13 May 2021
Visiongain has published a new report on Big Data Analytics in Healthcare Market Report 2021-2031: Forecasts by Component & Services (Hardware (Data Storage, Servers, Networking), Software (Electronic Health Records, Practice Management Software, Revenue Cycle Management Software, Workforce Management Software), Analytics Services (Descriptive Analytics, Prescriptive Analytics, Predictive Analytics)), by Application (Clinical Data Analytics (Quality Care, Population Health Management, Clinical Decision Support, Precision Medicine, Reporting Compliance), Financial Analytics (Claims Processing, Revenue Cycle Analytics, Risk Assessment), Operational Analytics (Workforce Analytics, Supply Chain Analytics)), by End-users (Hospitals & Clinics, Finance & Insurance Agencies, Research Organizations), by Deployment (On-Premise, Cloud) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Big Data Companies AND COVID-19 Recovery Scenarios.
According to Visiongain analysis, global big data analytics in healthcare market was valued at US$xx billion in 2020. The global big data analytics in healthcare market is expected to witness a CAGR of xx% from 2021 to 2026 and is expected to reach US$xx billion in 2026, while the global market is expected to witness highest CAGR of xx% during the second half of the forecast period i.e., 2026 to 2031. Visiongain further anticipates that the global market will reach US$xx billion in 2031 while growing at a CAGR of xx% from 2021 to 2031.
Big Data Analytics is Projected to Offer Efficient Decision Making & Process Optimization in Healthcare Sector
Integrating multiple data sources is critical for a healthcare enterprise to allow for more efficient decision-making, efficiency, and, as a result, process optimization. Big data technologies allow not only for the integration of all systems such as electronic medical records, patient monitors, and laboratory data, but also for the implementation of automatic fraud identification systems and the exploration of new business models.
Big Data Analytics Will be Able to Ensure Rapid & Organized Diagnosis of Infectious Diseases
These technologies make it easier to record patient records not only in hospitals and physicians' offices, but also in home care settings. Home care providers will be funded by a large healthcare system, and patients will be allowed to survive longer on their own, using smart home systems, wearables, and periodic vital sign measurements. Another sector that will benefit from the use of big data is public health. By using a national patient and care database, public health will be able to ensure the rapid and organised diagnosis of infectious diseases, as well as increase response times. Per year, according to the European Center for Disease Prevention and Control, 100,000 patients in Europe are expected to contract a healthcare-associated infection. Big data has provided hospitals with a massive incentive to increase treatment outcomes. As previously said, the overarching goal of big data in healthcare is to include patients' health data such that significant choices can be made based on their needs, allowing healthcare to be more effective from the outset. However, even more can be investigated, along with research and development, which includes predictive modelling for experimental drugs and determining the most effective resource distribution, using mathematical methods to refine clinical trial design, and analysing disease dynamics and developments to forecast potential demand and costs.
Significant Technological Advancements to Fuel Big Data Analytics Usage in Healthcare Through 2031
Data scientists face a challenge in integrating and implementing a large amount of medical data gathered from several platforms. As a result, it is proposed that a healthcare revolution is needed to bring bioinformatics, health informatics, and analytics together to facilitate customised and more efficient treatments.
North America Accounts for Majority of the Market Share Across the Globe
The healthcare market in North America is shifting from a volume-based to a value-based model. Payers and suppliers are clamouring for higher-quality treatment, better fraud reporting, shorter patient stays, and the avoidance of new diseases. Federal healthcare mandates, fast returns on equity, the rise of big data, and the digitalization of global trade all contribute to demand growth, while patient data protection, a technical divide between payers and providers, and a lack of reimbursement will stymie it. Furthermore, the government is providing incentives for healthcare providers to use EMRs and has taken the requisite steps to liberate data from organizations such as the Centers for Medicare and Medicaid Services, the Food and Drug Administration, and the Centers for Disease Control (as part of a campaign to encourage data release and accessibility). As a result, government healthcare reforms are anticipated to fuel the growth of the healthcare analytics industry over the forecast period from 2021 to 2031.
Some of the major companies operating in the global big data analytics in healthcare market are Microsoft Corporation, NVIDIA Corporation, IBM Corporation, Allscripts Healthcare LLC, Cerner Corporation, Epic Systems Corporation, SAS Institute Inc., GE Healthcare, Oracle Corporation, Optum Inc. (UnitedHealth Group), McKesson Corporation, Siemens Healthcare GmbH, Cognizant, Innovaccer Inc., Koninklijke Philips N.V., ExlService Holdings, Inc., Health Fidelity, Inc., and Apixio among other prominent players.
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