Big Data in Healthcare Global Market and Regional Analysis 2022-2031: Rise in the Adoption of Wearables, Mobile Health, and Internet of Medical Things (IoMT)
The global big data in healthcare market was valued at $32,925.1 million in 2021 and is anticipated to reach $130,132.1 million by the end of 2031, registering a CAGR of 13.96% during the forecast period 2022-2031.
Global Big Data in Healthcare Market Drivers
The factors driving the growth of the market include the rise in the adoption of wearables, mobile health, and IoMT, the urgent need to reduce healthcare costs, dedicated initiatives of healthcare digitalization, and the growing importance of digital healthcare and interoperability. The rising adoption of wearables and connected devices has become a prominent driving factor for the big data in healthcare market globally. The increasing adoption has added to the pool of data sources. Additionally, several governments, including those in emerging countries such as India and China, are focusing on bringing digitalization to healthcare for the masses.
More importantly, as the prevalence and incidence of chronic diseases continue to rise, so will technological adoption. As a result, the growth of disease diagnosis and the global market for big data in healthcare will accelerate.
Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Big Data in Healthcare Market Restraints
The factors restraining the growth of the global big data in healthcare market include concerns regarding data security and the presence of large volumes of unstructured data. There are significant privacy concerns surrounding the use of big data analytics in healthcare due to the sensitivity and critical nature of a large amount of personal information (PI) and protected health information (PHI) that healthcare providers are required to maintain. Hence, the concerns regarding data security and presence of large volumes of unstructured data are restraining the digital big data in healthcare market.
Global Big Data in Healthcare Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific, the Middle East, and Africa hold immense potential for the big data in healthcare market growth.
Furthermore, organizations are increasingly turning to clinical informatics in order to reduce medical errors. Since there are multiple electronic health record (EHR) vendors in the market and each product is built on a different platform, the process to make these systems interoperable is quite complex and expensive. Companies can focus on making the healthcare data interoperable to streamline insights extraction and care delivery.
Market Segmentation
Global Big Data in Healthcare Market (Components and Services)
The global big data in healthcare market, based on components and services, has been segmented into hardware, software, and analytics services. Hardware in big data refers to components whose aim is to provide security and storage to protected health information (PIH) of the patients through compliance with data protection regulations. The healthcare industry is evolving, and therefore, more treatments will depend on networks, more devices will be connected, more information will be transferred, collected, and analyzed.
Healthcare organizations expect that big data analytics will help them minimize costs and improve the quality of care. Big data analytics in healthcare helps to detect diseases at earlier stages and healthcare frauds rapidly.
Global Big Data in Healthcare Market (by Use Case)
The global big data in healthcare market, based on use case, has been segmented into clinical data analytics, financial analytics and operational analytics. Clinical data analytics extracts data from EHRs and health information exchange to analyze patient populations and proactively provide quality care to them. The importance of clinical data analytics is increasing as healthcare systems are capturing bigger and better data sets. Clinical analytics primarily uses retrospective analysis rather than real-time clinical decision support.
Key Market Players and Competition Synopsis
Some key players operating in the market include Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinical Works, General Electric Company, Siemens Healthineers AG, JLL Partners, Verana Health, ConcertAI, LynxCare, Abacus Insights, Milagro AI, Datavant, and Clarify Health Solutions.
Some strategies covered in this segment are funding activities, mergers and acquisitions (M&As), partnerships, alliances, business expansion, and new offerings.
Key Topics Covered:
1 Markets 1.1 Market Outlook 1.2 Industry Outlook 1.3 Impact of COVID-19 on the Global Big Data in Healthcare Market 1.4 Business Dynamics
2 Application 2.1 Global Big Data in Healthcare Market (by Use Case) 2.2 Global Big Data in Healthcare Market (by Mode of Deployment) 2.3 Global Big Data in Healthcare Market (by End User)
3 Products 3.1 Global Big Data in Healthcare Market (by Components and Services) 3.1.1 Opportunity Assessment 3.1.2 Hardware 3.1.3 Software 3.1.4 Analytics Services
4 Regions
5 Markets - Competitive Benchmarking & Company Profiles 5.1 Competitive Benchmarking 5.2 Market Share Analysis 5.3 Company Profiles
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