Big-scale developments in clinical research, the creation of precision medicine, and the creation of clinical decision support tools have all been made possible by the availability of such a large volume of data.
The global big data in healthcare market stands to benefit from growing acceptance for connected devices and digital, data-driven healthcare across the globe. There are efforts being made by stakeholders in the industry to increase the volume of structured data in the healthcare space, which currently is only about 20% of the total data. Additionally, companies are focusing on increasing data interoperability. Data vendors and analytics service providers must focus on developing data cleaning and curating techniques which can aid in the extraction of powerful insights without compromising on data privacy.
According to the latest market intelligence report by BIS Healthcare The global big data in healthcare market report highlights that the market was valued at $32,925.1 million in 2021 and is expected to reach $130,132.1 million by the end of 2031. The market is expected to grow at a CAGR of 13.96% during the forecast period 2022-2031. The growth of the market is expected to be significantly boosted by the growing demand for evidence-based clinical care in developing countries. Technological advancements anticipated from 2022 to 2031 are expected to play a crucial role in deciding the future of the big data in healthcare market and the level of adoption.
Emerging countries have recently begun to tap into the significant potential of the big data in healthcare market. While the potential is strong, it may take some time to achieve a sizeable adoption rate as the entire data capture process may need to be overhauled in case some countries where basic patient data collection is still done on paper. The COVID-19 pandemic has played a key role in increasing the adoption rate of connected devices and also brought a of urgency towards achieving higher adoption rates. The next decade can be significantly transformative for the healthcare industry across the globe due to the increased focus on data-driven healthcare alone.
The prominent players in this market are Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinical Works, General Electric Company, Siemens Healthineers AG, JLL
Partners, Verana Health, ConcertAI, LynxCare, Abacus Insights, Milagro AI, Datavant, and Clarify Health Solutions.
Among many other things, the projected period is expected to see analytics services grow at the fastest rate. Financial and clinical analytics are further divided into categories in analytics. A few of the causes that contributed to financial insurance holding such a sizable market share include early applications of analytics for enhancing financial outcomes by monitoring performances across revenue cycle management, insurance claim handling, and data detection. Furthermore, significant organizations are becoming interested in clinical analytics.
Globally, North America is dominating the big data in healthcare market because the continent was one of the first to adopt the technology. APAC is also predicted to increase at the greatest rate over the projection period due to the region’s development of big data infrastructure. Big data usage in healthcare has increased globally due to a number of factors, including the promotion of interoperable shared electronic health records (EHRS), proper security measures to safeguard sensitive data, and the development of a more cooperative research environment. To enable big data to reach a company in the healthcare sector, it is necessary to strengthen the communication between the existing databases. In order to centralize patient data over time and across numerous clinics, national data and international platforms must be built.
BIS Healthcare has conducted deep research on the global big data in the healthcare market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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