Big Data Analytics in Healthcare Market

2022
Big Data Analytics in
Healthcare Market:
Technological Development
in Lidar System to Drive the
Market Growth
© Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
1

Healthcare organizations are increasingly using financial analytics for claims processing,
payment integrity and fraud, waste and abuse, risk adjustment and assessment, and revenue cycle
management applications. By deploying big data analytics for such applications, healthcare
institutions can have a better perspective of revenue and reduce operational costs. To effectively
track the revenue, such institutions are deploying data centers, data storage, e-mail servers,
firewalls, on-premise and on-cloud, routers, and virtual private network hardware and big data
analytics software.
Additionally, the surging deployment of the internet of things (IoT)-enabled devices at healthcare
facilities will help the big data analytics in healthcare market register a healthy CAGR of
21.8% during 2018–2023. The market was valued at $7.0 billion in 2017, and it is projected to
generate $22.7 billion revenue by 2023. IoT-supported devices monitor several health parameters
of patients, ranging from blood pressure to heart function, and generate a large volume of
unstructured data. To analyze these data sets and provide effective and quality care to patients,
healthcare institutions are using big data analytics.
Besides, the increasing implementation of government initiatives aimed at encouraging the
adoption of electronic health records (EHRs) in private and public healthcare centers will also
result in the large-scale adoption of big data analytics, such as prescriptive analytics, predictive
analytics, and descriptive analytics. For instance, the Government of India established the
National e-health Authority to ensure uniformity in EHR standards. Healthcare organizations use
big data analytics to obtain insights from EHR, owing to which they can predict unexpected
readmissions and inpatient mortality, improve patient care, and reduce duplicate tests.
Big data analytics software and hardware used in healthcare organizatio ns are developed by
McKesson Corporation, Allscripts Healthcare Solutions Inc., Cerner Corporation, Cognizant
Technology Solutions Corporation, Epic Systems Corporation, and Koninklijke Philips N.V. In
recent years, these companies have focused on mergers and acquisitions, geographical
expansions, and product launches to cater to the needs of healthcare institutions. For example,
in March 2018, Koninklijke Philips N.V. unveiled an AI-based healthcare platform—
HealthSuite Insights, which supports the deployment of AI and big data analytics in the
healthcare industry.
According to P&S Intelligence, the North American region led the big data analytics in
healthcare market in the last few years. This was on account of the presence of a strong healthcare
sector, rapid technological innovations, and deep penetration of IoT and AI technologies in the
© Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
2

healthcare sector. For instance, the Centers for Medicare and Medicaid Services (CMS) states
that $3.8 trillion was spent on healthcare in the U.S. in 2019. The total healthcare expenditure
accounted for 17.7% of the gross domestic product (GDP) of the country in 2019.
Furthermore, the Asia-Pacific (APAC) region will witness rapid adoption of big data analytics
software and hardware in the healthcare sector. This will be due to the booming healthcare
industry, escalating IT expenditure in healthcare, and increasing deployment of emerging
technologies. For instance, the Government of India is planning to start a credit incentive
programme worth $6.8 billion to improve the healthcare infrastructure of the country. Moreover,
the robust economic growth in regional countries will also augment the deployment of big data
analytics in the healthcare industry in APAC.
Therefore, the surging need for financial analytics, rising adoption of IoT-enabled devices in
healthcare organizations, and mounting government support being provided toward EHRs will
lead to the swift adoption of big data analytics software and hardware in the healthcare sector
globally.
Market Segmentation by Component
Software
o Electronic Health Record Software
o Practice Management
o Workforce Management
Hardware
o Data Storage
o Routers
o Firewalls
o Virtual Private Network
o E-mail Servers
o Others (includes Data Centers Hardware and On-Premise and On-Cloud Hardware)
Market Segmentation by Analytics Type
Descriptive Analytics
Predictive Analytics
Prescriptive Analytics
Market Segmentation by Deployment Type
On-Demand
On-Premise
© Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
3

Market Segmentation by Application
Financial Analytics
o Claim Processing
o Revenue Cycle Management
o Risk Adjustment & Assessment
o Payment Integrity and Fraud, Waste and Abuse
Operational Analytics
Population Health Analytics
Clinical Data Analytics
o Quality Control
o Population Health Management
o Clinical Decision Support
o Reporting and Compliance
o Precision Health
Market Segmentation by Region
North America Big Data Analytics in Healthcare Market
o By Component
o By Analytics Type
o By Deployment Type
o By Application
o By Country – U.S. and Canada
Europe Big Data Analytics in Healthcare Market
o By Component
o By Analytics Type
o By Deployment Type
o By Application
o By Country – U.K., Germany, France, Italy and Rest of Europe
Asia-Pacific (APAC) Big Data Analytics in Healthcare Market
o By Component
o By Analytics Type
o By Deployment Type
o By Application
o By Country – China, Japan, India and Rest of APAC
Rest of World (RoW) Big Data Analytics in Healthcare Market
o By Component
o By Analytics Type
© Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
4

o
o
o
By Deployment Type
By Application
By Country – Brazil, U.A.E. and Others
This study covers
1. Historical and the present size of the Big Data Analytics in Healthcare Market
2. Historical and the present size of the market segments and understand their comparative
future potential
3. Potential of on-demand logistics services, so the market players make informed decisions on
the sales of their offerings
4. Competitive scenario of various market segments across key countries in several regions for
uncovering market opportunities for the stakeholders
5. Major players operating in the market and their service offerings
© Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
5

Disclaimer:
P&S Intelligence always keeps its customers’ interests at the core while carrying out research
activities. P&S Intelligence ensures the reliability and accuracy of information and data provided
in its market research publications. However, the information in publications is subject to
fluctuations, as it is based on primary interviews of officials from various companies or
organizations. P&S Intelligence is not responsible for any incorrect data provided by the key
industry players of the concerned domain. The information or analysis in P&S Intelligence
publications represents opinions based on research and should not be interpreted as statements
of fact. Information in this report was believed to be correct at the time of publication, but
cannot be guaranteed. P&S Intelligence does not endorse any product, service, or vendor
depicted in its research publications.
All intellectual properties, including trademarks and copyrights, belong to their respective
owners and may be protected by copyright. Under no circumstance can these be reproduced
in any form without prior written agreement of their owners.
An order for market research report is intended for internal use of the company only and not for
disclosure to third parties or any other publication in general. No service, report, or part thereof
provided by P&S Intelligence can be reproduced, republished, resold, revealed, distributed,
circulated, or sublicensed in any medium or form now realized or hereafter become realized,
including but not limited to, all forms of optical-based media, magnetic, electronic, or digital,
without a written permission from Prescient & Strategic Intelligence Pvt. Ltd.
© Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
6

Kindly write to: enquiry@psmarketresearch.com
B-13, Sector – 2, Noida, U.P. – 201301, INDIA
Contact No: +91 120 4541 337
US/Canada Toll-Free: 1-888-778-7886
© Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved
7