Vancouver, British Columbia, Dec. 17, 2020 (GLOBE NEWSWIRE) — The global Big Data in Healthcare Market is forecasted to be worth USD 78.03 Billion by 2027, according to a current analysis by Emergen Research. The growing adoption of big data in healthcare can revolutionize the industry, leading to its transition to a value-based care from a fee-for-service model. The application of the market includes expanding diagnostic service, keep patients healthy, and reduces the overall cost.
Big Data in healthcare providers deliver much more precise and personalized care. The data analytics tools exist that provide better clinical support, cost of care measurement, and at-risk patient population management. The market has the potential to predict outbreaks of possible epidemics, to avoid preventable diseases, and enhance the quality of life in general.
The incorporation of big data analytics in healthcare has fallen behind other industries due to health information privacy, security, budget constraints, and siloed data. Electronic Health Records (EHRs) are the most widespread application of big data in medicine. EHRs trigger reminders and warnings when a patient should track prescriptions or get a new lab test to see if a patient has been following doctors’ orders.
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Key Highlights From The Report
- In September 2020, The National Institutes of Health (NIH) is funding a project to develop SARS-CoV-2 related digital technologies by using Big Data. The projects could result in tools such as wearable devices, smartphone apps, and software that will monitor the spread of the COVID-19 virus and assess the health status of the infected individuals.
- The integration of IoT in healthcare has resulted in Apple Watch and Fitbit, which are implementing Big Data software to help people who require medical help, such as diabetic patients. Advancement in technology will improve the market software time and again, which will propel the demand of the segment.
- The on-premises segment is growing as the healthcare industry prefers to rely on their own database over which the IT administrators have control. On-premise storage has also progressed over the past years to include hyper-converged solutions and rack servers, which will drive the demand of the segment.
- Prescriptive analytics focuses on prescribing possible solutions for a certain problem. It uses data mining, modeling, and artificial intelligence to evaluate real-time data to make the future forecast. It offers the healthcare industry multiple hypothetical situations to find the best solution for the patient.
- The European region held a substantial share in the world due to the rising need to control the increasing healthcare expenditure and significant expenditure level. The region is anticipated to grow with a CAGR of xx% during the forecast period. Increasing investment by the government to enhance the overall healthcare sector in the region will propel the demand.
- Key participants include Cerner Corporation, GE Healthcare, IBM Corporation, Allscripts, DELL EMC, Microsoft Corporation, Optum Inc., Oracle Corporation, Cognizant, and Mckesson, among others.
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For the purpose of this report, Emergen Research has segmented the global Big Data in Healthcare Market on the basis of component, deployment, analytics type, application, end-user, and region:
- Component Outlook (Revenue, USD Billion; 2017-2027)
- Deployment Outlook (Revenue, USD Billion; 2017-2027)
- Analytics Type Outlook (Revenue, USD Billion; 2017-2027)
- Predictive Analytics
- Descriptive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- End-User Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals and Clinics
- Finance and Insurance Agents
- Research Organization
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- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
- North America
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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