Sat, 28 May 2022

InsightAce Analytic Pvt. Ltd. has announced the publication of a market research report titled "Global Big Data in Healthcare Market by (Components and Services (hardware (data servers and storage, servers, and networking), software (electronic health records, practice management software, revenue cycle management software, and workforce management software), and analytical services (descriptive analytics, prescriptive analytics, and predictive analytics)), Application (clinical data analytics (quality care, clinical decision support, population health management, precision medicine, and reporting compliance), financial analytics (claims processing, revenue cycle management software, and risk assessment), and operational analytics (workforce analytics and supply chain analytics)) - Market Outlook and Industry Analysis 2030" According to company's newest research, the global Big Data in Healthcare Market is worth US$ 22.02 Billion in 2021 and is predicted to reach US$ 84.5 Billion in 2030, with a promising CAGR of 16.20 % between 2022 and 2030.

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The exponential growth of smart devices has resulted in an explosion of data, paving the way for a new concept known as Big Data. Big Data technologies have already impacted healthcare areas such as medical diagnosis using imaging data in medicine and evaluating data in the personal care, clinical care, and public health care industries. New technologies have altered this paradigm by utilizing mobile devices and internet services such as sensor networks and smart monitors, increasing practical healthcare through predictive modelling and acquiring more detailed individual measures. In the area of medicine, big data analytics is emerging as a potential tool for accumulating large amounts of health care data from patients and the general population and utilizing it for progressive prediction, performance, inventions, and comparative effectiveness incorporating big data analytics and next-generation analytics into clinical research.

Market Dynamics:

Medical research and clinical practice are rapidly evolving into Big Data-driven disciplines because of recent developments in medical imaging, complete electronic health records, and smart gadgets. Future breakthroughs in big data analytics in healthcare have the potential to enhance and accelerate partnerships between patients and clinicians by reducing costs and increasing efficiency through risk reduction, early prediction findings, and tailored treatment enhancement. Increased prevalence of chronic diseases, rising healthcare expenditure, and increased adoption of cloud-based healthcare apps significantly contribute to the market's growth over the forecast period. The healthcare sector in major emerging nations is expected to expand substantially as a result of several factors, including increased government initiatives to create healthcare facilities and developments in medical and digital technologies. During the COVID-19 pandemic, big data analytics assisted organizations in identifying and eliminating health disparities between patient populations. The global pandemic, COVID-19, has created a massive and diverse amount of data, which is growing at a rapid rate. This data can be used in a variety of ways through the application of big data analytics techniques, including diagnostics, risk estimation or prediction, healthcare decision-making, and the pharmaceutical business.

North America is likely to be a significant regional market for big data in healthcare. Regional market growth is primarily attributed to rising healthcare expenditure, which, combined with rising prevalence of chronic diseases, increased R&D investments is expected to positively impact regional market growth. Asia-Pacific is anticipated to expand over the forecast years, owing to rising demand for medical data management tools and growing innovation in cloud-based, artificial intelligence-based tools and platforms for healthcare data management by pharmaceutical and information technology companies.

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Key Developments:

  • In Jan 2022, IBM and Francisco Partners announced a definitive agreement under which Francisco Partners will acquire IBM's healthcare data and analytics assets currently included in the Watson Health business. The agreement with Francisco Partners is a logical next step as IBM intensifies its focus on platform-based hybrid cloud and artificial intelligence.
  • In Jan 2022, INsights, an expanded self-service healthcare solution for the generation of personalized, on-demand analytics, was launched by PINC AITM, Premier, Inc's technology and services platform. INsights give healthcare providers more options while also easing a load of data preparation and analytics development, allowing for faster clinical, quality, and economic gains.
  • In Nov 2021, GE Healthcare revealed more than 60 cutting-edge healthcare technology solutions, including patient screening, diagnostics, therapy planning, guidance, and monitoring. Covid-19 outbreak and mounting industry pressure, the company accelerated artificial intelligence (AI) and digital solutions-based innovations to help transform healthcare delivery, making it easier and more efficient for clinicians and health systems, as well as more personalized and precise for patients.
  • In Oct 2021, Soma Medical Center, P.A., recently launched eClinicalWorks' integrated cloud platform and services for its 50+ providers, according to eClinicalWorks. Physicians at Soma Medical Center have more efficient ways to keep in touch with patients and their families thanks to eClinicalWorks' patient engagement and automated solutions, which helps assure the reliable delivery of care.

The following key companies are engaged in the Big Data in Healthcare market:

Allscripts Healthcare Solutions, Inc., Cognization Technology Solutions Corporation, Cerner Corporation, Computer Programs and Systems, Aetna, Inc., DELL, Epic Systems, eClinicalWorks, GE Healthcare, Health Catalyst, IBM Corporation, Siemens Healthineers, Xerox Holdings Corporation, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Optum, Philips Healthcare, Tableau Software, Inc., Premier, Inc., SAP ERP, SAS, among others.

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