Need for Efficient Data Management to Take Big Data Analytics in Healthcare Market Forward
The big data analytics in healthcare market to grow to $22,743.1 million by 2023 from $7,013.5 million in 2017, registering a 21.8% CAGR during the forecast period 2018–2023
New York, United States – November 25, 2019 /MarketersMedia/ —
The market is witnessing growth due to the rising initiatives by governments to adopt electronic health records, surging demand for financial analytics in the healthcare domain, and increasing requirement for the analysis of structured and unstructured datasets. Analytical services — predictive and descriptive analysis —are used to extract useful information from a patient’s health-related data with the help of big data analytics.
Easy assemblage of data pertaining to clinical studies and population and inventory management due to the incorporation of big data is a major trend in the big data analytics in healthcare market. Big data analytics is helping researchers sift through huge volumes of data to obtain relevant data points for better precision and accuracy. Genome studies generate huge amount of information, which are now easier to store and retrieve as per the requirement due to big data analytics without the need for conducting numerous lab tests and genome analysis.
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The demand to organize huge amount of data is driving the big data analytics in healthcare market. With increasing research and development activities, the healthcare industry is generating huge data volumes. Big data analytics is playing a major role in reducing the overall cost and providing quality services in the healthcare system by aiming to generate valuable insights from such rich data sets. It is done by going through large unstructured and structured datasets and valuable trends and patterns are then established in the healthcare environment.
The big data analytics in healthcare market is helping doctors and other healthcare service providers in deliver personalized care in a cost-effective and time-efficient manner. Healthcare facilities are enthusiastically integrating IT technology into their workflow for improving patient outcomes, providing support for reformed payment structures, and reducing healthcare cost. Technological advancements have led to the generation of increased unstructured data, such as clinical, imaging, claims, socioeconomic, and genomic data and electronic health records, which big data analytics help organize into structured data.
Based on deployment type, the big data analytics in healthcare market is bifurcated into on-demand and on-premises categories. Between the two, during the historical period (2013–2017), the higher revenue to the market was contributed by the on-premises category as it is the conventional way of deploying big data analytics software on systems within a healthcare center. In the forecast period, the higher CAGR is expected to be witnessed by the on-demand category as it offers cloud data storage which is considerably cheaper than the on-premises technology.
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The classifications of the big data analytics in healthcare market based on region are Asia-Pacific (APAC), Europe, North America, and Rest of the World. The highest revenue was generated by the North American region in the historical period as the U.S. is home to the largest healthcare industry in the world, which leads to huge data generation and the need for its maintenance. In the forecast period, APAC would register the fastest growth as the economy of many countries here is improving, which is leading to the betterment of healthcare facilities.
Therefore, the market for big data analytics in the healthcare domain is slated to experience prosperity due to the increasing research in the medical field and rising need for storing and analyzing the generated data.
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