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).
By dissecting the convoluted narrative for the necessity of data management in the healthcare industry, a clear rationale can be developed for why such a significant growth rate is projected over the projection period. Due to the management of a patient’s past medical history and the need to determine how frequently that patient will face similar health conditions, data analytics are highly sought-after in the healthcare industry.
The aforementioned circumstance benefits both the big data technology and service sectors since, once a technology is embraced in a specific industry, it absorbs all available choices for revenue generation. During the projected period, these reasons will increase the demand for big data analytics in healthcare.
Important Growth Factors Affecting the Healthcare Market for Big Data Analytics
Government restrictions and significant investments are promoting the expansion of this type of service.
Today’s government initiatives have increased the benefits of leasing power generation equipment, and the massive infusion of funds into the healthcare industry is also stimulating innovation and is to blame for the rise in the use of these analytical platforms at various healthcare facilities.
Hospitals are not the only institutions using analytical platforms for arranging and interpreting medical data acquired from various research projects, looking into the past and identifying trends, and developing protocols, methods, and technologies to get the best results.
These services improve security and stop fraudulent activity
Because healthcare organisations maintain a lot of sensitive patient data, they are a big target for hackers. Studies show that data breaches have occurred in about 93% of healthcare organisations. The reason is simple: Private information is highly valuable and profitable on the black market.
As a result, many companies use analytics to help mitigate security threats. Any changes in network activity or other behaviours that suggest a cyberattack are observed. The desire for greater security is also met by security advances like antivirus software, firewalls, and encryption technologies, and the benefits often outweigh the risks.
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.
Prominent Players in The Global Market
- IBM Corporation
- OptumHealth Care Solutions
- Microsoft Corp
- Verisk Analytics
- Allscripts Healthcare Solutions
- Oracle Corp
- Zephyr Health
- Cisco Systems Inc.