New York, USA, Oct. 05, 2022 (GLOBE NEWSWIRE) -- The Global Big Data Analytics In Healthcare Market Size Was Valued At USD 16.87 Bn In 2021 And Is Projected To Reach USD 67.82 Bn By 2030, At A CAGR Of 19.1%. as per the latest research report by Spherical Insights & Consulting.
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Health organizations incur costs in the form of compensation claims, which can also be fraudulent. To minimise such risks and minimise such occurrences, healthcare organisations deploy statistical tools for descriptive and predictive analysis to provide better care to patients while also reducing overall operational costs and minimising insurance claim fraud. The necessity to perform well financially has been a driving force behind the introduction of this application type.
The market is predicted to develop due to an increase in demand for analytics tools for healthcare systems and an increase in the requirement for business information to optimize health management and strategy. Furthermore, the market's growing preference for cloud-based analytics solutions is likely to give attractive prospects for market advancement.
Mhealth necessitates the integration of medical and insurance data on the same platform for data analysis, resulting in complete patient care with cost-effective prescription practices. Increased demand for improved care management, early disease prediction, and hospitalization process is expected to boost the growth of the worldwide big data analytics in healthcare market in the forecasted years. Furthermore, citizen health is critical for healthcare management in the healthcare business, which necessitates predictive modeling of population health and is likely to increase big data analytics application during the projection period.
Browse key industry insights spread across 187 pages with 118 market data tables and figures & charts from the report “Global Big Data Analytics in Healthcare Market Size, Share, and COVID-19 Impact Analysis; By Component (Software & Services), By Deployment (On-premise & Cloud), By Application (Financial Analytics, Clinical Data Analytics, Operational Analytics & Population Health Analytics); By Region (U.S., Canada, Mexico, Rest of North America, The UK, France, Germany, Italy, Spain, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, the Netherlands, Luxembourg), Rest of Europe, China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa, Brazil, Argentina, Rest of Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2021-2030” in detail along with the table of contents
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Healthcare organizations recognize the benefits of cloud solutions and prefer cloud advanced analytics to traditional on-premises BI (business intelligence) systems. Because of the rising demand for client and customer management, corporate executives have adopted improved planning, insightful decision-making, and predictive analysis as standard criteria. The Harvard Business Study on cloud business analytics found that industry participants are increasingly focusing on deploying cloud-based data discovery and visualization, predictive analytics, big data, and mobile analytics solutions. These factors are likely to provide appealing opportunities for analytics providers during the big data analytics in healthcare market projection period.
Asia-Pacific was the fastest-growing market owing to the rapid development, increased spending capacity, and a growing population all contributed to APAC's rapid rise. This region's industry has seen substantial growth and innovations, which has also contributed to its expansion. As consumers' and healthcare providers' reliance on IT has grown, so has the adoption rate of the analytics sector. Prospection, an Australia-based healthcare analytics start-up, has launched an office in Japan and will work with multinational pharma companies to discover novel therapies for the Japanese population.
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Key Companies & Recent Developments
Focus on new strategic initiatives to remain competitive in the industry. The Prominent players functioning in the market include Allscripts Healthcare Solutions, Inc, Cerner Corporation, Elsevier, Epic System Corporation, Health Analyst, IBM Corporation, IQVIA, McKesson Corporation, Medeanalytics, Inc, SAS Institute, Inc, Tableau Software, Truven Health Analytics, Inc, Verisk Analytics, Inc, Verscend technologies
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