The increasing internet penetration coupled with the adoption of digital technology in the healthcare sector is driving big data analytics in the healthcare market. Moreover, the rise in the M- services, and E-service providers and smart wearables such as fitness band, smart band, smart shoe, etc., in the healthcare services across the globe is creating the demand to manage the ever-rising data. According to GSMA intelligence, the penetration of mobile internet users was 43% in 2017, which is expected to reach 61% in 2025. The rising penetration of mobile internet would help the big data analytics market in healthcare to grow.
Moreover, disruptive technology such as artificial intelligence, IoT (internet out tings) and machine learning are helping the analytics service providers in delivering better results.
Growing Partnerships between IT firms and Healthcare Providers
IT services firms and startups are entering into strategic the tie-ups and alliances with the healthcare services providers to analyses the data to develop the medical devices, drugs, diagnostics of diseases etc, using predictive analytics and artificial intelligence technology. For Instance, a diagnostics company developed “IDx-DR”, an autonomous artificial system that analyses the eye images using the camera and give 87.4% accuracy was approved by US Food and Drug Administration in 2019. Moreover, in 2018, Japan-based technology firm NTT data services tied up with Dinanath Mangeshkar Hospital in Pune, India to use the artificial intelligence-based solution which would diagnose the chronic condition of the lungs. In 2018, Microsoft announced that the company would explore several AI and machine learning technology for the predictive analysis related to heart disease.
According to the MarkNtel Advisors’ research report, “Global Big Data Analytics in Healthcare Market Analysis, 2020”, the global big data analytics in the healthcare market is set to grow at a CAGR of around 27.20% from 2020-25. In 2019, North America grabbed the major market on account of the government’s support and mandates for the healthcare data and the presence of players who offer advanced solutions.
In 2017, the U.S Department of energy and US department of veteran affairs partnered to develop the AI and big data analytics for the veteran treatment. Also, the government in the North America region is focusing on the adoption of electronic medical reports. (EMR). Therefore, providing the incentives to the healthcare providers to adopt the same.
Moreover, the investments in technology in the healthcare sector in emerging economies such as China, India, Malaysia, and Brazil are driving the global big data analytics market across the globe. In addition to the other counterparts in Western European and North America were the major regions with burgeoning spending on technological advancement in the healthcare industry.
Investment from Capital Venture Firms to Startups and Technological Advancements Make market Fragmented
According to MarkNtel Advisors, IBM, Optum, Cerner, SAS, Allscripts, McKesson, MedeAnalytics, etc. are few of the leading competitors in the market. The venture capital investments for technological advancement in startups sprouting in big data healthcare analytics industry is intensifying the competition.
In 2018, Cigna Corp. invested USD200 million in startups and the companies who are in the growth stage in the area of data analytics and delivery management. In 2019, a Microsoft, Venture capital firm announced to invest USD35 million to the healthcare data startup “Innovaccer” to build a healthcare data platform. Also, Omega Healthcare, India based services announced to invest USD30 million until 2021 for the expansion of operations in India and acquire technology startups for data analytics. Also, the company acquired an analytics startup “Whitespace health” which would help to increase the operational and financial performance of the company.
“Global Big Data in Healthcare Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the market potential, regional opportunities, key factors impacting sales and purchase decision, hotspots and opportunities available for big data analytics in healthcare solution providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the competition assessment, formulation of Go To Market Strategies and identifying the blue ocean for their offerings.
1. By Component Type (Software, Services, Hardware)
2. By Mode of Deployment (On premise, Cloud)
3. By Analytics Type (Descriptive, Predictive, Preventive)
4. By Application (Financial Analytics, Clinical Analytics, Operational and Administrative Analytics. Population health Analytics)
5. By End- User (Payers, Providers, ACOs, HIEs, MCOs, TPAs)
6. By Region (North America, South America, Europe, Asia-Pacific, Middle East and Africa)
7. By Competitors (IBM Corporation (US), Optum, Inc. (US), Cerner Corporation (US), SAS Institute, Inc. (US), Allscripts Health Solutions (US), McKesson Corporation (US) , etc.)
Key questions answered in the study:
1. What are the current and future trends of the global big data analytics in healthcare market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the globe?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the global big data analytics in healthcare industry?
6. What are the customer orientation, purchase behavior, and expectations from the global big data analytics in healthcare across various regions?