New Delhi, September 23, 2022 (GLOBE NEWSWIRE) — Global big data in healthcare market is thriving thanks to government initiatives in developing countries, rising internet penetration, rising e-commerce penetration, and increasing availability of mobile devices, all of which have contributed to its growth.
A recent study by the strategy consulting and market research company BlueWeave Consultingrevealed that the global big data in healthcare market was valued at US$28.17 billion in 2021. The market is expected to grow at a CAGR of 15.9% and reach approximately $78.52 billion in revenue by the end of 2028. The Global Big data in healthcare market is booming due to the growing need to analyze, integrate and manage massive amounts of data driving big data analytics in healthcare. This data is mainly collected from various electronic health records (EHR) and biological patient information. A set of statistical algorithms and predictive models powered by powerful analytics platforms make up big data analytics, a subset of advanced analytics. These technologies, using powerful computer systems, offer several commercial benefits to the healthcare sector, including successful marketing, new income prospects, greater operational efficiencies, and better patient care. Currently, big data analytics is being adopted by a variety of healthcare organizations, including multi-vendor groups, single-physician practices, and vast hospital networks. This increase is due to the many benefits of the service, which include fast and effective healthcare fraud detection and analysis of patient information and clinical trials.
Demand for analytics solutions for population health management is increasing
Population health management requires the integration of clinical and claims data on the same platform for data analysis, resulting in complete patient care with cost-effective prescribing practices. Increasing demand for improved care management, early disease prediction and hospitalization processes are expected to fuel the growth of global big data analytics in healthcare market in the future. In addition, the health of citizens is crucial for health management in healthcare, which requires predictive analysis of population health and is likely to lead to an increase in applications of big data analysis during the projection period.
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The increasing demand for artificial intelligence requires powerful analytics solutions as it generates big data
For several reasons, the big data and analytics market has seen an increasing demand for artificial intelligence (AI). AI uses natural language processing to recognize knowledge, identify different types of data, and discover potential connections between data sets. In addition, the technology can be used to accelerate and automate data preparation tasks such as creating data models and supporting data exploration for decision making. The combination of AI and big data can automate nearly 80% of all physical work, 70% of data processing work, and 64% of data collection tasks, according to a 2020 study by Forbes. By using all available data, deep learning is supported by the combination of AI, big data and analytics.
Challenge: Technical challenges
Despite the benefits and promising future of big data in healthcare, a number of fundamental challenges remain. The required technological know-how and the ability to ensure compliance with all associated security measures are the two main obstacles that hinder the use of big data in healthcare. Big data requires special skills due to the complexity of the files. Hospitals need to enlist the help of data scientists to manipulate information in a big data environment because IT professionals used to SQL programming and traditional databases are unprepared for the learning curve. Another major barrier to using big data in healthcare is security. Big data storage is known to attract hackers and other highly persistent threats (APTs). While most organizations have safeguards in place, regulations like HIPAA compliance need to be protected.
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Global big data in the healthcare market – By the end user
Based on end-user, the global Big Data in Healthcare market is segmented into Financial & Insurance Agencies, Hospitals & Clinics, and Research Organizations. Hospitals and clinic providers experienced the fastest growth. This is because hospitals and healthcare professionals have been under a lot of pressure to provide cost-effective care and better patient management during and after the pandemic, which helped expand this end-user category. The need to maintain patient information, keep track of diseases, and provide patients with cost-effective care have all played, and will likely continue to play, significant roles in the widespread adoption of health analytics.
Impact of COVID-19 on Global Big Data in Healthcare market
The COVID-19 pandemic has had a positive impact on the global healthcare big data analytics market. This is due to the urgent need for cutting-edge technological improvements in public health, medicine and wellness. Developments in the fields of genome, epigenomics, transcriptomics, proteomics, metabolomics, and pharmacogenomics have fueled the amazing speed of medical data collection. This data contains a wealth of information that can help us better understand 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.
The leading market players in the global healthcare big data market 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 healthcare big data market is highly fragmented with the presence of multiple manufacturing companies in the country. The market leaders maintain their supremacy by investing in research and development, incorporating cutting-edge technology into their wares, and releasing improved items for customers. Various tactics are used, including strategic alliances, agreements, mergers and partnerships.
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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 overall market size forecasts. The report promises to provide latest technology trends in the global Healthcare Big Data market and industry insights to help decision makers make informed strategic decisions. In addition, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
The latest development
- In November 2020, Change Healthcare launched an innovative national data resource solution called Social Determinants of Health (SDoH) Analytics, a resource that helps healthcare systems, insurers and life science organizations examine how geodemographic factors are affecting the Impact patient outcomes.
scope of the report
|years taken into account||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|facts covered||Sales in billion USD|
|Product Service/Segmentation||By component, by application, by deployment, by analysis type, by tool type, by end user, by region.|
|key figures||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.|
- Clinical analytics
- financial analysis
- Operational Analysis
By analytics type
- Descriptive Analytics
- Diagnostic analytics
- Predictive Analytics
- Prescriptive Analytics
By tool type
- Data warehouse analytics
- financial analysis
- production reports
- CRM analysis
- Predictive Analytics
- visual analysis
- Risk Management Analytics
- Supply Chain Analytics
- test analyses
By end users
- finance and insurance agencies
- Hospitals & Clinics
- research organizations
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
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