Market Research Future (MRFR) speculates that the global big data in healthcare market is predicted to demonstrate a robust CAGR during the forecast period (2016-2027). Deployment of cloud and technological advancements are likely to favor the market growth throughout the forecast period. Big data is referred to as a large set of the database which can be structured and unstructured and can be assessed to disclose the patterns and trends for the present as well as future. In the healthcare industry, big data is the use of analytical services which is prescriptive, predictive, and descriptive to evaluate patient’s healthcare information so that clinical output is effectively made. This improves the business revenues of the hospitals, healthcare companies, and clinic centers by financial analytics and use of healthcare service providers for increased productivity.
Market Potential and Pitfalls
Big data in the healthcare sector is a complex procedure in order to discover information comprising market trends, hidden patterns, customer preferences, and unknown correlations, which enables an organization to make informed business and clinical decisions. The global big data in healthcare market is mainly driven by technological advancements, government initiatives, and pressure to reduce healthcare costs. Government initiatives such as the release of data from agencies such as CDC and FDA are helping in the research activities. These data help the researchers to have a deep understanding of the cause of the disease as they are publicly available. Moreover, technological advancements such as IoT, mHealth, and wearable devices are highly contributing to the growth of the market throughout the appraisal period. Big data in healthcare is gaining immense prominence as it can be used to predict the outcome of disease prevention, prevent epidemics, and minimize the cost of the treatment. Big data also helps to identify and address medical issues before it becomes an unmanageable problem.
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With the need to reduce healthcare costs and improve resource management and patient outcomes, the global market is anticipated to flourish. As the number of the medical process going digital, the need for big data in the healthcare sector is fostering. The healthcare sector is experiencing high investment which a major reason for the market growth. Moreover, deployment of big data by the biotechnological and pharmaceutical companies for regulatory compliance management, financial risk management, and product cross-selling are some of the other major factors influencing the market growth.
On the contrary, security concerns and data privacy and their associated strict protocols are some of the top barriers considered to vitiate the growth of big data in healthcare throughout the assessment period. Moreover, the dearth of a proper IT infrastructure in the developing nations combined with the higher maintenance cost associated with these systems is likely to affect the market size.
Global Big Data in Healthcare Market: Segmental Analysis
The global big data in healthcare market has been segmented on the basis of software, hardware, analytical service applications, and analytical service types.
By mode of hardware, the global big data in healthcare market has been segmented into firewalls, routers, data storage and email servers, VPNs, and access points. Among these, the data storage segment is estimated to occupy the largest market share and is likely to retain its dominance throughout the assessment period.
By mode of software, the global big data in healthcare market has been segmented into revenue cycle management, EHR, workforce management, and practice management.
By mode of analytics service types, the global big data in healthcare market has been segmented into predictive, descriptive, and prescriptive. Among these, prescriptive analytics is likely to expand at the fastest rate.
By mode of analytic service applications, the global big data in healthcare market has been segmented into financial analysis, clinical analysis, and operational analysis.
Geographically, big data in healthcare market span across regions namely, Europe, Asia Pacific, America, and the Middle East & Africa.
Considering the global scenario, America occupies the larger share, with North America heavily contributing to the big data in healthcare market growth. The region is considered to expand at a significant rate due to high expenditure on the healthcare sector coupled with extensive use of IT. With the high adoption rate of advanced technologies along with the high concentration of major industry players, the market is sure to expand during the appraisal period.
The European region is predicted to be the second largest market and is anticipated to exhibit a considerable growth rate during the estimated period. The growth is credited to the acceptance of advanced technology and growing digitalization
The Asia Pacific region is considered to expand at a faster rate due to economic upsurge coupled with a mounting focus on the healthcare sector and high adoption of advanced technologies. Moreover, advancements in the big data technology, expansion in the data analytics software industry, augmenting digitalization, and high adoption of big data analytics by the healthcare providers are some of the major factors influencing the market growth in this region.
January 28, 2019: The British Clinical AI technology company, Sensyne Health plc has recently announced a three-year collaboration with the University of Oxford’s Big Data Institute. They are likely to establish a world-leading research alliance in order to evaluate and develop the use of clinical artificial intelligence and digital technology. This will help to understand the complications associated with chronic disease.
The prominent players operating the global big data in healthcare market are Cognizant, Siemens, Epic System Corporation, McKesson, Ge Healthcare, Philips, Dell, Xerox, Optum, and Cerner Corporation.
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