New Delhi, September 23, 2022 (GLOBE NEWSWIRE) – Global Big Data in the healthcare sector Market it is thriving thanks to government initiatives in developing economies, increasing Internet penetration, increasing e-commerce penetration, and increasing availability of mobile devices, all of which have contributed to growth.
A recent study conducted by the strategic consulting and market research firm, BlueWeave consultingrevealed that the global healthcare big data market was worth USD 28.17 billion in 2021. The market is expected to grow at a CAGR of 15.9%, with revenues of approximately USD 78.52 billion by end of 2028. Big Data in healthcare Market is booming due to the growing demand for analytics, integration and management of huge volumes of data driving big data analytics in the healthcare industry. This data is mostly collected from various electronic health records (EHRs) and biological patient 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 information systems, offer the healthcare industry numerous business benefits including successful marketing, new revenue prospects, increased operational efficiency and improved patient care. Currently, big data analytics is being adopted by a wide range of healthcare organizations, including multi-provider groups, single medical practices, and huge hospital networks. This increase can be attributed to the service’s many benefits, which include fast and effective detection of healthcare fraud, as well as analyzing patient information and clinical trials.
The demand for analytical 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 comprehensive patient care with cost-effective prescribing practices. Increased demand for better care management, early disease prediction, and a hospitalization process are expected to boost the growth of global big data analytics in the healthcare market in the future. Additionally, citizen health is critical to health management in the health sector, which requires predictive population health analysis and is likely to increase big data analytics applications during the projection period.
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Rising demand for artificial intelligence needs powerful analytics solutions as it creates big data
For several reasons, the big data and analytics market has seen an increase in demand for artificial intelligence (AI). Artificial intelligence uses natural language processing to recognize knowledge, identify different types of data, and discover potential connections between data sets. Additionally, the technology can be used to speed up and automate data preparation tasks, such as data modeling, and support data exploration for decision making. The combination of artificial intelligence and big data, according to 2020 research from Forbes, can automate nearly 80% of all physical work, 70% of data processing work, and 64% of data collection tasks. Using all available data, deep learning is aided by the combination of artificial intelligence, big data and analytics.
Challenge: technical challenges
Despite the benefits and promising future of big data in the healthcare sector, a number of key challenges remain. The necessary technological competence and the ability to guarantee compliance with all the security measures that surround it are the two key barriers that prevent the use of big data in the healthcare sector. Big data requires special skills due to the complexity of the files. Hospitals will need to seek the help of data scientists to manipulate information in a big data environment as IT professionals who are used to SQL programming and traditional databases are not prepared for the learning curve. Another significant 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 businesses have security measures in place, regulations such as HIPAA compliance must be protected.
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Global healthcare big data market – For end user
Based on the end user, the global healthcare big data market is segmented into financial and insurance agencies, hospitals and clinics, and research organizations. Hospitals and clinic providers experienced the fastest growth. This is because hospitals and healthcare professionals have come under intense pressure to provide affordable care and better patient management during and after the pandemic, which has contributed to the expansion of this category of end users. The need to retain patient information, track disease and provide patients with cost-effective care has played a significant role in the widespread adoption of health analytics and is expected to continue to do so.
Impact of COVID-19 on Global Big Data in the Healthcare Sector Market
The COVID-19 pandemic has had a beneficial impact on the global healthcare big data analytics market. This is due to the fundamental need for cutting-edge technological improvements in public health, medicine and wellness. Developments in genomes, epigenomics, transcriptomics, proteomics, metabolomics and pharmacogenomics have supported the blazing 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 business prospects.
Major market players in the global Big Data in Healthcare 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 major players. The global healthcare big data market is highly fragmented with the presence of several manufacturing companies in the country. Market leaders maintain their supremacy by spending on research and development, incorporating cutting-edge technologies into their products and releasing updated items for customers. Various tactics are used, including strategic alliances, deals, mergers and partnerships.
Do not miss the business opportunity in the global Big Data market in the healthcare sector. Consult our analysts for crucial insights and facilitate the growth of your business.
The in-depth analysis of the report provides insight into the growth potential, upcoming trends and statistics of the global Healthcare Big Data market. It also highlights the factors driving the forecasts on the total market size. The report promises to provide the recent technology trends in the global Big Data in Healthcare market and industry insights to help decision makers make sound strategic decisions. In addition, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
- In November 2020, Change Healthcare launched an innovative national data resource solution called Social Determinants of Health (SDoH) Analytics, a resource to help health systems, insurers and life science organizations explore how geodemographic factors affect patient outcomes.
Scope of the report
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Get covered||Revenue in billions of dollars|
|Service / product segmentation||By components, by application, by distribution, by type of analysis, by type of instrument, by end user, by region.|
|Key players||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 major players.|
- Clinical analysis
- Financial analysis
- Operational analysis
By type of analysis
- Descriptive analysis
- Diagnostic analysis
- Predictive analytics
- Prescriptive analysis
By type of instrument
- Data warehouse analysis
- Financial analysis
- Production reporting
- CRM analysis
- Predictive analytics
- Visual analysis
- Risk management analysis
- Supply chain analysis
- Test analysis
For end user
- Financial and insurance agencies
- Hospitals and clinics
- Research organizations
- North America
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
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