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Market Research Report

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

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Big Data Healthcare Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
Published: April 21, 2021 Content info: 123 Pages
Description

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.

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.

North America Holds a Large Share of the Big Data Healthcare Market

North America region has dominated the overall big data healthcare market due to the rise in advancements in IoT and increase in the demand for analytical models on patient information for better service delivery, government policies.

The region has a vast array of patient information. To easily analyze this data, pharmaceutical companies have been aggregating years of research and development data into medical databases, while payers and providers have digitized their patient records over the last decade.

Several companies are collaborating in order to support big data and improve healthcare. For instance, in May 2020, Blue Health Intelligence (BHI) and Datavant have partnered to enable big data and analytics which will improve the healthcare sector. Similarly in February 2020, Ottawa hospital in Canada has partnered with Israeli data analytics provider (MDClone) which will democratize the data across the organization and will provide greater visibility.

Furthermore, the rising cases of COVID-19 in the North America Region are creating a demand for big data to analyze and understand how the ongoing pandemic countries in the region is augumenting the adoption of big data analystics in North American Country's Healthcare systems. For instance, in December 2020, U.S. Department of Health and Human Services (HHS) has initiated a special platform for the COVID 19 data and started publishing the health details, admissions, deaths, new cases details of the patients got affected with COVID 19 in the Country.

Competitive Landscape

The Big Data Analytics market is highly competitive and some of the key players in the market studied are; Allscripts, GE Healthcare, Oracle Corporation, IBM, Epic Systems, Cerner Corporation, and Optum Inc., among others. The majority of the key player involved in the research of Big Data healthcare are established in developed countries. For instance, in August 2019, BlueDot, a digital health company that uses big data analytics to track and anticipate the spread of infectious diseases, announced that it has closed a USD 7M Series A financing. The investment brings BlueDot's total funding to USD 9.5M. The Co-operators and BDC Capital co-lead investment will expand AI-driven infectious disease global early warning system into global markets.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
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Table of Contents
Product Code: 67156

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 Increase in the Demand for Analytics Solutions for Population Health Management
    • 4.2.2 Rise in Need for Business Intelligence to Optimize Health Administration and Strategy
    • 4.2.3 Surge in Adoption of Big Data in Healthcare Industry
  • 4.3 Market Restraints
    • 4.3.1 Security Concerns Related to Sensitive Patients Medical Data
    • 4.3.2 Lack of Skilled and Expert Staff
  • 4.4 Porter's Five Force Analysis
    • 4.4.1 Threat of New Entrants
    • 4.4.2 Bargaining Power of Buyers/Consumers
    • 4.4.3 Bargaining Power of Suppliers
    • 4.4.4 Threat of Substitute Products
    • 4.4.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

  • 5.1 By Component
    • 5.1.1 Software
    • 5.1.2 Services
  • 5.2 By Deployment
    • 5.2.1 On-Premise
    • 5.2.2 Cloud
  • 5.3 By Application
    • 5.3.1 Financial Analytics
    • 5.3.2 Clinical Data Analytics
    • 5.3.3 Operational Analytics
    • 5.3.4 Population Health Analytics
  • 5.4 Geography
    • 5.4.1 North America
      • 5.4.1.1 United States
      • 5.4.1.2 Canada
      • 5.4.1.3 Mexico
    • 5.4.2 Europe
      • 5.4.2.1 Germany
      • 5.4.2.2 United Kingdom
      • 5.4.2.3 France
      • 5.4.2.4 Italy
      • 5.4.2.5 Spain
      • 5.4.2.6 Rest of Europe
    • 5.4.3 Asia-Pacific
      • 5.4.3.1 China
      • 5.4.3.2 Japan
      • 5.4.3.3 India
      • 5.4.3.4 Australia
      • 5.4.3.5 South Korea
      • 5.4.3.6 Rest of Asia-Pacific
    • 5.4.4 Middle East and Africa
      • 5.4.4.1 GCC
      • 5.4.4.2 South Africa
      • 5.4.4.3 Rest of Middle East and Africa
    • 5.4.5 South America
      • 5.4.5.1 Brazil
      • 5.4.5.2 Argentina
      • 5.4.5.3 Rest of South America

6 COMPETITIVE LANDSCAPE

  • 6.1 Company Profiles
    • 6.1.1 Allscripts Healthcare Solutions, Inc.
    • 6.1.2 Cerner Corporation
    • 6.1.3 DELL EMC
    • 6.1.4 Epic Systems Corporation
    • 6.1.5 General Electric Company (GE Healthcare)
    • 6.1.6 SAS INSTITUTE INC.​
    • 6.1.7 International Business Machines Corporation (IBM)
    • 6.1.8 Innovaccer Inc​.
    • 6.1.9 Oracle Corporation
    • 6.1.10 Optum Inc.
    • 6.1.11 ExlService Holdings, Inc.
    • 6.1.12 Health Fidelity, Inc.
    • 6.1.13 Apixio
    • 6.1.14 Lumiata
    • 6.1.15 Flatiron Health

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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