The global big data in healthcare market is anticipated to reflect a positive growth trend in the forthcoming years and reach a significant valuation by the end 2027, reveals Market Research Future (MRFR) in a minutely analyzed research report. Big data in healthcare is gaining prominence as it can be used in the prediction of outcome of diseases prevention, reduce the cost of treatment, and prevent epidemics and in disease development. With the help of big data in predictive analysis, medical issues can be identified and addressed before it becoming an unmanageable problem. The global big data in healthcare market is largely driven by the need to cut down healthcare costs and improve patient outcomes and resource management. Technological advancements and deployment of the cloud is a crucial factor in encouraging the growth of the market. Moreover, with more number of medical procedures going digital, the need for big data in healthcare is surging. High investment in healthcare is a prime reason for the market growth. Deployment of big data by pharmaceutical and biotechnological companies for financial risk management, regulatory compliance management, and product cross-selling add fuel to the growth of the market. Several governments and healthcare agencies across the globe have endeavored to focus on the implementation of big data in healthcare in order to reduce costs, improve outcomes and provide affordable treatment which has further driven the market for big data in healthcare. However, data privacy and security concerns and stringent protocols relating to them are expected to hinder the growth of the market over the forecast period.
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The global big data in healthcare market has been segmented based on hardware, software, analytical service types, and analytical service applications. By hardware, the market has been segmented into routers, firewalls, VPNs, data storage and email servers and access points. By software, the market has been segmented into EHR, revenue cycle management, practice management, and workforce management. By analytical service types, the market has been segmented into descriptive, predictive, and prescriptive. By analytical service applications, the market has been segmented into clinical analysis, financial analysis, and operational analysis.
The global big data in healthcare market spans across the regions of the Americas, Europe, Asia Pacific and the Middle East & Africa. The America market is segmented into North America and Latin America. North America accounts for a significant share of the market owing to extensive use of information technology and high expenditure on healthcare in the region. In addition, the high adoption rate of the latest technologies and the concentration of major players in the region also supports the growth pf the market. Europe is the second largest market for big data in healthcare driven by high expenditure on healthcare. Asia Pacific market is anticipated to expand at a relatively faster rate on account of an economic upsurge in the region, high adoption of latest technologies and towering focus on healthcare. The Middle East & Africa market is expected to exhibit moderate growth over the forecast period. The Africa market will experience limited growth due to weak economic conditions and low development of the healthcare sector while the Gulf nations will drive the Middle East market.
The notable players operating in the global big data in healthcare market include Cerner Corporation, Dell, Mckesson, Philips, Xerox, Cognizant, GE Healthcare, Optum, Siemens, and others.
In August 2018, Alliance MMA, Inc. and SCWorx Corp., a provider of data content and services for healthcare providers and big data analytics for the healthcare industry, announced the signing of an agreement under which AMMA will acquire SCWorx in an all-stock transaction, resulting in SCWorx acquiring a controlling interest in AMMA
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