Big data is one of the subjects of interest since it has the potential to transform modern healthcare. The technology has grown substantially over the last two decades. Many healthcare companies have begun to leverage big data for a variety of applications, such as developing products, improving patient outcomes, and driving innovation, among others.
The use of big data in healthcare for areas such as cardiovascular health can lead to savings worth billions of US dollars every year. The data generated on a regular basis contain mostly unstructured formats, ie, they are not arranged or curated according to a pre-existing data model and, therefore, pose challenges during analysis. The industry perception is that nearly 80% of the big data in healthcare is unstructured, rendering only about 20% eligible for analysis.
The global big data in healthcare market is projected to reach $130.13 billion in terms of revenue by 2031 at a CAGR of 13.96%, reveals the premium market intelligence study by BIS Research.
There are potential barriers to the implementation of big data in healthcare. It is expected that the industry will circumvent most of these in the future. Faster implementation of regulations and policies can go a long way in ensuring rapid adoption of data-driven healthcare technologies.
The detailed study is a compilation of 18 Market Data Tables and 154 Figures spread through 210 Pages and in-depth TOC on "Global Big Data in Healthcare Market– Analysis and Forecast, 2022-2031"
USP of the Report
This extensive report can help in the following ways:
- Helps in understanding the regulatory scenario of the market in different regions
- Aids in understanding the patent trend of the market
- Aids in targeting a segment for launching and upgrading new software
- Aids in understanding the growth potential of different use cases
- Supports in analyzing the market opportunities
- Provides competitive benchmarking of the key companies in the market
Impact of COVID-19 on the Global Big Data in Healthcare Market
The global big data in healthcare market has been a growing market before the COVID-19 pandemic began. The big data volume increased due to the demand for easy inter-organizational data sharing. Furthermore, the fast growth in hospital information systems led to an influence of a host of variations in terminology, use of non-standard terms, and incorrect descriptions, making it difficult to reconcile data across different data systems. The pandemic, however, aided in accelerating the demand for data-driven decision-making. It also led to an increase in the pool of data sources as the demand for connected devices and wearables also increased due to the growth in the number of health-conscious individuals.
Analyst's Take on the Market:
According to Swati Sood , Principal Analyst, BIS Research , "Big data has been at the center of innovation related to COVID-19 treatments during 2020 and 2021. Established players, emerging startups, hospitals, and research facilities have used big data to solve the The demand for real-world evidence grew significantly during the COVID-19 pandemic phase.The pandemic became a strong use case for big data in healthcare and many companies were involved in big data analytics for the same "
View the report from BIS Research on Global Big Data in Healthcare Market
Key Companies Operating in the Market and Competition Landscape
Some key players operating in the market include Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinical Works, General Electric Company, Siemens Healthineers AG, MedeAnalytics, Inc., Verana Health, ConcertAI, LynxCare, Abacus Insights, Milagro AI, Datavant, and Clarify Health Solutions.
Who Should Buy This Report?
The report will be most beneficial for vendors in big data in healthcare market.
Key Questions Answered in the Report:
- How has COVID-19 impacted the growth of the global big data in healthcare market?
- What are the key regulations governing the big data in healthcare market in key regions?
- Which technological developments are projected to have the maximum influence on the global big data in healthcare market?
- Who are the leading players holding significant dominance in the global big data in healthcare market?
- What are some of the growth opportunities that market players can capitalize on?
- What are the drivers and restraints for the global big data in healthcare market?
- Which region has the highest growth rate in the global big data in healthcare market?
- Which are the fastest growing countries in the global big data in healthcare market?
- What are the key strategies being adopted by market players in the global big data in healthcare market?
- Which are the emerging companies in the global big data in healthcare market?
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