Big Data Analytics In Healthcare Market To Reach US$ 194.7 Billion Amid Growing Emphasis On Patient Data Security
Over 6 out of 10 Sales in Big Data Analytics Healthcare Market to be Accounted by Cloud-based Systems
In a recent market study, Fact.MR covers recent developments in the global big data analytics in healthcare market, highlighting vital aspects such as trends, drivers, opportunities, and restraints. The report studies recent developments in the segments of the market in terms of spender type, tool type, applications, and deployments across seven regions.
The global big data analytics in healthcare market size is projected to reach a valuation of US$ 39.7 Bn in 2022, finds Fact.MR. Expanding at a stupendous 19% CAGR, the market valuation is projected to top US$ 194.7 Bn by 2032.
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Big data analytics in the healthcare sector is widely being adopted, mainly to streamline operations, handle transactional information and patient data. With ongoing expansion of medical services in the healthcare sector, demand for big data analytics in healthcare is expected to witness an upward trajectory over the forecast period.
The onset of the COVID-19 pandemic has underpinned the need for cutting-edge technological tools for diagnosis and treatment. Due to the lockdown restrictions imposed to contain the virus, patients were resorting to telematics for virtual appointments.
This factor has spurred demand for patient data management software and tools, and the trend is expected to continue in the forthcoming years.
Further, increasing government investments in the expansion of the healthcare sector are anticipated to boost the market. Federal mandates such as the American Recovery and Reinvestments Act of 2009 are encouraging healthcare providers and organizations to adopt electronic health records (ERH). Such initiatives are expected to bode well for the market.
Besides this, as the patient pool continues to rise, healthcare providers are striving to improve operations, streamline data transfer and protect patient data in a safe and accessible manner. This is compelling service providers to develop products with high security and accuracy, which in turn is augmenting the growth in the market.
“Introduction of telematics, wearables, and smart healthcare tracking devices for applications in hospitals is expected to continue driving sales in the market. Besides this, increasing adoption of online payment platforms in clinics and recreational centers will fuel the growth in the market over the assessment period,” says a Fact.MR analyst.
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