Big Data in Healthcare Market

Market Overview

The global big data in healthcare market size was valued at USD 32.9 billion in 2021 and is predicted to reach USD 105.73 billion by 2030, increasing at a CAGR of 13.85% from 2022 to 2030. 

Big Data in healthcare is the difficult process of analyzing Big Data to identify hidden patterns, market trends, unknown relationships, and customer preferences, enabling companies to make informed clinical and business decisions. The global upsurge in demand for Big Data solutions for health management of people and business intelligence to optimize health administration and strategy is projected to boost the market. Big data is a topic of interest since it can alter modern healthcare. Technology has advanced rapidly in the last two decades. Many healthcare organizations have begun using big data to produce products, improve patient outcomes, and drive innovation.

To manage such large data, ongoing innovation in big data analytics tools is crucial, generating great potential for market leaders to create and introduce new software and systems. The digitization of healthcare systems around the world is boosting the cost and quality of care in the healthcare industry. One result of the strides has been the rise of complicated heterogeneous data in varied types, especially unstructured data. Big data analytics in healthcare originates from the requirement to analyze, integrate, and manage massive volumes of data. These data are acquired from electronic health records (EHR) as well as biomedical information of patients.

The application of big data in healthcare is fairly new in spite of being a leading market. The increased request for evidence-based clinical treatment in developing countries will augment the market. Technological advances from 2022 to 2030 are projected to determine the future of global big data in healthcare industry and its level of acceptance.

Market Dynamics

Global Market Drivers

Rise In Demand for Population Health Analytics

For the purposes of population health management, complete patient care must be provided, together with cost-effective prescription procedures; this necessitates the combination of clinical and claims data along the same platform so that it can be analyzed. It is expected that growth in the demand for improvements in care management, the prediction of early sickness factors, and the process of hospitalization would be the prime factor driving the growth of the global market for big data analytics in healthcare in the future. Furthermore, citizen health is of the utmost significance for healthcare administration within the healthcare industry. This, in turn, necessitates predictive analysis of population health, which is anticipated to boost the deployment of big data analytics during the period covered by the forecast across the globe.

The Exponential Expansion of Unstructured Medical Data Is Anticipated to Boost Demand

Recent developments in the fields of metabolomics, epigenomics, proteomics, genomics, pharmacogenomics, and transcriptomics are largely to blame for the huge increase in the amount of unstructured medical data that has been produced. In terms of the expansion of the global big data industry in healthcare, the rising importance of data analytics and big data in the development of predictive models has opened up fascinating new vistas.

The global big data in healthcare industry has been able to make massive progress, thanks to the reassurance provided by data mining techniques and the developments in healthcare IT. This market is present in every region across the globe. Furthermore, the growing use of big data in different biosciences applications, predominantly in genomic sequencing and drug detection, has contributed to the expansion of the global big data market in the healthcare sector. In addition to this, the growing availability of high-quality big data services and software at reasonable prices has contributed to an increase in the demand for these items in the healthcare sector.

Global Market Restraints

The Expansion of The Market Could Be Hampered by Safety Concerns

The technology raises significant concerns with regard to data privacy and security, as well as issues such as the fabrication of bogus data, the requirement for real-time protection, and the desire for it. The remote warehouse, incorrect identity management, poor acquisitions in the systems and information security, human error, networked appliances, and Internet of Things applications are some of the current areas that need to be addressed. Associations face a significant challenge in attempting to circumvent these issues. It is expected that the expansion of the industry would be hampered by the rising number of occurrences of loss of data or cyberattacks on industries that keep customer data. In addition, it is projected that maintaining the data privacy requirements like Data Protection and Privacy, Information Technology Act, 2000, and EU General Data Protection Regulation (GDPR) may impede the performance of solutions.

Global Market Opportunites

Increasing Potential of Cloud-Based Big Data Techniques

In recent years, businesses functioning in the global healthcare industry have become more and more aware of the advantages offered by cloud computing and have begun to favor the utilization of cloud analytics tools over traditional on-premise business intelligence (BI) systems. As a result of the expanding importance of client and customer management, improved planning, clever decision-making, and predictive modeling have all emerged as standard requirements for executives in charge of running businesses. According to a study directed by Harvard Business School on cloud business analytics, participants in the sector are placing a greater emphasis on the deployment of cloud-based solutions for data discovery and visualization, predictive analytics, big data, & mobile analytics. During the period covered by the forecast for the global market, it is projected that these aspects will generate profitable opportunities for analytics providers.

Regional Analysis

The global market is segmented by geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

The North American region has dominated the global big data in healthcare market, because of developments in IoT and rising demands for analytical models on patient data for better service delivery and government regulations. There is a wealth of patient information available in the area. Pharma companies have been gathering years of research & development data into healthcare databases to make this data easier to examine, while businesses and consumers have been digitizing their patient information during the last decade.

North America was one of the first regions to digitize, especially the healthcare business, which creates huge volumes of raw disorganized data. The region has adopted AI and IoT while using big data in healthcare. The requirement for big data analytics for healthcare systems has risen over the years, and eHealth is bolstering the market. A developing trend in the region is the inclination towards a value-based care model above the pay-for-service model, which considers the patient's treatment accuracy rate instead of compensating healthcare staff for conducting the process.

The European market is the second-highest leader in the market due to the importance big data in healthcare and high spending. Strong government support for R&D and increased use of smart and connected devices are driving the big data in healthcare industry in the region. The rise of digitization is forcing healthcare companies to implement big data solutions to reduce clinical errors. Sentiment analysis utilizing big data in healthcare is a fast-growing segment due to the rising number of pharmaceutical corporations in Europe with huge volumes of unstructured data from which they seek insights.

Asia-Pacific is the fastest-growing emerging market, contributing for 41percent of the total. Big data analytics has been a hit in mobile healthcare, leading to substantial revenues due to rising internet and smart mobile use. In addition, the region's utilization of wearable systems and digital health apps has created a large demand globally for big data in the healthcare business.

Segmental Analysis

The global big data in healthcare market share is divided into different segments according to the type, applications, end-user, and region.

The global market by Analytics type are segmented into investigative/diagnostic, descriptive, prescriptive, and analytical/predictive.

2021's largest segment was descriptive. Descriptive analytics examine prior organization actions to identify positive or negative outcomes. This technique is the most widespread form of data analytics, used by 80% of modern enterprises. Judging a company's past Behaviour is crucial for future decisions. Based on descriptive analytics data, firms can increase revenue by changing operations, marketing tactics, inventory decisions, and more. Prescriptive analytics is expected to expand by 11.2% from 2022-2030. Prescriptive data analytics is the most advanced type. Prescriptive analytics uses cutting-edge technology like AI, deep learning, and machine learning to reveal the future effects of enterprises' current activities.

By Applications, the global market can be broken down into Clinical Analytics, Financial Analytics, Operational Analytics, and Other Applications. The market for clinical data analytics has made significant strides in recent years as a result of a number of factors, including an increase in supportive regulations, an increase in the amount of pressure to reduce the costs associated with the development of drugs, and a growing demand for new treatments. The application of clinical data analytics in the medical field enables the prevention and treatment of disease, which improves the overall standard of medical care and lessens the likelihood of avoidable fatalities brought on by errors in patient care.

By End-User, Research Organizations, Hospitals and Clinics, Finance and Insurance Agencies, and Others are the four main categories that make up the global market End-User segmentation. 2021's largest segment was hospitals. Big data analytics in healthcare is driving growth. Unprocessed data abounds in healthcare facilities, notably hospitals. Hospitals utilize advanced analytics techniques like machines and deep learning to process data and find meaningful insights. After processing, they were able to make a reasoned decision that improved patient care, illness investigation, precise diagnosis and therapies, and management. The hospital segment is expected to grow 10.6% from 2022-2030. This growth is due to an unusual rise in life-threatening diseases like cancer, heart attack, and COVID-19 virus.

The global market by Geography includes North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America held 37% of the 2021 market. This segment's rise is due to prominent IT businesses. Full-fledged economies promise government research funds. IBM, Oracle, Stryker, and many others are financially solid enough to devote billions to research. The US is home to a large number of top-notch healthcare organizations; thus, competition has forced them to adopt new technology to acquire a strategic edge.

Recent Developments

• June 2022 - GE Healthcare's breakthrough diagnostic and treatment solutions, which range from early detection to remote monitoring and data exchange, are aimed to help cancer patients enhance diagnosis, clinical efficiency, operational efficiency, and outcomes.
• April 2022 - The termination date of the merger agreement between Optum, a diversified health services firm, and Change Healthcare, a leader in health care technology, has been extended to December 31, 2022, by mutual consent.

• December 2021 - Oracle Corporation and Cerner Corporation have revealed that they have reached an agreement for Oracle to acquire Cerner for a price of $95.00 per share, which is equivalent to an equity value of $28.3 billion.