North America Big Data Analytics in Healthcare Market Research by US, Canada | Industry Size USD 34.16 Billion by 2025
Increase in adoption of big data in the healthcare industry is expected to fuel the Big Data Analytics in Healthcare Market growth in North America.
PORTLAND, PORTLAND, OR, UNITED STATES, April 10, 2023 /EINPresswire.com/ — The North America big data analytics in healthcare market size was valued at $9.36 billion in 2017, and is projected to reach $34.16 billion by 2025, growing at a CAGR of 17.7% from 2018 to 2025.
Rise in demand for analytics solution for population health management, increase in adoption of big data in the healthcare industry, the emerging trend of eHealth, shifting preference from a pay-for-service model, which financially rewards caregivers for performing procedures, to a value-based care model, rewarding them based on the health of their patient are some of the key factors that are expected to fuel the growth of the North America big data analytics in healthcare market. However, lack of skilled & expert staff and patient data security issues are expected to hamper the growth of the market.
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North America big data analytics in healthcare market trends include adopting data warehouse optimization, customer analysis, fraud detection which is expected to create large number of opportunities during the forecast period. In addition, major players in this market are also enhancing their product portfolios by integrating machine learning (ML) and Artificial Intelligence (AI) technologies to make the analytics more advanced and effective.
Further, big data and analytics is attracting support mostly in financial, retail and insurance industries, where there is an emphasis on engaging with the customer and understanding social perspectives of customers. Predictive analytics is emerging as a capability which permits organizations to make models that can predict customer behavior and other critical business information.
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What are key trends in North America big data analytics in healthcare market?
• Increasing adoption of electronic health records (EHRs): The widespread adoption of EHRs has resulted in a significant increase in the amount of digital data generated by healthcare providers. This data can be analyzed using big data analytics to identify patterns, trends, and insights that can be used to improve patient outcomes.
• Growing use of predictive analytics: Predictive analytics is being used to forecast patient outcomes and identify patients who are at high risk of developing certain conditions. This can help healthcare providers to intervene early and provide more personalized care.
• Integration with other healthcare technologies: Big data analytics is being integrated with other healthcare technologies such as wearables, mobile health apps, and telemedicine to provide a more holistic view of patient health and improve patient engagement.
• Increased focus on population health management: Big data analytics is being used to identify population health trends and develop targeted interventions to improve the health of specific communities.
• Emergence of value-based care models: Value-based care models are becoming increasingly popular, and big data analytics is being used to measure and improve the quality of care provided to patients.
• Growing demand for cloud-based big data analytics solutions: Cloud-based big data analytics solutions offer several advantages over on-premise solutions, including scalability, flexibility, and cost-effectiveness. Cloud-based solutions are being adopted by healthcare providers of all sizes to analyze large datasets and generate actionable insights.
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Some of the key players operating in the North America big data analytics in healthcare industry include All Scripts, Cerner, Dell EMC, Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise (HPE), International Business Machines (IBM) Corporation, Microsoft, Optum, and Oracle Corporation.
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