According to the latest report by IMARC Group, titled “Healthcare Big Data Analytics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 19.6 Billion in 2018. The healthcare industry generates a large volume of data, driven by patient care, record keeping, and compliance and regulatory requirements. While the majority of this data is stored in the form of hard copies, the rise of value-based care and rapid digitization of healthcare information has prompted the industry to switch to big data analytics for making strategic decisions. Big data is generally processed by data scientists and machine learning algorithms. It helps in identifying geographic markets with high growth potential and boosting healthcare marketing efforts by providing information about the needs and preference of physicians and patients. Big data is expected to grow faster in healthcare as compared to the other sectors, including media, manufacturing and financial services.
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Global Healthcare Big Data Analytics Market Trends:
Over the past few years, healthcare organizations have invested heavily in the market on account of the various benefits offered by big data analytics and artificial intelligence (AI). This increase is driven by the rising number of industry competitors and a massive influx of information. Besides this, with changing legislative regulations, healthcare management software solutions are rapidly being utilized for increasing profits, improving quality of life and personalizing patient care. These solutions also use predictive analysis to foresee the admission rate, which helps hospitals to allocate resources and manage operational costs accordingly while adequately utilizing the existing staff. Moreover, the need for eliminating incidences related to adverse drug events (ADEs) is another factor escalating the demand for big data analytics in the healthcare sector as these systems help in identifying fatal prescription errors before they occur. On account of the aforementioned factors, the market is projected to reach a value of US$ 47.7 Billion by 2024, registering a CAGR of around 16% during 2019-2024.
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Market Summary:
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