The global healthcare industry is expected to significantly benefit from the growth in the adoption of big data technologies. The advantages of the technology are immense and proven. Future growth is expected to be driven by more countries and their healthcare systems going digital and focusing on data-driven healthcare. The healthcare industry 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 big data in healthcare market and the level of adoption. Currently, the market growth is hampered by a large volume of unstructured data, slow pace of adoption of digital health in some emerging countries, and lack of sufficient rules and regulations to support mass adoption in emerging countries.
The global big data in healthcare market was valued at $32,925.1 million in 2021 and is anticipated to grow to $130,132.1 million by the end of 2031 at a projected CAGR of 13.96% during the forecast period 2022-2031. The aforementioned growth is based on the realistic forecast, which is the most likely growth scenario based on current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.
Impact of COVID- 19 on the Global Big Data in Healthcare Market
Immediately after the outbreak of COVID-19, the focus of healthcare systems across the globe switched to managing the crisis caused by the pandemic. This led to hospital budgets shrinking. Elective treatments were delayed, refocusing efforts toward the treatment of COVID-19 patients. During the initial phase of the pandemic, several fields in healthcare faced losses due to a decline in visitations. Big data has been at the center of innovation related to COVID-19 treatments in 2020 and 2021. Established players, emerging startups, hospitals, and research facilities have made use of big data to solve the challenges posed by the COVID-19 pandemic. The demand for real-world evidence grew significantly during the COVID-19 pandemic phase.
Addressable Market Size and Forecast based on Region
The North America region has one of the most technologically advanced healthcare systems globally. The U.S. government has launched incentive-based programs to encourage providers and payers to implement information technology in their health systems. These initiatives are shifting the market toward a value-based care model as opposed to fee-for-service model.
Europe is one of the early adopters of systems based on technologies such as artificial intelligence and machine learning. These technologies have great potential to aid healthcare professionals in providing improved patient-specific care.
The Asia-Pacific region consists of many emerging economies that are undergoing significant technological advancements along with improvements in their healthcare systems. In many emerging countries in the Asia-Pacific region, the healthcare sector is getting more attention than in the past. Countries such as India and China have several digital health initiatives which have witnessed accelerated implementation during the COVID-19 pandemic.
Key Competitors in the Global Big Data in Healthcare Market
The major companies operating in the big data in healthcare market are McKesson, Epic Systems Corporation, and Cerner Corporation. In terms of technological development, most of the players in the market are focused on increasing the volume of structured data and enhancing the interoperability of the available data.
Different Regions Expected to Perform in terms of Market Growth
Currently, the North America and Europe markets are leading in terms of value. According to primary discussions conducted by BIS Research, currently, efforts are focused on making more of the healthcare data interoperable and fit for data analytics and insights extraction. The Asia-Pacific big data in healthcare market has substantial scope for growth during the forecast period 2022-2031. Growth in support for digital health from local governments is expected to be the first big and crucial step toward increasing the adoption of big data in healthcare in emerging countries during 2022-2031.
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ABOUT BIS HEALTHCARE
BIS healthcare vertical offers intelligence in the healthcare technology market for precision medicine, robotics and imaging, life sciences and biopharma, medical devices, digital health, and other emerging healthcare technologies, covering the entire industry spectrum. In the past eight years, BIS Healthcare has published more than 50 reports under the precision medicine banner. Additionally, BIS Research has been nominating ‘Top 25 Voices’ in precision medicine on its InsightMonk platform for the past two years successfully.
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