Big Data in Healthcare Market Research Report - Global Forecast to 2030

Covid-19 Impact Analysis of Big data in the Healthcare Market

Conventionally the data created by the healthcare industry was stored in hard copy format and this data has the competency to support a wide range of healthcare and medical functions. The digitization of such data is known as big data. Big data is broadly used in the healthcare sector to manage a large amount of data generated from various healthcare processes. It includes clinical data, clinical decision support systems, medical imaging, laboratory, pharmacy, insurance, and other administrative records. It uses specific health data of a population and potentially helps to prevent epidemics, cure disease, cut down costs, etc.     

COVID-19 has reached its peak and with it, the world is facing consequences that are very severe and disturbing. The whole world is witnessing daily reports representing outbreak and fatality curves on a worldwide and country level. Big data is proving helpful to scientists, healthcare workers, epidemiologists, and policymakers in data collection. Thus, helping in analyzing the spread and impact of COVID-19 on the world and strategic planning for the future. When other industries are facing significant losses due to the disturbance and uncertainty in business due to the lockdown, healthcare big data sector is showing promising growth during this hard time. Various healthcare facilities and service providers are using big data to analyze the current situation and its impact on the economy and business.

Additionally, big data companies are working in collaboration with various government entities, research organizations, and industries to provide them access to innovative AI tools along with the experts in data and public health to help combat COVID-19. This is expected to provide opportunities for big data companies to expand their operations to the developing healthcare markets including Asia-pacific countries and introduce the benefits of big data in the healthcare industry. Also, big data is proving useful in maintaining clinical trial data, medical research data, and data related to the ongoing development of the drugs. Major pharmaceutical companies are conducting clinical trials on COVID-19 and big data is playing an important role in the fast transfer of clinical trial data. For instance, according to the data published by the US Department of Health and Human Services, as of now more than 1000 clinical trials are in progress to find a cure on COVID-19. To process, this amount of information, big data tools are used by various healthcare companies.

On the other side, major markets such as the US, Germany, the UK, France, and Japan are hugely impacted by Covid-19 and most of the commercial operations are disturbed by the pandemic hit. Major players in the big data sector might face economic loss due to the lockdown. Lockdown is responsible for closing down operations of big data clients and result in loss of business for upcoming months. It is expected to continue till August 2020 and after that, the business will resume full operational capacity. Moreover, it will also result in the reduction of technological goods and services by corporate and federal customers due to budget constraints.

Impact of Covid-19 on IT Budgets

This COVID-19 pandemic has posed various challenges to the global healthcare community and for these challenges, digital health systems serve as well suited solutions to this public health emergency. These include the development of robust surveillance systems, wider penetration of wearable for tracking of physiological parameters, telehealth, novel diagnostic and clinical decision-making tools, and development of interactive chat services for public dissemination of COVID-19 related information. Big data in healthcare would help in providing suitable answers for better functioning of the above-mentioned systems.

Source: MRFR Analysis, Enterprise Technology Research (ETR)