Demand for Financial Analytics in Healthcare Segment Is Advancing the Big Data Analytics in Healthcare Market

Published On:June 4, 2018, 2:41 pm

A In Depth Research Study Titled, “Big Data Analytics in Healthcare Market by Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Hospitals & Clinics, Finance & Insurance Agencies, Research Organization), By Region, And Segment Forecasts, 2018 - 2025 - Global Industry Analysis and Forecast to 2025” published by QYResearch Groups, states that the Global region is the biggest market in the worldwide Big Data Analytics in Healthcare Market.

In Depth Overview on Big Data Analytics in Healthcare Market:

Big data alludes to the vast measure of organized and also unstructured information, which enables associations to improve their decision making procedures. Generally, the term signifies massive amount of data, however, in this case it is different. It can also be associated with technology analytics services, for example, predictive, descriptive or prescriptive, that any association uses it to deal with the data indexes. Unstructured data is associated with the information that does not have a standardized frame. Around 80% of the data in the business associations is unstructured and around 60% of the patient care data is in the unstructured format. Big data analytics offers insights to enhance learning results of research by comparing various sets of data and consequently encourages researchers to comprehend example and make predictions. Other benefits are the competitive advantage by collecting information from social media and existing client records to target clients for promotional and pricing strategies and to set themselves up for the future request which is conceivable by examining client data on real time basis which brings about new capabilities, for example, area based services and new promoting campaigns to build income, examination for a more profound level of client connections and pricing accuracy.

Major Players:

IBM Corp, Oracle Corp, Teradata Corp, Amazon Web Services, Cloudera, Couchbase, EMC Corp, Google Inc, Microsoft Corp, SAP AG, Splunk Inc, Pentaho Corporation, Cisco Systems, VHA Inc, Cognizant, SAS Institute, Health Catalyst, Mede Analytics Inc, McKesson Corporation

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Driving Factors of the Market

Big data analytics in healthcare market is driven by several factors. One of the major factors boosting the growth of the market is the surging demand for exploring structured and unstructured data available in the healthcare sector. Furthermore, surging demand for financial analytics in healthcare and convenient availability of big data software and services is anticipated to boost the demand of the market to a considerable extent. Apart from the aforementioned factors, reducing cost of big data software and services, and developing adoption of new data analytical technologies in the healthcare industry has resulted in significant growth of this market. With the healthcare sector producing enormous volumes of information, big data analytics solutions focus on creating valuable insights, aiming to enhance the quality of healthcare services and decrease the general expenses caused in the healthcare environment.

Restraining Factors of the Market

Data privacy is one the main restraining factors of the market as it affects the confidence of the patients. Additionally, reliability is a major factor to be taken into consideration in the healthcare sector as the outcomes need to be accurate to determine the suitable treatment for the patient. Absence of protection identified with private health records of patients is a major issue as the misappropriation of health information will unfavorably influence personal privacy of patients. Moreover, manual entry of electronic health data is inclined to human errors, which may result incorrect analysis of patient. Furthermore, information interoperability is a rising issue as healthcare associations follow various methods for managing EHR. This reduces the exchange of data between various hospitals which commonly leaves clinicians without exact data of patients that they have to settle on key decisions, follow up with patients, and develop techniques to enhance the general result. Hence, the adoption of uniform development of big data ecosystem in medicinal services associations is expected to conquer these difficulties of huge information investigation.

The Big Data Analytics in Healthcare Market is segmented on the basis of Solution, Deployment and End User. Based on solution the market is segmented into Service and Software. On the basis of deployment the market is segmented into On-premise an Cloud out of which the cloud segment is the most preferred among user owing to its flexibility and convenience of work. On the basis of end user the market is segmented into Finance & Insurance Agencies, Hospitals & Clinics and Research Organization. Geographically, the market is segmented into Asia Pacific, South America, Europe, North America and Rest of the world. The leading players in the market are Cisco Systems, VHA Inc, Cognizant, Microsoft, SAS Institute, Health Catalyst, Oracle Corporation, IBM, Mede Analytics Inc and McKesson Corporation.

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Big Data Analytics in Healthcare Market Segmentation:

Descriptive Analytics

Predictive Analytics

Prescriptive Analytics

By Application:

Hospitals & Clinics

Finance & Insurance Agencies

Research Organization

By Region:

United States

EU

Japan

China

India

Southeast Asia

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