Big Data Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The Big Data Healthcare Market is poised to grow at a CAGR of 16.24% during the forecast period (2022-2027).

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 is likely to drive the big data healthcare market over the pandemic phase. Several companies are engaged in utilizing big data for analyzing patient data and outcomes in order to better understand the diagnosis and treatment prospects. For instance, in June 2020, the United Kingdom government collaborated with Palantir, a United States-based big data firm, to investigate patient data to further respond to the COVID-19 pandemic. Hence, such initiatives would increase market growth in the coming years.

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, which helps organizations make informed clinical and business decisions. The increase in demand for big data solutions for population health management and the rise in the need for business intelligence to optimize health administration and strategy are expected to drive market growth.

To cope with the management of such huge data sets, continuous technological innovations in big analytics tools are very important, thus creating enormous opportunities for 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. Similarly, in November 2020, Change Healthcare launched an innovative national data resource solution called Social Determinants of Health (SDoH) Analytics, a resource to help health systems, insurers, and life sciences organizations explore how geodemographic factors affect patient outcomes.

Such factors are altogether anticipated to drive the market’s growth over the forecast period. However, high incidences of security breaches, coupled with a 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, and 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

The Clinical Data Analytics Segment is Expected to Register a High Growth Rate Over the Forecast Period

Clinical data analytics in the healthcare sector plays a vital role in preventing, treating, and predicting diseases, thereby increasing the quality of care. Several healthcare institutes and enterprises are inclined towards the adoption of clinical analytics as a part of their operations to offer preventive care by efficiently monitoring patient data and offering distinct attention to increase 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 United Kingdom (HDR UK) raised GBP 1 million in funding to improve patient care through analyzing large-scale data as part of the Better Care Partnership across the United Kingdom.

Moreover, clinical data analytics is playing a vital role in the response to COVID-19 as healthcare organizations and governments are using patients' data to tackle and enable themselves to better handle the crisis. For instance, in June 2020, the National Institutes of Health launched a centralized national data analytics platform to gather COVID-19 patient data to accelerate treatments across the United States. 

Hence, due to the above-mentioned factors, the segment will grow in the near future.

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