Healthcare Big Data Market Insights, Trends, Opportunity & Forecast (Includes Business Impact of COVID-19)

Our world is rapidly growing and enhancing in terms of both, competition and population. A proper infrastructure to efficiently cater to the needs and also in order to facilitate and maintain perfect harmony is vital. This infrastructure can be maintained with the help of Data. And, when it comes to healthcare, extraction, and use of data becomes infinite times more vital as it involves structuring human sustenance. Big Data as the name suggests does not necessarily always mean a large set of data but information and analytics, both structured as well as unstructured, including hidden patterns, market trends, unknown correlations, and customer preferences, which can help organizations and firms to make better decisions and strategic business moves. The potential for data-driven organizational growth in the hospitality sector is phenomenal. Global Healthcare Big Data Market is expected to reach around $67.82 billion by 2025 at an enormous CAGR of 19.1%.

MARKET DRIVERS:

The growth of this market is attributed to important factors in the healthcare industry including the need for managing a large amount of data to obtain critical information, an increase in the demand for analytics solutions for population health management, a rise in the need for business intelligence to optimize health administration, and strategy, early identification of risk to the product and services, improving customer service, obtaining operational efficiency, speedier drug discovery, the emergence of cloud-based services and subscription models, etc.

Moreover, healthcare organizations are employing analytical tools and artificial intelligence and machine learning techniques on the growing pool of data amidst rising healthcare costs, increasing rates of chronic diseases, aging population, and declining reimbursement costs to derive data-driven insights to reduce healthcare costs, enhance revenue streams, develop personalized medicine, improve patient outcomes and provide value-based care. Also, because they are under considerable pressure to prioritize investments focusing on improving outcomes and resource management.

Additionally, health-related data is growing at a rapid pace driven by government initiatives to promote the adoption of healthcare information systems and the introduction of cloud storage.

Furthermore, falling storage costs, increasing adoption of eHealth and wearable technologies, the increasing popularity of electronic prescriptions eliminating the need for paper-based prescriptions, are further stressing on driving the demand for big data in the healthcare sector.

HEALTHCARE BIG DATA MARKET SEGMENTATION:

By Intended Audience:

• Global Big data in healthcare manufacturers & suppliers
• Research and development (R&D) companies
• Hospitals and clinics
• Academic institutes and universities

By Component:

• Software
• Services

By Deployment:

• On-Premise
• Cloud

By Analytics Type:

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics
• Diagnostic Analytics

By Applications:

• Clinical Analytics
• Financial Analytics
• Operational Analytics

By End User:

• Hospitals & Clinics
• Finance & Insurance Agencies
• Research Organizations

By Region:

• North America
• Europe
• Asia-Pacific
• LA
• MEA

REGIONAL INSIGHT:

• The majority of the key players involved in the research of Big Data healthcare are established in developed countries.
• North America holds a large share of the Big Data Healthcare Market. Owing to the  vast array of patient information ,early adoption of technology and presence of major players, rise in advancements in IoT increase in the demand for analytical models on patient information for better service delivery, government policies, aggregation of data from multiple sources,  this region is likely to continue its dominance in the coming years as well.
• Europe is known to be the second-largest market in the globe due to its high expenditure in this sector.
• Moreover, Asia-pacific is witnessing the emergence of some small players due to the rise of awareness, which has helped the market to grow. Countries like India and China are likely to lead the market due to unmet needs. APAC is expected to grow at a higher CAGR because of increasing clinical trials and aging population in this region.
• Gulf nations such as Saudi Arabia and the UAE drive the Middle East & African market. The African region is expected to witness moderate growth because of the poor economic and political conditions and also poor healthcare development.
• Regionally, the market for big data in healthcare is expected to gain massive traction and expansion.

FEW KEY PLAYERS IN HEALTHCARE BIG DATA MARKET:

• Cerner Corporation
• Cognizant
• Mckesson
• Optum
• Philips
• Siemens
• Xerox
• Dell EMC
• Allscripts
• Epic System Corporation
• Microsoft
• Optum Inc
• International Business Machines (IBM) Corporation
• Oracle Corporation
• Hewlett Packard Enterprise Development LP
• GE Healthcare
• Other Key & Niche Players

RECENT DEVELOPMENTS:

• In March 2020, Korean based Health Insurance Review and Assessment Service (HIRA) was the world’s first to open big data for Covid-19 research in the healthcare sector for researchers worldwide to use them for free and showed its commitment to leading an international cooperation effort to study Covid-19.
• In Oct 2020, Spanish healthtech startup Savana which is known for transforming electronic health records into Big Data to unlock life-saving insights, raised $15M in its Series B round of funding led by Cathay Innovation.
• In October 2020, UC San Francisco’s Center for Digital Health Innovation (CDHI), Microsoft Azure, Fortanix, and Intel partneredto design a privacy-preserving data analytics platform which aims to advance healthcare artificial intelligence including healthcare data.

Timeline Considered for Analysis:
2019: Estimated Year
2020 to 2025: Forecast Period

Research Scope and Deliverables

• Overview & Executive Summary
• Market Drivers, Trends, Challenges and Opportunities
• Market Size and Forecast Projections
• Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
• Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
• Porter’s Five Force Analysis

Market Segmentation Analysis:
Industry report analyzes the global Healthcare Big Data market by the following segments:

• Intended Audience
• Component
• Deployment
• Analytics Type
• Applications
• End-User

Customization: We also offers customization’s in the industry report as per the company’s specific needs.

Key Questions Answered in the Global Healthcare Big Data Industry Report

• What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
• Which region would have high demand for product in the upcoming years?
• What are the factors driving the growth of the market?
• Which submarket will make the most significant contribution to the market?
• What are the market opportunities for existing and entry level players?
• What are various long-term and short-term strategies adopted by the market players?