The technology has grown substantially over the last two decades. Many healthcare companies have begun to leverage big data for a variety of applications, such as developing products, improving patient outcomes, and driving innovation, among others.The use of big data in healthcare for areas such as cardiovascular health can lead to savings worth billions of U.S. dollars every year. The data generated on a regular basis contain mostly unstructured formats, i.e., they are not arranged or curated according to a pre-existing data model and, therefore, pose challenges during analysis. The industry perception is that nearly 80% of the big data in healthcare is unstructured, rendering only about 20% eligible for analysis.
The adoption of big data in healthcare is still at a nascent stage despite being a large market. The growth of the market is expected to be significantly boosted by the growing demand for evidence-based clinical care in developing countries. Technological advancements anticipated from 2022 to 2031 are expected to play a crucial role in deciding the future of the big data in healthcare market and the level of adoption.
The global big data in healthcare market report highlights that the market was valued at $32,925.1 million in 2021 and is expected to reach $130,132.1 million by the end of 2031. The market is expected to grow at a CAGR of 13.96% during the forecast period 2022-2031.
Impact of COVID-19 on the Global Big Data in Healthcare Market
The global big data in healthcare market has been a growing market before the COVID-19 pandemic began. The big data volume increased due to the demand for easy inter-organizational data sharing. Furthermore, the fast growth in hospital information systems led to an influx of a host of variations in terminology, use of non-standard terms, and incorrect descriptions, making it difficult to reconcile data across different systems data. The pandemic, however, aided in accelerating the demand for data-driven decision-making. It also led to an increase in the pool of data sources as the demand for connected devices and wearables also increased due to the growth in the number of health-conscious individuals.
Global Big Data in Healthcare Market Drivers
The factors driving the growth of the market include the rise in the adoption of wearables, mobile health, and IoMT, the urgent need to reduce healthcare costs, dedicated initiatives of healthcare digitalization, and the growing importance of digital healthcare and interoperability. The rising adoption of wearables and connected devices has become a prominent driving factor for the big data in healthcare market globally. The increasing adoption has added to the pool of data sources. Additionally, several governments, including those in emerging countries such as India and China, are focusing on bringing digitalization to healthcare for the masses.
More importantly, as the prevalence and incidence of chronic diseases continue to rise, so will technological adoption. As a result, the growth of disease diagnosis and the global market for big data in healthcare will accelerate.
Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Big Data in Healthcare Market Restraints
The factors restraining the growth of the global big data in healthcare market include concerns regarding data security and the presence of large volumes of unstructured data. There are significant privacy concerns surrounding the use of big data analytics in healthcare due to the sensitivity and critical nature of a large amount of personal information (PI) and protected health information (PHI) that healthcare providers are required to maintain. Hence, the concerns regarding data security and presence of large volumes of unstructured data are restraining the digital big data in healthcare market.
Global Big Data in Healthcare Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific, the Middle East, and Africa hold immense potential for the big data in healthcare market growth.
Furthermore, organizations are increasingly turning to clinical informatics in order to reduce medical errors. Since there are multiple electronic health record (EHR) vendors in the market and each product is built on a different platform, the process to make these systems interoperable is quite complex and expensive. Companies can focus on making the healthcare data interoperable to streamline insights extraction and care delivery.
Key Market Players and Competition Synopsis
Some key players operating in the market include Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinical Works, General Electric Company, Siemens Healthineers AG, JLL Partners, Verana Health, ConcertAI, LynxCare, Abacus Insights, Milagro AI, Datavant, and Clarify Health Solutions.
Some strategies covered in this segment are funding activities, mergers and acquisitions (MAs), partnerships, alliances, business expansion, and new offerings.
Key Questions Answered in the Report
• How has COVID-19 impacted the growth of the global big data in healthcare market?
• What are the key regulations governing the big data in healthcare market in key regions?
• Which technological developments are projected to have the maximum influence on the global big data in healthcare market?
• Who are the leading players holding significant dominance in the global big data in healthcare market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global big data in healthcare market?
• Which region has the highest growth rate in the big data in healthcare market?
• Which are the fastest growing countries in terms of the global big data in healthcare market?
• What are the key strategies being adopted by market players in the global big data in healthcare market?
• Which are the emerging companies in the global big data in healthcare market?
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How This Report Can Add Value
Who should buy this report and why?
Assuming that the reader is a vendor in big data in healthcare market, the report will assist them in the following ways:
• Understand their position compared to other key players in the market
• Stay updated with the latest developments in the market
• Understand the impact of COVID-19 on big data in healthcare and the entry barriers for new companies
• Gain insights into end-user perception concerning the big data in healthcare market
• Identify key players in the market and understand their valuable contribution
• Understand the key growth areas and regions to target for market expansion
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