Healthcare Big Data Analytics Market Overview
Big data is the large volume of unstructured data generated during business operations on a daily basis. Analytics involves processing of data by use of complex algorithms so as to find meaningful patterns from it. The global healthcare big data analytics market is anticipated to generate USD 9.5 billion in 2023 from USD 5.5 billion in 2016, at a CAGR of about 11.5 %.
Market Dynamics Drivers:
The applications of big data for healthcare includes differentiating pricing strategies and price optimization, search engine optimization (SEO), advanced forecasting of disease patterns, better sample selection in clinical trials, elucidation of benefits of therapy etc. It is estimated that worldwide digital healthcare data reached a quantum figure of around 500 petabytes in 2012 alone and which is anticipated to reach 25,000 petabytes by 2020. The opportunities include quantification of link between actions and revenues, greater market penetration, better customer targeting and engagement, economies of personalized medicine, real time data for feedback and brand equity, corrective actions for customer switching, greater product differentiation, not to mention better customer satisfaction.
High potential applications and opportunities of healthcare analytics are creating excitement for their rapid adoption and deployment. Prominent applications and opportunities are;
- Right living- Targeted disease prevention and data-enabled adherence programs. For example informed lifestyle choices that promote wellbeing and the active engagement of consumers in their own care
- Right care – Alignment around proven pathways and coordinated care across providers. For example personalized care. Asthmapolis has created a GPS-enabled tracker that monitors inhaler usage by asthmatics.
- Right provider – Shifting volume to right care setting and reducing readmit rates. Integrating clinical and claims data enables provider with a complete picture. Thus patient switching costs and elimination of frauds can be achieved.
- Right value – Payment innovation and alignment and provider-performance transparency. Sustainable approaches that continuously enhance healthcare value by reducing cost at the same or better quality. Thus penalties associated with readmission rates can be eliminated.
- Right innovation - Accelerating discovery in R&D and improving trial operations.
Restraints
The market barriers involved are legal restrictions, data security, privacy concerns, problems with data collection and processing, integration of multi-point and multi-sectorial cross channel data etc. Traditionally, healthcare is segmented by product, by therapeutic application, by route of administration, by drug class, by end user etc. This approach has evolved over time but is constrained by fragmentation and does not reflect the changing scenario of healthcare industry such as personalized medicines, changing regulation etc. To overcome this barrier, integration of databases is essential.
Unstructured data refers to unstandardized data and accounts about 60% of the healthcare care information, which is a challenge.
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Segments:
The global healthcare big data analytics market is segmented by components, deployment type, application, software type, end users and regions
- Components - Hardware and Software,
- Deployment type - software on-premise and software on demand,
- Application - clinical analytics, financial analytics, and operational analytics
- Software type - practice management software, electronic health record software, workforce management software, revenue cycle management software, and others
- End user - hospitals, clinics, diagnostic centers and others
- Regions - North America, Europe, Asia-Pacific and Middle East and Africa.
Regional Analysis:
North America led by the U.S. is the absolute leader for healthcare big data analytics market. North America is estimated to generate a CAGR of 6.1 % generating USD 4.25 billion. Antecedents for the growth in big data analytics in the U.S. healthcare industry are growing concerns of healthcare costs, establishment of healthcare policies favoring adoption of analytics by federal government, growing focus on big data management and analytics and technological advancement such as m-health and precision medicines.
Europe accounts for the second largest market with U.K. Germany, France and the Scandinavian nations of Norway, Finland and others leading the market. Presence of global players and excellent research ecology are prime drivers of the market.
The market is expected to shift its momentum in favor of Asia-Pacific, led by Japan, China, India and others. The Middle East and Africa region is expected to deliver a moderate growth skewed in favor of the Gulf economies of Saudi Arabia, UAE and others.
Key Players:
Some of the dominant players in the healthcare big data analytics market are IBM, GE Healthcare, Cerner Corporation, Philips, Dell, Epic System Corporation, McKesson, Cognizant, Optum, Siemens and others.
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