The overall market for Big Data Healthcare Analytics is expected to reach $50.5 billion by 2024 from $14.7 billion in 2020, at a CAGR of 28.5% during the forecast period.
The increasing technological advancements, extensive use of cloud technology, penetration of digitalization in medicine and increasing demand for analytic solutions are the major factors driving the growth of big data analytics in healthcare market globally.
Major Key Players of the Big Data Analytics in Healthcare Market are: Allscripts Healthcare, LLC, Cerner Corporation., Dell Inc., Epic System Corporation, GENERAL ELECTRIC COMPANY, Hewlett Packard Enterprise (Hpe), International Business Machines Corporation (IBM), Microsoft, Optum, Inc. and Oracle, among others.
Allscripts and Microsoft Corp. announced on July 2020 the extension of their long-standing strategic alliance to enable the expanded development and delivery of cloud-based health IT solutions. The five-year extension will support Allscripts’ cloud-based Sunrise™ electronic health record, making Microsoft the cloud provider for the solution and opening up co-innovation opportunities to help transform healthcare with smarter, more scalable technology. The alliance will enable Allscripts to harness the power of Microsoft’s platform and tools, including Microsoft Azure, Microsoft Teams and Power BI, creating a more seamless and highly productive user experience.
Cerner Corporation Company, announced Sept 2020 a new collaboration with Amazon that allows consumers to easily connect vital health and well-being information with their broader health care teams. The Amazon Halo, a new service dedicated to helping customers improve health and wellness, can connect to Cerner’s technology where individuals can opt-in to share activity, sleep, body fat percentage and other important wellness data from the comfort of their home. Historically this type of data has been siloed or difficult to obtain. Wearable technology, such as the Amazon Halo, can help achieve greater interoperability across health care when integrated directly into a patient’s electronic health record (EHR).
Big data in healthcare is a term used to describe big data of information created by the adoption of digital technologies that collect patients' records and help in managing hospital performance, otherwise too large and complex for traditional technologies.
Nov 2020-Dell Technologies, FedEx and Switch are working together to develop exascale multi-cloud edge infrastructure services. This will bring compute, storage and connectivity to the network edge and help customers overcome performance barriers for latency-sensitive applications. This innovation is focusing on bringing multi-cloud resources and Compute power closer to where customers run their businesses. Taking this approach allows organizations to make real-time decisions using capabilities like artificial intelligence, machine learning and 5G. The companies plan to build technology hubs across the United States that will be capable of supporting multiple cloud environments with Switch’s edge data centers and Dell Technologies’ cloud infrastructure.
Based on type, the market is segmented into descriptive, predictive, prescriptive, and cognitive analytics. By application, the market has been segmented into financial analytics, clinical analytics, operational & administrative analytics, and population health analytics. Based on Region it has splits into North America, Europe, ASPAC and Middle East & Africa. The market in North America is expected to witness the highest growth during the forecast period. The high growth of the North American market is attributed to growing federal healthcare mandates to curb rising healthcare costs; increasing regulatory requirements; growing EHR adoption; and rising government initiatives focusing on personalized medicine, population health management, and value-based reimbursements.
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