Big Data Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Big Data Healthcare Market was valued at USD 23,749.33 million in 2020 and is expected to reach USD 58,404.24 million by 2026, registering a CAGR of 16.24 % during the forecast period.

The COVID-19 pandemic is driving the critical need for cutting-edge technological tools and innovation in the areas of public health, medicine, and wellness which likely to drive the big data healthcare market during the pandemic. In June 2020, the UK government collaborated with Palantir, a US-based Big Data firm to investigate the patient data to further respond to the COVID-19 pandemic.

Big data analytics in healthcare is the complex process of examining big data to discover information, including hidden patterns, market trends, unknown correlations, and customer preferences, helping organizations make informed clinical and business decisions. The increase in the demand for big data solutions for population health management and the rise in the need for business intelligence to optimize health administration and strategy is expected to drive market growth.

In order to cope up with the management of such huge data, continuous technological innovations in big analytics tools is very important and thus, creating enormous opportunities to the key players in the market to develop and launch new data analytics software and systems. For instance, In December 2020, MedArrive launched a new care management platform that enables healthcare providers and payors to extend services into the home, scaling access to high quality healthcare and meaningfully reducing costs for providers and their patients

However, high incidences of a security breach coupled with lack of skilled labor are the major factors restraining the growth of the big data healthcare market.

Scope of the Report

As per the scope of the report, big data in healthcare refers to the abundant health data amassed from numerous sources including electronic health records (EHRs), medical imaging, genomic sequencing, payor records, pharmaceutical research, wearables, and medical devices, to name a few. It is therefore a complex process of examining big data to discover information including hidden patterns, market trends, unknown correlations, and customer preferences, which can help organizations to make informed clinical and business decisions. The Big Data Healthcare market is segmented by Component (Software and Services), Deployment (On-premise and Cloud-based), Application (Financial Analytics, Clinical Data Analytics, Operational Analytics, Population Health Analytics), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.

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Key Market Trends

Clinical Data Analytics Segment of Big Data Analytics is Expected to Register a High Growth Rate.

Clinical data analytics in the healthcare sector plays a vital role in preventing, treating, and predicting diseases, there by increasing the quality of care. Several healthcare institutes and enterprises are inclining towards the adoption of clinical analytics as a part of their operations to offer preventive care by efficiently monitoring patient data and offer distinct attention to increasing the effectiveness of their services.

Big data healthcare also offers better insights to patients who are at high risk of illness and thus healthcare providers prescribe treatments and make clinical decisions with greater accuracy.

Various organizations are increasingly investing in clinical data analytics for analyzing patient data to improve patient care. For instance, in January 2020, Health Data Research UK (HDR UK) raised GBP 1 million funding to improve patient care through analyzing large-scale data as part of the Better Care Partnership across the United Kingdom.

The adoption of digital patient records is increasing, as electronic medical records help organizations offer better care and analysis of patient's various conditions.

Furthermore, in 2019, a project funded by JDRF, and led by Wayne Bequette, professor of chemical and biological engineering at Rensselaer Polytechnic Institute, aims to use AI and Big Data analytics to evaluate information from thousands of continuous glucose monitors and insulin pumps. Researchers use this information to improve algorithms that control these devices.

Clinical data analytics is a part of the response to COVID-19, as the healthcare organizations and government are using patients’ data to tackle and enable themselves in better handling of the crisis. For instance, in June 2020, the National Institutes of Health has launched a centralized national data analytics platform to gather COVID-19 patient data to fasten the treatments across the United States.

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