Big Data Analytics in Healthcare Market

Market Synopsis:

Global Big Data Analytics in Healthcare market is valued at USD 20.12 Billion in 2021 and is projected to attain a value of USD 79.23 Billion by 2028 at a CAGR of 28.9% during the forecast period, 2022–2028. In healthcare, big data analytics is the time-consuming process of reviewing large amounts of data to uncover information such as hidden patterns, unknown correlations, and customer preferences that can aid businesses in making better clinical and business decisions. The market's growth is being fueled by increased adoption of electronic health records and electronic medical records in healthcare, as well as rising investments in the healthcare IT sector. Increasing government initiatives for the development of the healthcare sector are expected to boost overall Big Data Analytics in Healthcare market demand.

The COVID-19 pandemic has wreaked havoc on the global population and economy. The importance of big data in the healthcare business has increased as a result of the epidemic. Predictive and prescriptive analytics were utilized to create prediction models for the onset of following waves of COVID-19 infection in various parts of the world. During the pandemic, the adoption of EHR increased in both developing and developed countries, which has influenced the market's growth in 2020.

Increase in the Demand for Analytics Solutions for Population Health Management

The expansion of Big Data Analytics in Healthcare Market is being fueled by an increase in demand for analytics solutions for population health management. Population health management necessitates the integration of clinical information and claims data on the same platform for data analysis, resulting in complete patient care with cost-effective pharmaceutical practices. The spike in demand for better care management, early sickness prediction, and the hospitalization process is expected to drive the worldwide Big Data Analytics in Healthcare market forward.

Patient Data Confidentiality Concerns

Patient data contains personal, private, or confidential information that must be protected with extreme caution to avoid misuse. The changing landscape of healthcare privacy and security has been impacted by the increasing usage of automated technology (such as EHRs and medical claims processing), as well as the shifting trend toward health information exchanges (HIEs). Electronic patient data interchange provides better reach and efficiency in healthcare delivery, but it also increases data risk and liability owing to larger access and can result in data breaches.

Market Segmentation:

North America to Continue Dominating the Big Data Analytics in Healthcare Market

North America, Europe, and Asia Pacific accounted for the greatest proportion of the Big Data Analytics in Healthcare market in 2021. Factors such as the increase in the number of well-established Big Data Analytics in Healthcare companies and research institutes in the United States and Canada, a large number of ongoing research studies, and the overall growth of the healthcare sector on a global scale are among the few factors expected to contribute to the market's growth. One of the primary causes leading to the growing demand for Big Data Analytics in Healthcare techniques and technologies among academic and research organizations, as well as healthcare firms in North America, is increased R&D spending.

Key Players:

The key players have a strong foothold in the market and offer a wide range of products & services. Some of the key players in this market are IBM (US), Optum (US), Cerner (US), SAS Institute (US), Allscripts (US), McKesson (US), MedeAnalytics (US), Inovalon (US), Oracle (US), Health Catalyst (US), SCIO Health Analytics (US), Cotiviti (formerly Verscend Technologies) (US), CitiusTech (US), Wipro (India), and VitreosHealth (US) among others.

The Big Data Analytics in Healthcare market is segmented as follows: