The cloud deployment is anticipated to exhibit highest CAGR from 2017-2023. Cloud analytics possesses high growth potential with pay per use costing. Moreover, big data analytics in healthcare adoption is expected to witness high growth rate, owing to primary consideration of analytical modelling to manage various clinical applications, such as patient correlation in longitudinal records, process of diagnostic cycle, and predictive modelling on patients‐™ involvement with medical administration.
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According to a new report by Allied Market Research, titled, Big data Analytics in Healthcare Market by Solution, Deployment, and End User : Global Opportunity Analysis and Industry Forecast, 2016-2023, the global big data analytics in healthcare market was valued at $10,725 million in 2016, and is projected to reach $36,093 million by 2023, growing at a CAGR of 19.1% from 2017 to 2023.
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The service market in solution segment, including professional and managed services, is expected to witness high demand, due to increase in need to manage data throughout the lifespan, from conception and storage to data analysis at the point of requirement. Moreover, cost savings on total cost of ownership through cloud deployment fuels the big data analytics in healthcare market growth.
North America was the largest market in 2016, owing to growth in demand for predictive analytics on people healthcare management and efficient diagnostic outcomes.
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In addition, growth in adoption of big data analytics in healthcare solutions in Europe is observed due to surge in the demand for pattern recognition of medical procedures, diseases, and their origins. The trend of strong cloud adoption in these developed regions has accelerated the growth of the big data analytics in healthcare market.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period, owing to greater prospect to facilitate real business value to the organization through reduced cost and improved ability to focus on innovation and differentiation. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this model, which is anticipated to boost the big data analytics in healthcare market growth.
The key players profiled in the study are Microsoft Corporation, Oracle Corporation, Cisco Systems Inc., SAS Institute Inc., IBM Corporation, Cognizant, Health Catalyst, Medeanalytics, Inc., McKesson Corporation, and Vizient, Inc. All these players are involved in competitive strategies including analytics innovation, business expansion, and partnership to augment the growth of the global big data analytics in healthcare market.
Key Findings of the Big Data Analytics in Healthcare Market:
- Cloud deployment is anticipated to grow at highest CAGR of 19.7% from 2017 to 2023.
- North America generated the highest revenue in 2016, valued at $6,121 million.
- Europe dominated the market, in terms of growth, during the forecast period.
- U.S. led in terms of big data analytics in healthcare market in 2016. In addition, Canada, UK, China, Japan, and the other emerging markets are estimated to provide significant opportunities for major players.
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