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Big Data Analytics in Healthcare Market to Register a 21.8% CAGR in Near Future

by navdeep kaurav Research Analyst
The introduction of personalized healthcare systems and demand for high-quality healthcare services are the two major drivers of the big data analytics in healthcare market growth. Healthcare providers are improving their abilities through the understanding of a patient’s response to a particular treatment, to offer personalized and affordable healthcare services.

The software category is expected to post the highest CAGR, of 26.4%, in the big data analytics in healthcare market for the period 2018–2023. This would be on account of the increasing demand for electronic medical records (EMR). EMR is the collection of medical records of patients, where the software assists in maintaining the records efficiently.


Geographically, North America held the largest big data analytics in healthcare market share in 2017, with the U.S. being the larger market here, due to the fact that the healthcare industry is the largest in the U.S., which results in a heavy usage of the big data analytics. The use of big data analytics becomes extremely important for healthcare industry as it utilizes predictive analytics, which helps in identifying patients with high risk of chronic illness and delivering personalized healthcare services.

As per a P&S Intelligence study, the big data analytics in healthcare market is expected to advance at a 21.8% CAGR during 2018–2023. Big data analytics offer the following analytics type: predictive, descriptive, and prescriptive. During 2013–2017, the descriptive analytics was the most in demand. It is the analysis of the historical data to gain knowledge about the trends that prevailed over time. 


The players in the big data analytics in healthcare market are focusing on acquisitions and partnerships, in order to provide differentiated products and services. This would ensure ease of accessibility to patients’ EHR and structured data sets for a better insight into patient history, so that analysis can be done accordingly. For instance, in January 2018, Allscripts Healthcare Solutions acquired Practice Fusion, a cloud-based EHR solution provider, for $100 million. This acquisition was aimed at improving Allscripts’s big data insights and analytics, data sharing technologies, and clinical trial solutions. This will enable life sciences organizations to more quickly and efficiently develop life-changing therapies.

Some of the other key players operating in the global 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.


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About navdeep kaurav Freshman   Research Analyst

3 connections, 0 recommendations, 20 honor points.
Joined APSense since, August 9th, 2019, From noida, India.

Created on Dec 24th 2019 03:31. Viewed 327 times.

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