Big Data in Healthcare Market information: By Hardware (Routers, Firewalls, VPNs, Data Storage, Email servers and Access Points) and Software (EHR, Revenue Cycle Management, Practice Management, Workforce Management) - Forecast till 2030

Big Data in Healthcare Market Overview 

Big Data in Healthcare Market is expected to reach USD 81.3 Billion by 2030 at 18.2% CAGR during the forecast period 2022-2030. Big data is a large database that can be structured and unstructured to disclose trends and patterns for further usage. Big data refers usage of analytic services like prescriptive predictive and descriptive for evaluating information of patient’s healthcare for more effective and improvement in business revenue of healthcare companies. It maintains the financial analytics and utilization of healthcare service providers for productivity.

The healthcare industries are demanding quality care, fueling the market’s growth. The proliferation of complex heterogeneous data in different formats and unstructured data. The big data analytics in healthcare industries for the need for analysis and the management of large volumes of data is driving the market. These data are collected information from electronic health records and biomedical data of patients.

The COVID-19 pandemic has led to the demand for cutting-edge technologies and innovations in public health and wellness, which will boost the Big Data Analytics In the Healthcare Market during the pandemic. Advancements in proteomics, metabolomics, genomics, epigenomics, transcriptomics, and pharmacogenomics, will also contribute to the market’s growth. These data lead to understanding the huge amount of patient care. The necessity of big data analytics in developing predictive models will drive the market in the forecast period.

COVID-19 Analysis

While various industries are dealing with huge losses following the COVID-19 outbreak and the subsequent lockdown, big data in healthcare market has remained strong and shown steady growth. A number of healthcare providers and facilities are increasingly adopting big data to review the SARS-CoV-2 pandemic situation as well as its economic impact.

Many of the big data firms are collaborating with several government agencies, industries and research organizations to given them access to advanced AI tools. They are also forming alliance with data and public health professionals to combat the novel coronavirus. Additionally, renowned pharmaceutical vendors are performing clinical trials with respect to SARS-CoV-2, wherein big data has been an important component as it helps quickly transfer insightful clinical data.

Market Dynamics

Drivers

Staggering Growth in Unstructured Medical Data to Foster Demand

Advances in metabolomics, epigenomics, proteomics, genomics, pharmacogenomics and transcriptomics have been responsible for significant generation of unstructured medical data. The escalating role of data analytics and big data in healthcare to develop predictive models has opened exciting new frontiers, in terms of big data in healthcare market growth.

Over the years, encouraged by data mining techniques along with the innovations in healthcare IT, the big data in healthcare market has managed to take massive strides across the globe. Also, the expanding use cases of big data in multiple biosciences applications, particularly in genomic sequencing and drug discovery have promoted big data in healthcare market growth. Besides this, the rising availability of cost effective big data services and software has boosted their demand in the healthcare industry.

Opportunities

Surging Adoption of the Cloud Model Presents Lucrative Opportunities to Players

Cloud storage has emerged as a popular model in healthcare, as it helps lower the costs and is highly reliable. Nearly 90 percent of global healthcare vendors are making use of cloud-based big data analytics, including applications and storage, as these provide faster disaster recovery, and smoother expansion. In a nutshell, the rising popularity of cloud storage can emerge as a lucrative opportunity for the leading competitors in the big data in healthcare market.

Restraints

Huge Investments Required for Implementing Big Data to be a Huge Restraint

Substantial venture capital investments required for implementation of big data in healthcare could restrain the market’s growth rate in the following years.

Challenges

Data Privacy Issues& Security Concerns to Challenge Adoption Rate

Data privacy issues as well as security concerns arising with the rising use of big data in healthcare can be a huge challenge in the coming years. Even an extremely secure data center can face issues due to human error, giving way to unethical hackers trying to gain access to sensitive and high-value data.

Segment Overview

Firewalls Segment to Seize the Biggest Share

The top hardware-based segments are firewalls, routers, data storage, email servers, access points and VPNs. Rapidly growing sophistication level of cyber-attacks in healthcare has created a massive demand for advanced firewall hardware, which means that the firewalls segment can secure the leading spot in the big data in healthcare market.

EHR Software to Nab the Top Position

Software-wise, the big data in healthcare market segments are EHR, practice management, workforce management and revenue cycle management. The heightened need to centralize and streamline electronic healthcare systems, technological innovations and rising awareness regarding the important as well as use of EHR can ensure the segmental growth in the coming years.

Predictive Analytical Service Type to Enjoy Robust Demand

The key analytical service types considered are predictive, prescriptive and descriptive. Predictive analytics in healthcare help achieve practical goals with its ability to predict future events, and it is widely used in areas like financial management, operations management, clinical and population health management applications. As a result, MRFR expects the predictive analytical service type to dominate the global industry during the evaluation timeline.

Clinical Data Analytics to Gain Highest Impetus

Top applications of big data in healthcare market include financial analytics, operational analytics and clinical data analytics. The clinical data analytics market has covered substantial grounds in the past few years, owing to the rise in favorable regulations, surging pressure to cut down the costs associated with drug development, and growing need for new therapies. Clinical data analytics in healthcare helps cure and predict diseases, thereby boosting the quality of healthcare and facilitating preventable deaths, which can take place owing to negligence.

Regional Analysis

North America Big Data Analytics in Healthcare Market takes the Lead

North America has been one of the earliest regions to embrace digitization, especially the healthcare industry, which generates colossal volumes of raw unorganized data. The region has been leveraging the host of benefits of big data in healthcare, while rapidly adopting AI and IoT. The demand for big data analytics for population health management has elevated considerably over the years, plus the emerging eHealth trend also bolsters the market position. Another significant trend in the region has been the growing preference for a value-based care model over the pay-for-service model, which takes into consideration the patient’s treatment success rate instead of rewarding the healthcare workers for merely performing the procedure.

The European Market to be the Second Biggest Gainer

The European market is the second-highest gainer, thanks to the importance given to the role of data analytics and big data in healthcare and the high expenditure in this regard. Surge in extensive research and development activities backed by the strong government support combined with the accelerated use of smart connected devices are responsible for big data in healthcare market growth in the region. Rising prevalence of digitization is prompting healthcare vendors to adopt big data solutions, with the key focus on reducing clinical errors. A fast emerging segment in the big data in healthcare market has been sentiment analysis using big data in healthcare industry, given the soaring number of pharmaceutical firms in Europe with massive volumes of unstructured data, from which they aim to achieve useful insights.

Asia Pacific – Adoption of Big Data and Analytics in Mobile Healthcare Market: An Economic Perspective

Asia Pacific is the fastest emerging market, accounting for 41% of the total share. Big data analytics has been a major hit in the mobile healthcare market, leading to considerable profits owing to the escalating internet and smart phone use. Furthermore, the region has witnessed a striking growth in the adoption of wearable devices and mobile health applications, which has created a huge demand for big data in the healthcare industry.

Competitive Landscape

List of Key Companies Covered in this Report

• MCKESSON


• COGNIZANT


• EPIC SYSTEM CORPORATION


• CERNER CORPORATION


• DELL


• GE HEALTHCARE


• OPTUM


• SIEMENS


• PHILIPS


• XEROX

Recent Developments

In April 2022

VDM Health Ltd. made the contract for “Big Data for Personalised Medicine” at a valuation of € 2,332,000 for the following 14 months with the European Development Fund Regional. The contract will further cement VDM’s as a leader in the AI, health, and Bigdata space, throughout Europe. It serves over 12 million health professionals through the APP PHARMA, a Bigdata and Artificial Intelligence (AI) platform. Through this, health care professionals can check prescriptions efficiently and improve the efficacy of the drugs prescribed.

The new contract is divided into two phases. The first has a valuation of € 282,000 and is a 6-month competitive contract Company and two players in the space, which will close in September 2022. The second and final phase will reach a valuation of € 2,050,000 and will be awarded the winner of phase 1, which will end in June 2023.

Segmentation Table

By Hardware

• Routers


• Firewalls


• VPNs


• Data Storage


• Email servers and Access Points

By Software

• EHR


• Revenue Cycle Management


• Practice Management


• Workforce Management

Analytical Service Types

• Descriptive


• Predictive


• Prescriptive

Analytical Service Applications

• Clinical analysis


• Financial analysis


• Operational analysis