MRFR (Market Research Future) expects the Healthcare Big Data Analytics Market 2020 to touch a stellar valuation of USD 60,966.8 million by 2025. MRFR also projects the market size to expand at a solid rate of 24.98% during the appraisal period (2019 to 2025). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Boosters and Deterrents
Over the years, the analytics software industry has been performing splendidly, as more and more organizations are adopting the software to optimize various business operations and reach strategic and informed decision-making. For the same reason, healthcare data analytics has been observing strong demand, given the rising use of electronic medical record (EMR) and electronic health record (EHR) and the increasing spending on healthcare IT. In a nutshell, the healthcare analytics industry is anticipated to do remarkably well in the coming years, with the surge in government policies and initiatives aimed at improving the healthcare industry along with the emergence of favorable healthcare reimbursement models across countries.
Analytics in healthcare is growing at a rapid pace, as healthcare service providers are adopting various software and solutions to track the general health of the mass and detect individuals that are at risk of acquiring chronic ailments. This has been particularly useful in the face of the rising burden of chronic disorders like diabetes, cancer and more, across the world. The growth of the clinical analytics segment is also bolstered by the fact that healthcare analytics solution helps carry out efficient researches to define an economic and clinically assured way to effectively diagnose and treat patients. Increase in research and development activities has also been favorable for the healthcare big data analytics market, as these solutions help operators develop predictive models to bring down attrition and achieve highly targeted pipeline in devices as well as drugs. Based on the host of key capabilities and the expanding application scope in healthcare, it is safe to assume that the healthcare big data analytics market can witness significant growth over the following years.
Furthermore, escalating demand for big data analytics software for population health management combined with the growing need for business intelligence also benefit the global market. The mounting preference and adoption of cloud-based solutions in healthcare can be an attractive opportunity for the leading firms in the industry. Acquisitions, new product launches, partnerships, collaborations and agreements are some of the most preferred growth strategies adopted by industry contenders to remain relevant in the fiercely competitive market. To illustrate, in November 2020, JMDC, a renowned name in the field of healthcare big data analytics, signed an agreement with Fitbit, with the former now an exclusive distributor of various Fitbit devices like smartwatches and trackers for the company’s enterprise customers across Japan.
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Healthcare analytics market can be categorized in terms of type, product, application, mode of delivery and end user.
The various types of healthcare big data analytics solutions are prescriptive analytics, predictive analytics, descriptive analytics, and others.
With respect to product, the market can be considered for software, service and hardware.
Application-wise, the global market caters to clinical analytics, financial analytics, population health analytics, operational & administrative analytics, and more.
Depending on mode of delivery, the key segments are on-premise model as well as cloud-based model.
The top end users in the global industry are clinical analytics, financial analytics, population health analytics, operational & administrative analytics, and others.
The regional segments covered in the MRFR market study are Europe, MEA or Middle East and Africa, Asia Pacific or AOAC, and the Americas.
The Americas will remain the market leader throughout the evaluation period, thanks to the escalating use of big data analytics solutions by the key healthcare service providers in the region, and the rising healthcare spending. The presence of a thriving healthcare industry, especially in the United States, can be a huge growth booster for the healthcare big data analytics market in the region. With some of the highly renowned players like IBM, Allscripts Healthcare Solutions, Oracle and McKesson Corporation headquartered in the region, the American market is bound to grow at a significant pace in the years ahead.
In 2018, the second place was secured by Europe, as a result of the increase in favorable healthcare insurance schemes, surge in strategic partnerships and collaborations within the healthcare industry for data management and the growing spending on healthcare. Germany has been identified as the most lucrative market for healthcare big fata analytics in Europe, on account of the rise in venture capital funding, uptake of modern technologies by the healthcare sector and the widespread use of electronic health records by healthcare organizations in the country.
APAC should grow at the fastest rate in the global market for healthcare big data analytics during the assessment period, in view of the expanding patient pool and the government’s involvement in the development of healthcare IT. Healthcare industries in several countries in APAC are increasingly adopting innovative technologies in healthcare sector, which is anticipated to contribute significantly to the regional market growth. Some of the leading countries in the region are India, Japan and China, by virtue of the rising initiatives to curb the increasing medical costs.
Top Industry Competitors
SCIO Health Analytics (An EXL Company), SAS Institute Inc., Cerner, IBM, Inovalon, McKesson Corporation, Allscripts Healthcare Solutions, Optum, 3M, Oracle, Citiustech, Medeanalytics, Health Catalyst, Cotiviti (Verscend Technologies), are a few of the top industry competitors profiled in the MRFR report.