Market Overview
Market Research Future (MRFR) believes that upcoming Big Data in Healthcare Market trends holds a lot of promise and can escalate at a stunning rate between 2018 and 2023 (analysis period).
COVID-19 Analysis
While various industries are dealing with huge losses following the COVID-19 outbreak and the subsequent lockdown, big data in healthcare market has remained strong and shown steady growth. A number of healthcare providers and facilities are increasingly adopting big data to review the SARS-CoV-2 pandemic situation as well as its economic impact.
Many of the big data firms are collaborating with several government agencies, industries and research organizations to given them access to advanced AI tools. They are also forming alliance with data and public health professionals to combat the novel coronavirus. Additionally, renowned pharmaceutical vendors are performing clinical trials with respect to SARS-CoV-2, wherein big data has been an important component as it helps quickly transfer insightful clinical data.
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Market Dynamics
Drivers
Staggering Growth in Unstructured Medical Data to Foster Demand
Advances in metabolomics, epigenomics, proteomics, genomics, pharmacogenomics and transcriptomics have been responsible for significant generation of unstructured medical data. The escalating role of data analytics and big data in healthcare to develop predictive models has opened exciting new frontiers, in terms of market growth.
Over the years, encouraged by data mining techniques along with the innovations in healthcare IT, the big data in healthcare market has managed to take massive strides across the globe. Also, the expanding use cases of big data in multiple biosciences applications, particularly in genomic sequencing and drug discovery have promoted market growth. Besides this, the rising availability of cost effective big data services and software has boosted their demand in the healthcare industry.
Opportunities
Surging Adoption of the Cloud Model Presents Lucrative Opportunities to Players
Cloud storage has emerged as a popular model in healthcare, as it helps lower the costs and is highly reliable. Nearly 90 percent of global healthcare vendors are making use of cloud-based big data analytics, including applications and storage, as these provide faster disaster recovery, and smoother expansion. In a nutshell, the rising popularity of cloud storage can emerge as a lucrative opportunity for the leading competitors in the global market.
Restraints
Huge Investments Required for Implementing Big Data to be a Huge Restraint
Substantial venture capital investments required for implementation of big data in healthcare could restrain the market’s growth rate in the following years.
Challenges
Data Privacy Issues& Security Concerns to Challenge Adoption Rate
Data privacy issues as well as security concerns arising with the rising use of big data in healthcare can be a huge challenge in the coming years. Even an extremely secure data center can face issues due to human error, giving way to unethical hackers trying to gain access to sensitive and high-value data.
Segment Overview
Firewalls Segment to Seize the Biggest Share
The top hardware-based segments are firewalls, routers, data storage, email servers, access points and VPNs. Rapidly growing sophistication level of cyber-attacks in healthcare has created a massive demand for advanced firewall hardware, which means that the firewalls segment can secure the leading spot in the global market.
EHR Software to Nab the Top Position
Software-wise, the market segments are EHR, practice management, workforce management and revenue cycle management. The heightened need to centralize and streamline electronic healthcare systems, technological innovations and rising awareness regarding the important as well as use of EHR can ensure the segmental growth in the coming years.
Predictive Analytical Service Type to Enjoy Robust Demand
The key analytical service types considered are predictive, prescriptive and descriptive. Predictive analytics in healthcare help achieve practical goals with its ability to predict future events, and it is widely used in areas like financial management, operations management, clinical and population health management applications. As a result, MRFR expects the predictive analytical service type to dominate the global industry during the evaluation timeline.
Clinical Data Analytics to Gain Highest Impetus
Top applications of big data in healthcare include financial analytics, operational analytics and clinical data analytics. The clinical data analytics market has covered substantial grounds in the past few years, owing to the rise in favorable regulations, surging pressure to cut down the costs associated with drug development, and growing need for new therapies. Clinical data analytics in healthcare helps cure and predict diseases, thereby boosting the quality of healthcare and facilitating preventable deaths, which can take place owing to negligence.
Regional Analysis
North America Big Data Analytics in Healthcare Market takes the Lead
North America has been one of the earliest regions to embrace digitization, especially the healthcare industry, which generates colossal volumes of raw unorganized data. The region has been leveraging the host of benefits of big data in healthcare, while rapidly adopting AI and IoT. The demand for big data analytics for population health management has elevated considerably over the years, plus the emerging eHealth trend also bolsters the market position. Another significant trend in the region has been the growing preference for a value-based care model over the pay-for-service model, which takes into consideration the patient’s treatment success rate instead of rewarding the healthcare workers for merely performing the procedure.
The European Market to be the Second Biggest Gainer
The European market is the second-highest gainer, thanks to the importance given to the role of data analytics and big data in healthcare and the high expenditure in this regard. Surge in extensive research and development activities backed by the strong government support combined with the accelerated use of smart connected devices are responsible for market growth in the region. Rising prevalence of digitization is prompting healthcare vendors to adopt big data solutions, with the key focus on reducing clinical errors. A fast emerging segment in the market has been sentiment analysis using big data in healthcare industry, given the soaring number of pharmaceutical firms in Europe with massive volumes of unstructured data, from which they aim to achieve useful insights.
Asia Pacific – Adoption of Big Data and Analytics in Mobile Healthcare Market: An Economic Perspective
Asia Pacific is the fastest emerging market, accounting for 41% of the total share. Big data analytics has been a major hit in the mobile healthcare market, leading to considerable profits owing to the escalating internet and smart phone use. Furthermore, the region has witnessed a striking growth in the adoption of wearable devices and mobile health applications, which has created a huge demand for big data in the healthcare industry.
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