Big Data Analytics in Healthcare Market

Big Data Analytics in Healthcare Market Outlook (2022-2032)

The global big data analytics in healthcare market is expected to be worth US$ 39.7 billion in fiscal year 2022, up from US$ 33.8 billion in fiscal year 2021. From 2022 to 2032, the market is expected to grow at a 19.2% CAGR, reaching a value of US$ 194.7 billion by the end of 2032.

According to the current situation, the worldwide big data analytics industry accounts for almost 14.2% of the healthcare sector, as per Fact. MR, a market research and competitive intelligence provider.

The application of big data analytics in healthcare entails the use of expansive and intricate heterogeneous datasets, such as electronic health record records, biomedical data, and several omics datasets (transcriptomics, pharmacogenomics, genomics, interactomics, metabolomics, proteomics, epigenomics, and diseasesomics).

A clear justification can be established for why such a substantial growth rate is anticipated throughout the projection period by deconstructing the intricate tale for the need for data management in the healthcare sector. Data analytics utilized within the healthcare sector are in high demand due to the management of a patient's past medical history and the requirement to analyze how frequently that patient would experience similar health conditions.

The aforementioned situation has a positive impact on the big data technology as well as service markets since, once a technology is adopted in a particular industry, it consumes all available options for producing income. Such factors will boost the demand of big data analytics in healthcare during the forecast period.

The application of big data analytics to monitor and manage transactional information between two spender types (like healthcare payer and healthcare provider) accounts for about 50% of all revenue related to healthcare information management, among the major applications for the usage of big data analytics in healthcare (access transactional information, access operational information, and other).

And hence, any player in this data analytics market attempting to enter the healthcare industry must develop a solution to manage the massive unstructured healthcare data that has been growing exponentially in the last five years.

This solution should include a highly optimized transaction surveillance system with the ability to also act as an information extraction software. Such a need is already increasing the global demand for big data in the domain of healthcare.

Report Attributes	Details
Anticipated Base Year Value (2021)	US$ 33.8 Billion
Expected Market Value (2022)	US$ 39.7 Billion
Projected Forecast Value (2032)	US$ 194.7 Billion
Global Growth Rate (2022-2032)	19.2%
Expected Growth Rate of the US Market (2022-2032)	19.5% CAGR
Anticipated Growth Rate of China Market (2022-2032)	17% CAGR
Prominent Players in The Global Market	IBM Corporation OptumHealth Care Solutions Microsoft Corp McKesson MedeAnalytics Verisk Analytics Allscripts Healthcare Solutions Oracle Corp Zephyr Health Cisco Systems Inc. Infosys Swedish Health Services SAS Institute Alteryx SAP SE Denodo Technologies Inc.

2017-2021 Big Data Analytics in Healthcare Market Demand Analysis vs. Forecast 2022-2032

According to market research and competitive intelligence provider Fact.MR- the market for big data analytics in healthcare reflected a value CAGR of 15% during the historical period, 2017-2021. Fact.MR claims that the idea of big data analytics within the healthcare sector was not well-known in the past and that data analytics was unheard of.

Over the past two decades, demographic growth has accelerated, boosting the healthcare sector's expansion. The result was an increase in demand for medical items, information and technology, as well as support services, with comparable CAGRs of 14.6%, 16.9%, and 17.2% during the previous five years. Big data analytics entered the market thanks to the data collected by all of these industries.

In the healthcare industry, predictive analytics tools are expected to reach US$ 13 billion in 2032. Due to the fact that COVID-19 had an effect on practically every industry during the previous two years, this instrument was crucial in predicting potential future developments on a worldwide scale. Therefore, in the future ten years, a similar kind of aid is anticipated from this technology.

Within the healthcare industry, there was a sudden and forceful growth during the last two years that resulted in the addition of many new hospitals, COVID-19 testing centers, vaccine storage inventories, chemist shops, and transportation facilities focused on the healthcare industry.

As a result, the situation became more stressful due to a vast amount of unstructured data that included corona survivors, patient information, fatalities connected, vaccinations on order, vaccines administered, infection rate, total medical related export and import and many more.

As a result, big data analytics and data management systems were implemented at a rate of almost 1.8X in all entities with a connection to medicine. Thus, this market is expected to grow rapidly between 2022 and 2032.

Prominent Growth Drivers Influencing big data analytics in healthcare market

Huge investments along with government regulations are aiding the growth of such a service

The advantages of leasing power generation equipment are enhanced in today's Government efforts and the enormous inflow of cash into the healthcare sector are also spurring innovation and have been blamed for the rise in the use of these analytical platforms at various healthcare facilities.

Hospitals are not the only organizations using analytical platforms for organizing and interpreting medical information gathered from various research that are being undertaken; researching historical data and analyzing it to identify trends; and creating procedures, tools, as well as technologies to achieve the best outcomes.

In order to improve judgments and policies related to healthcare institutions and the provision of care to patients, the policy makers are also employing these data analytics platforms to research data and models.

The United States government has taken steps in this direction, such as the HealthData.gov site, which contains data from many governmental databases on subjects including community health outcomes. Such factors are responsible for boosting the demand during the forecast period.

Such services increases security and prevent Fraudulent Activities

Healthcare businesses are a major target for hackers because they retain a lot of sensitive data about their patients. Almost 93% of healthcare firms, according to studies, have suffered a data breach. The explanation is straightforward: On the black market, personal information is very profitable and precious.

As a consequence, many businesses employ analytics to aid in thwarting security risks. They see any modifications in network activity or other behaviors that point to a cyberattack. Additionally, security innovations like anti-virus software, firewalls, and encryption technologies address the demand for increased security, and the advantages typically outweigh the hazards.

Yes, employing big data mostly carries some risk. For healthcare companies, it is too valuable to ignore given these potential benefits.

The procedure of filing insurance claims has been streamlined with the use of analytical technologies. Faster payments of providers and greater returns for customers or the patients are the results of these tools. For instance, the Centers for Medicare and Medicaid Services claimed savings from fraud prevention of more than $210 million in only one year.

Additionally, these techniques can aid in lowering the frequency of false claims. They also offer a method that is more effective and efficient for everyone. Analytical tools are crucial in enhancing the insurance claims procedure and preventing dishonest or erroneous behavior in this way. During the forecast period, such advancements are anticipated to fuel the expansion of big data analytics in healthcare.

What Could Possibly Hinder Big Data Analytics In Healthcare Market Demand?

Big Data Analytics in Healthcare Market will be hampered by Privacy Issues

Loss of privacy is among the main issues with the use of big data in the healthcare sector. The application of these big data technologies includes monitoring patient data, tracking medical assets and inventory, organizing data collected, and visualizing data on dashboards and reports.

Since it violates privacy rules, the depiction of delicate medical data, particularly that of patients, gives a bad perception of big data. It offers doctors full access to patient information from anywhere, which denies the patient all freedom. Big data specialists in medicine have claimed that technology compromises privacy for the greater good.

There are regulations protecting the confidentiality of medical records, however a few of these rules do not cover exchanging large amounts of data. However, in order to create visuals, diagrams, as well as animations that clearly communicate medical information, visualization is essential. Thus, with such factors in this service, the demand can plunge during the forecast period.

Trends in Big data analytics in healthcare

• The rising patient centricity is a major trend in healthcare which is facilitated as a possibility with the help of big data. The data is used to connect all needed aspects of individual health which is guiding patients’ experience. The integration of medicinal reports among clinics and hospitals is improving healthcare assessment.
• Expert health coach specialists are in greater demand. Youths are choosing to begin their careers as life coaches by earning credentials as health coaches. There is a rise in health coach demand which is likely to gain traction in further time. Digital technologies and analytics have the potential to manage client requirements in the upcoming period.
• Accessibility in terms of tools is shifting traditional complex health systems to simpler ones. This means any organization with a fraction of the cost can take benefits of big data. With the right tools, companies are gaining a competitive edge in the market with the use of big data analytics.

Category-wise Insights

Which deployment type is forecast to gain the dominant market share?

Use of the cloud for healthcare data management to gain significant traction Among the two main deployment options currently used in the healthcare industries, the healthcare data management with in cloud services is anticipated to grow at a substantial rate of 26.8% CAGR and take up 65% of the worldwide market share This fact has a direct bearing on how COVID-19 affected the healthcare industry by converting significant on-premises transactions to a wholly cloud-based interface.

In the interest of commercial viability, nearly every industry that once prospered with on-premises implementation has also shifted to an optimized online interface. Similarly, to manage their data effectively, medical stores, testing facilities, neighborhood clinics, and world-class facilities supported by internet commerce needed an optimized system.

Due to the unexpected need for deploying cloud deployment systems for data analytics, the aforementioned sectors are now facing tremendous demand for cloud-based analytics. Such developments will increase the segmental growth during 2022-2032.

What would be the outlook of the spender segment during the forecast period?

The healthcare provider will gain a significant share of this market

Nearly 72.8% of all big data analytics technology supplied to the healthcare industry will be used by healthcare providers. Big data management technology revenues in the medical organizational hierarchy will result from this, and they will expand at a CAGR of 23.9% globally.

The amount of unorganized and unstructured data present determines which technology would be useful and cost-effective to employ when it pertains to information management. As a result, when comparing healthcare payer versus provider, a player who is a single individual or small group of individuals does not find it challenging to manage their health records, which includes costs, medical histories, the likelihood of contracting certain diseases, and much more.

However, handling vast data becomes a laborious task when it relates to healthcare providers including hospitals, pharmacies, clinics, research institutions, vaccine producers, etc. Such trends are expected to propel the growth during the forecast period.

Region-wise Analysis

What is the outlook of the North American big data analytics in healthcare market?

Increasing medical facilities with the top technologies and services to expand growth prospects

According to Fact.MR analysis, the North American market in 2022 is expected to be the dominant market for big data analytics in healthcare. As per this report, the North American is expected to acquire a share of almost 51% by the end of 2022.

With the implementation of these platforms as well as improved technical availability, the area boasts state-of-the-art medical centers, which has contributed to North America's significant market share. Hospitals as well as other organizations must now use analytics technologies due to the increased burden of long-term illnesses and the growing senior population.

The huge percentage of income has also been influenced by the existence of important companies in the market. In order to provide improved patient care analytics, Microsoft announced Microsoft Cloud for Healthcare, which would involve patient and provider engagement. Such developments will boost regional growth during 2022- 2023.

What can be expected from the Asian market For Big Data Analytics in Healthcare?

Increased healthcare developments and purchasing power will accelerate the demand

The Asia-Pacific region has the quickest rate of growth. This region's rapid development, increased purchasing power, and expanding population have all contributed to the region's rapid growth. The industry in this area has experienced substantial growth and innovations in the healthcare sector, which has also aided in its expansion. As consumers as well as healthcare providers have become more dependent on IT, the adoption of the analytics market has also increased.

Prospection, an Australian startup that specializes in healthcare analytics, recently launched a branch in Japan and therefore will work with local and foreign pharma clients to create innovative medications for the Japanese populace. Such developments will propel the demand for big data analytics in healthcare in this region during 2022-2032, with a CAGR of 19% during the forecast period.

Start-up Scenario

• Sema4 is a pioneer in diagnostic testing as well as a patient-centered predictive health enterprise. They use advanced network analysis in their novel Sema4 Health Intelligence Platform to construct better models of people's health and give individualized insights to patients.
• Another Big data healthcare services and technology business named as Evidation Health assists people and is the most cutting-edge healthcare organization in the world in understanding and influencing the routine behaviors that lead to better health outcomes. Evidation combines a groundbreaking discovery engine for smarter, quicker, and more effective studies with Achievement, a distribution platform that links people and the healthcare sector, including life sciences providers, organizations, payers, and digital health enterprises.

Competitive Landscape

In order to give better services as well as care solutions to healthcare professionals and institutions, key market players are continually developing and introducing new technological methods to more accurately interpret data obtained from patient information, analyze the growth and containment of various diseases, etc. The development of new platforms to better interpret and analyze data has also been facilitated by the usage of big data analytics with AI.

• In 2021, the U.S.-based healthcare company Swedish Health Services created a platform where healthcare professionals may provide real-time insights on the COVID-19 patient numbers and other factors to monitor the condition of facilities throughout hospitals.
• In 2022, Zephyr AI, a health IT behemoth, raised $18.5 million in seed funding to accelerate precision medicine & drug development via machine learning and large data sets. Lerner Group Investments LLC and M-Cor Holdings led the $18.5 million round, which also included AME Cloud Ventures, Allen Y Chao, BoxGroup, Roger W. Ferguson, MedStar Health, Verily, Steve Oristaglio, as well as other significant investors. This successful investment round demonstrates investors' combined belief in Zephyr AI's world-class machine learning and future in big data analytics as a much larger company.

Key Segments Covered In the Big Data Analytics in Healthcare Market Report

• By Spender :

  • Healthcare Payer
  • Healthcare Provider

• By Tool :

  • Data Warehouse Analytics
  • Financial Analytics
  • Production Reporting
  • Crm Analytics
  • Predictive Analytics
  • Visual Analytics
  • Risk Management Analytics
  • Supply Chain Analytics
  • Test Analytics

• By Application :

  • Access Clinical Information
  • Access Operational Information
  • Access Transactional Data
  • Other Applications

• By Deployment :

  • Cloud-based
  • On-premises

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Oceania
  • Middle East & Africa