North America is projected as one of the fastest-growing regions in the big data analytics in healthcare market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 16, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, the global big data analytics in healthcare market was valued at $16.87 billion in 2017, and is projected to reach $67.82 billion by 2025, growing at a CAGR of 19.1% from 2018 to 2025.
Big Data analytics in healthcare involves using advanced data processing techniques to extract valuable insights from large and intricate datasets within the healthcare sector. This methodology encompasses the collection and analysis of extensive medical, clinical, and operational data from diverse sources, such as electronic health records, medical imaging, genomics, wearable devices, and patient interactions.
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By leveraging Big Data analytics, healthcare organizations can uncover patterns, trends, and correlations that contribute to better clinical decision-making, prediction of diseases, optimization of treatments, allocation of resources, and improvement in operational efficiency. This technology has the potential to transform healthcare by providing evidence-based insights that enhance patient outcomes, reduce costs, and optimize overall healthcare management.
The exponential generation of unstructured medical data, propelled by advancements in metabolomics, proteomics, epigenomics, genomics, pharmacogenomics, and transcriptomics, is a key driver in the burgeoning field of big data in healthcare. The market is experiencing significant growth as the importance of data analytics and big data in constructing predictive models continues to rise globally. The healthcare industry has witnessed remarkable progress in recent years, attributed to the widespread adoption of data mining techniques and advancements in healthcare IT.
The increasing prevalence of big data applications in various biosciences, particularly in genomic sequencing and drug discovery, has further propelled the growth of the big data in healthcare market. Additionally, the surge in demand for cost-effective big data software and services is contributing to this momentum.
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Cloud storage has emerged as a favored paradigm in the healthcare sector, offering cost savings and a high level of reliability. Healthcare providers worldwide are adopting cloud-based big data analytics, encompassing applications and storage, as it accelerates disaster recovery and facilitates scalability. The rising popularity of cloud storage presents lucrative financial opportunities for key players in the competitive landscape of the big data in healthcare market.
Market expansion is also driven by the growing need for business intelligence to enhance health administration and strategy, along with an increased demand for analytics solutions for population health. The industry’s inclination towards cloud-based analytics solutions is expected to open up profitable growth avenues in the foreseeable future.
Utilizing big data in healthcare necessitates substantial investments in venture capital, potentially constraining the future expansion of the market. The emergence of security and privacy concerns related to big data usage in healthcare poses a notable challenge. Even in the most secure data centers, human errors can lead to issues, creating opportunities for unscrupulous hackers to gain unauthorized access to valuable and sensitive data.
Covid-19 Impact Analysis:
1. The global impact of the COVID-19 pandemic and subsequent lockdowns has led to significant economic setbacks for various industries. However, the field of big data in healthcare has not only weathered the challenges but has shown consistent growth. Healthcare facilities and providers increasingly rely on big data to analyze the ongoing SARS-CoV-2 pandemic and its financial ramifications.
2. Numerous big data companies are collaborating with diverse businesses, industries, and research institutions, offering advanced AI capabilities. Partnerships with data and public health experts are being forged to combat the novel coronavirus. Notably, leading pharmaceutical companies are leveraging big data in clinical trials for SARS-CoV-2, playing a pivotal role in expediting the transfer of crucial clinical information.
The cloud deployment segment is expected to grow at the highest CAGR during the forecast period due to greater prospect to facilitate real business value to the organization through reduced cost and improved ability to focus on innovation and differentiation. In addition, direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this model, which in turn are anticipated to boost the big data analytics in the healthcare market growth.
Europe big data analytics in healthcare market is expected to grow at a highest CAGR in the near future due to increase in government support for adopting healthcare analytics and development of healthcare IT infrastructure ecosystem, surge in adoption of cloud technology in this market, and rise in expenditure on healthcare technology.
Some of the key players operating in the big data analytics in healthcare market include All Scripts, Cerner, Dell EMC, Epic System Corporation, GE Healthcare, Hewlett Packard Enterprise (HPE), International Business Machines (IBM) Corporation, Microsoft, Optum, and Oracle Corporation.
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