Big Data Analytics in Healthcare Market to Reach $43,330.3 Million by 2023: P&S Market Research

NEW YORK, July 24, 2017 -- According to a new research report “Global Big Data Analytics in Healthcare Market: Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Component (Software, Hardware, and Service) by Analytics Type (Descriptive Analytics, Predictive Analytics, and Prescriptive Analytics), by Deployment Type (On-Demand, and On-Premise), and by Application (Financial Analytics, Clinical Data Analytics, and Others)” published by P&S Market Research, the global big data analytics in healthcare market is projected to reach $43,330.3 million by 2023, growing at a CAGR of 23.3% during 2017 - 2023.

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Due to significant growth in big data technologies such as tools for data orchestration, data mining and analyzing volumes of structured and unstructured data, adoption of big data in various industries has increased significantly. This has led to rapid increase in demand for big data analytics integration in healthcare services, on the back of which, the global big data analytics in healthcare market is gaining huge traction.

As per findings of the research, on-demand deployment generated larger revenue as compared to on-premise software deployment, in the global big data analytics in healthcare market. Further, on the basis of hardware, data storage segment has been the largest contributor to the global market. However, virtual private network segment is expected to witness fastest growth during the forecast period. Among various applications, financial analytics segment was the largest contributor to revenue during 2013 - 2016; however, clinical data analytics is expected to grow at the fastest rate during the forecast period.

Geographically, North America has been the largest big data analytics in healthcare market; however, Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. This anticipated market growth can be attributed to factors such as advancement in big data technologies, growing digitalization, expanding data analytics software industry, and increasing adoption of big data analytics services by healthcare players and providers in the region.

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Electronic health record (EHR) software has been the largest revenue contributor to the global big data analytics in healthcare market. The EHR software is a digital and advanced version of patient’s health records, such as paper charts and diagnostic details. It provides patient centered health records on real-time basis, making instant and secure access to all the necessary information available to the authorized users.

Factors driving growth in the global big data analytics in healthcare market include significant increase in demand for financial analytics in healthcare, surge in demand for exploring structured and unstructured data present in healthcare industry, decreasing costs and availability of big data software and services, along with amplified adoption of new technologies for data analytics in healthcare business transformations, globally.

Most of the major vendors in the global big data analytics in healthcare market are actively focused on enhancing their offerings to meet the surging demand for advanced healthcare solutions. This includes software development, hardware integration, and big data analytics learning.

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