Global Big Data in Healthcare Market is flourishing owing to the government initiatives in developing economies, rising internet penetration, rising e-commerce penetration, and rising availability of mobile devices all contributed to growth.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Big Data in Healthcare Market was worth USD 28.17 billion in the year 2021. The market is projected to grow at a CAGR of 15.9%, earning revenues of around USD 78.52 billion by the end of 2028. The Global Big Data in Healthcare Market is booming because of the growing requirement for analysis, integration, and management of enormous volumes of data that propel big data analytics in the healthcare sector. These data are mostly gathered from different electronic health records (EHR) and patient biological information. A set of statistical algorithms and predictive models supported by high-performance analytics platforms make up big data analytics, a subset of advanced analytics. These technologies, which use powerful computing systems, provide the healthcare sector with several commercial advantages including successful marketing, new income prospects, greater operational efficiency, and better patient care. Currently, big data analytics is being adopted by a wide range of healthcare organizations, including multi-provider groups, single-physician practices, and huge hospital networks. This increase can be ascribed to the service’s many benefits, which include its swift and effective detection of healthcare fraud as well as its analysis of patient information and clinical studies.
Demand for Analytics Solutions for Population Health Management is Increasing
Population health management necessitates the integration of clinical and claims data on the same platform for data analysis, resulting in complete patient care with cost-effective prescription practices. Increased demand for improved care management, early disease prediction, and hospitalization process is expected to boost the growth of the worldwide big data analytics in healthcare market in the future. Furthermore, citizen health is critical for healthcare management in the healthcare business, which necessitates predictive analysis of population health and is likely to increase big data analytics applications during the projection period.
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Rise in Artificial Intelligence Demand Needs Powerful Analytics Solutions as it Builds Big Data
For several reasons, the market for big data and analytics has seen an increase in the demand for artificial intelligence (AI). AI uses natural language processing to recognize knowledge, identify different types of data, and discover potential connections between datasets. Additionally, the technology can be used to speed up and automate data preparation tasks, such as creating data models, and support data exploration for decision-making. The combination of AI and big data, according to research from 2020 Forbes, can automate close to 80% of all physical work, 70% of data processing work, and 64% of data collection tasks. By utilizing all available data, deep learning is aided by the combination of AI, big data, and analytics.
Challenge: Technical Challenges
Despite the advantages and promising future of big data in healthcare, numerous fundamental challenges remain. The technological expertise needed and the ability to ensure compliance with all security measures surrounding it are the two key barriers impeding the use of big data in healthcare. Big data necessitates particular skill sets due to the complexity of the files. Hospitals will need to seek the aid of data scientists to manipulate information in a big data environment since IT professionals who are accustomed to SQL programming and traditional databases are not prepared for the learning curve. Another significant barrier to the use of big data in healthcare is security. Big data storage is well known for luring hackers and other highly persistent dangers (APTs). Even though the majority of firms have security safeguards in place, regulations like HIPAA compliance must be protected.
Segmental Coverage
Global Big Data in Healthcare Market – By End-User
Based on end-user, the Global Big Data in HealthcareMarket is segmented into Finance & Insurance Agencies, Hospitals & Clinics, and Research Organizations. Hospitals and clinic providers experienced the fastest growth. This is because hospitals and healthcare professionals were under a great deal of pressure to provide cost-effective care and better patient management during and after the pandemic, which contributed to the expansion of this end-user category. The need to maintain patient information, keep track of diseases, and provide patients with cost-effective care have all played a significant role in the widespread adoption of healthcare analytics and are expected to continue to do so.
Impact of COVID-19 on Global Big Data in Healthcare Market
The pandemic of COVID-19 had a beneficial impact on the global market for big data analytics in healthcare. This is owing to the critical need for cutting-edge technological improvements in public health, medicine, and wellness. Developments in genomes, epigenomics, transcriptomics, proteomics, metabolomics, and pharmacogenomics have supported the astounding rate of medical data collection. These data contain a plethora of information that can assist us in better understanding patient care. The growing role of big data analytics in developing predictive care models for the healthcare sector is likely to pave the way for exciting new commercial prospects.
Competitive Landscape
The leading market players in the Global Big Data in HealthcareMarket are Allscripts Healthcare Solutions, Inc., Cerner, Cognizant, Dell EMC, Epic System Corporation, Ge Healthcare, General Electric Healthcare, Hewlett Packard Enterprise (HPE), International Business Machines (IBM) Corporation, Mckesson, Microsoft, Optum, Oracle Corporation, Philips Healthcare, Siemens, and other prominent players. The Global Big Data in HealthcareMarket is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Big Data in Healthcare Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Big Data in Healthcare Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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