Big Data in Healthcare Market Dynamics, Comprehensive Analysis, Business Growth, Prospects and Opportunities 2016-2027
Big data means a large set of database which could be structured and unstructured, which can be effectively assessed in order to disclose the trends & patterns for present and future. In healthcare the big data refers to use of the analytic services which is predictive, prescriptive and descriptive to evaluate the information of patient’s healthcare in order to make the clinical output more effective (clinical analytics), improving the revenue of business of healthcare companies, hospitals, clinic centers by financial analytics, and utilization of workforce of healthcare service providers for the higher productivity by operational analytics. The global big data in healthcare market is at US $XX billion in the year 2016 and expected to reach US $XX billion during the forecast period. This market is currently growing with the CAGR rate of XX% due to the various factors.
The applications of big data in healthcare are clinical data analytics, financial analytics and operational analytics. Clinical data analytics comprises the quality care, clinical decision support, population health management, precision health and reporting and compliance. The financial analytics application comprises various claims processing, revenue cycle management and risk management of various divisions of healthcare industry. The last application is operational analytics which comprise the workforce analysis and supply chain analysis.
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There are three major factors which is driving the market of Big Data in Healthcare. Government initiatives, technological advancement and pressure to curb healthcare costs. Government initiatives like release of data from the agencies like FDA and CDC are helping in the research activities. These data’s are available publically and helping the researchers to deeply understand the cause of the disease and other causes. Technological advancement talks about the key developments like mHealth, IOT and wearable devices. A study shows that in the US more than 60% of people want wearable devices and more than 30% people want healthcare application to self-monitor their health conditions. Going ahead pressure to curb healthcare costs are also playing very important role in the overall development of big data.
For the better understanding of the report Global Big Data in Healthcare Market has been segmented on-
On the basis of Hardware
- Data Storage
- Email servers and Access Points
On the basis of Software
- Revenue Cycle Management
- Practice Management
- Workforce Management
On the basis of analytical service types
On the basis of Analytical service applications
- Clinical analysis
- Financial analysis
- Operational analysis
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North America is the leading market of Global Big Data in Healthcare with the market share of more than XX%. Currently North America is having revenue of US $XX billion which is very high in comparison with other regions around the globe. The main reason behind this is the technological advancement in mHealth and IOT.
Currently Europe is having market share of more than XX% which makes the Europe, second largest market for Global Big Data in healthcare. In the Europe the market size has been evaluated at US $XX billion and during the forecast period it is expected that market will grow with the CAGR rate of XX%.
Asia pacific is accounted for the fastest growing market with the CAGR of XX%. The main reason behind this is that Asia-Pacific together holds more than 41% of the global population and increase in the clinical trials and ageing populations.
- The prominent players in the market of Big Data in Healthcare are:
- EPIC SYSTEM CORPORATION
- CERNER CORPORATION
- GE HEALTHCARE
Scope of the Report
The report comprises the deep analysis of Big Data in Healthcare by the Country level
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