financial analytics in healthcare.
- Demand for exploring structured and unstructured data present in the healthcare industry.
- Decrease the prices and handiness of big data software system and services.
- Amplified adoption of new technologies for data analytics in healthcare business transformations.
Healthcare industry generates huge volumes of data. Big data analytics solutions aim to get valuable insights. This improves the quality of healthcare services and reduces the overall cost incurred in the healthcare ecosystem. This achieves by exploring large sets of structured and unstructured databases to achieve and access trends and patterns present within the current healthcare environment.
Financial analytics sealed the biggest market share in 2017. It provides healthcare organizations with greater and better visibility into several factors. It drives revenues, reduces operational costs and manages shareholder value. The application uses sophisticated software technology such as specialized billing process and knowledge, to keep a track of various claims processed, and the amount of revenue collected from different segments.
The major players are developing new solutions for healthcare data analytics. Key players operating in the big data analytics in healthcare market are McKesson Corporation, Cognizant Technology Solutions Corporation, Epic System Corporation, Cerner Corporation, Dell Inc., GE Healthcare, Siemens AG, Koninklijke Philips N.V., and Xerox Corporation. Most of the main vendors within the big data analytics in healthcare market are actively focusing on enhancing their offerings. This also includes software development, hardware integration, and big data analytics learning.