Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Big Data in Healthcare Market.
Big data in healthcare market size is projected to grow at an 18.2% CAGR from 2022 to 2030, reaching USD 81.1 billion. Big data is a sizable database that can be both structured and unstructured to reveal patterns and trends for future use. Big data refers to the use of analytical services such as prescriptive, predictive, and descriptive for assessing patient healthcare information to make healthcare organizations’ business operations more profitable. It maintains the use of healthcare service providers for productivity and financial analytics.
The demand for high-quality healthcare is a driving factor in the market's expansion. The growth of unstructured and complex heterogeneous data in a variety of forms. The market is influenced by big data analytics in healthcare market due to the demand for analysis and management of massive amounts of data.
The demand for cutting-edge technologies and advancements in public health and wellness has increased because of the COVID-19 pandemic, and this will drive the market for big data healthcare data analyst during the pandemic. Proteomics, metabolomics, genomics, epigenomics, transcriptomics, and pharmacogenomics advancements will help the market to grow and expand. These facts help us understand the enormous scope of patient care. During the projection period, 2022-2030, the market will be driven by the demand for big data analytics in the development of predictive models.
As a result of advancements in metabolomics, epigenomics, proteomics, genomics, pharmacogenomics, and transcriptomics, significant volumes of unstructured medical data have been generated. Due to the increased significance of data analytics and big data in developing predictive models, the big data in healthcare market trends indicates growth and it has reached exciting new heights.
Data mining techniques and improvements in healthcare IT have allowed the big data in healthcare business to make great strides globally in recent years. The expansion of big data applications across a wide range of biosciences fields, particularly in genomic sequencing and drug discovery, has significantly boosted the market for big data in healthcare. In addition, the growing affordability of data analytics in healthcare services and software has increased demand for them in the healthcare sector.
Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Big Data in Healthcare Market Research Report
For data analytics in healthcare, North America was one of the first regions to embrace digitization, especially the healthcare industry, which generates massive amounts of unstructured raw data. As of 2021, North America held the greatest market share with 49.8%. Hospitals and other organizations must now use analytics technologies due to the increased burden of chronic illnesses and the growing senior population. The area has been utilizing the several advantages of big data analytics. This is because of embracing AI and IoT in healthcare.
The European market has seen the second-highest increase because of the significance given to the function of data analytics and big data in healthcare as well as the significant expenditure in this field. The expansion of the big data in healthcare market share in the region is the result of increasing, extensive R&D activities backed by significant government funding as well as greater use of smart, connected devices. Given the rapidly growing number of pharmaceutical big data companies in Europe that have enormous volumes of unstructured data from which they expect to derive insightful information, sentiment analysis using big data in the healthcare industry has emerged as a quickly developing market segment in the big data in healthcare market.
Amongst hardware, the subtypes are:
Data Centers/Storage On Premise and Storage On Cloud/Storage On Demand are the two sub-types for data storage whereas EHR, Revenue Cycle Management, Practice Management and Workforce Management are the sub-type of segmentation for software.
On the basis of software development types, they are Software On Premise and Software On Demand.
The market segmentation for Analytical Service is:
Analytical Service Applications subtypes are Clinical, Financial, Operational analysis.
The key player in the big data in healthcare market growth are: