The healthcare industry across the globe generates a vast amount of data every day to transform the raw data into meaningful insights the need for big data analytics in healthcare is growing. Moreover, digital transformation across the globe coupled with the rise in the adoption of IoT (Internet of Things) is increasing at a dramatic pace. According to GSMA intelligence, the total IoT market is expected to grow at a CAGR of 567% between 2016-2025. Moreover, the governments in various countries have proposed a model for an adequate and efficient healthcare information system.
Moreover, the mandates and regulations of the governments of developed and developing countries to keep the health data secure by using preventive analytics thus, driving the Big Data Analytics in the Healthcare market across the globe. Also, the big data analytics is used for the cost reduction and outcome improvement in healthcare management and other benefits such as improving the state of clinical trials, preventing and predicting diseases and finding their cures, studying population health,
According to MarkNtel Advisors’ research report “Global Big Data Analytics in Healthcare Market Analysis, 2020”, the Global Big Data Analytics in the Healthcare market is anticipated to grow at a CAGR of around 27.20% during 2020-25. In 2019, the North America region dominated the Global Big Data Analytics in the Healthcare market as the countries such as the U.S, Mexico, and Canada is the early adopters of any major digital technology and the government’s mandate to secure the healthcare data which would be used for the predictive analytics. Moreover, the demand for descriptive analytics is more in comparison to predictive and prescriptive analytics due to properties such as analyzing the past trends and form the base for the effective application of predictive analytics.
Also, the on-premise deployment segment acquired the major share due to the easy process of customization. However, end-users are shifting toward cloud-based solutions due to their low maintenance and no capital cost and flexibility.
Debt Funding from the Investment Firms Leading to Industry Fragmentation
With the support of investment and debt funding from venture capital firms to the new start-ups and existing players for technological advancement and entering the industry is making the industry fragmented. The support from the venture capital firms can further boost the Global Big Analytics Data in the Healthcare market across the globe.
However, the existing players in the industry are focusing on offering high-end technology to the end-users to remain competitive. In 2019, IBM Corporation, Optum, Inc., Cerner Corporation, SAS Institute, Inc., Allscripts Health Solutions, McKesson Corporation, etc., acquired a major market share in the Global Big Data Analytics in Healthcare market across the globe.