Big data healthcare involves collecting and analyzing large volumes of unstructured healthcare data like electronic health records, medical imaging, patient-generated data, public health, genomics and more for developing insights and make predictive analysis to deliver precision and personalized care. It helps physicians and healthcare organizations to streamline operations, enhance clinical decisions, discover new therapies and reduce costs.

The global big data healthcare market size was valued at US$ 10,025 Mn in 2020 and is estimated to reach US$ 52,629.8 Mn by 2024, exhibiting a CAGR of 25% during the forecast period from 2023 to 2030.

Key Takeaways

Key players operating in the big data healthcare are Innovaccer Inc., SAS Institute Inc., Optum Inc., Oracle Corporation, Dell Technologies Inc., Epic Systems Corporation, GE Healthcare (GE Company), Cerner Corporation, Allscripts Healthcare Solutions Inc., and International Business Machines Corporation (IBM), among others. Big data analytics helps healthcare organizations to proactively manage population health and reduce healthcare costs through value-based payment models. Advancements in big data analytics, cloud computing, artificial intelligence and machine learning are fueling the demand for big data in healthcare sector.

Growing demand from healthcare providers and payers to lower costs while improving quality of care is a key factor driving the market. Many enterprises are realizing the importance of big data analytics in improving clinical outcomes, drug discovery and minimally invasive surgeries through real-time decision-making. Technological advancements in data processing and analytics are enabling higher diagnostic accuracy through integrated health records and predictive modeling.

Market Trends and Opportunities

Rise of telehealth and remote patient monitoring: The Covid-19 pandemic has accelerated the adoption of telemedicine and remote patient monitoring. Healthcare providers are increasingly relying on connected devices and apps to monitor patients remotely and optimize care delivery. This is generating huge amounts of patient-generated health data that can provide valuable insights through analytics.

Growing focus on precision medicine: Precision medicine is an emerging trend that uses a patient's genetic profile to develop targeted treatment and prevention strategies. Big data analytics plays a vital role in decoding genomics data from clinical records and research to develop personalized therapies and expedite drug discovery processes for various diseases. This is expected to drive significant opportunities over the coming years.

Market Opportunities

Government support for big data initiatives: Many countries are actively supporting big data projects through funding and favorable regulations. For example, the US government has invested over $200 billion on precision medicine initiative that is benefiting from big data analytics applications.

Partnerships between stakeholders: Vendors are focusing on strategic collaborations between healthcare providers, payers, pharma companies and technology partners to develop comprehensive healthcare solutions. This will help address interoperability challenges and facilitate insights from diverse datasets.

Impact of COVID-19 on Big Data Healthcare Market Growth

The COVID-19 pandemic presented unprecedented challenges to healthcare systems around the world. Health organizations faced surging patient volumes along with new data sources from contact tracing, testing, and vaccination efforts. This created massive amounts of new data needing analysis to understand disease spread, resource allocation, treatment patterns, and more. Big data and advanced analytics played a vital role in helping healthcare actors understand and respond to the crisis in real-time.

In the initial phase of the pandemic, big data tools helped model disease transmission patterns using a variety of data sources like mobile device location data. This informed policymakers on containment strategies. As testing ramped up, aggregating and analyzing test result data helped identify hotspots for focused response. Resource allocation was also optimized using analytics that predicted hospitalization rates based on case demographics and outbreak trajectories.

With vaccinations now ongoing globally, tools powered by big data are being leveraged to efficiently plan logistics, monitor safety, and determine efficacy and duration of protection for emerging variants. The demand on existing data infrastructure was unprecedented. Many health organizations rapidly scaled up engineering capacity and cloud-based data platforms to handle the deluge of COVID-related information. The pandemic highlighted not just the value but also necessity of robust data analytics capabilities for timely, evidence-based pandemic management.

Geographical Regions with Highest Market Concentration

North America dominates the big data healthcare market currently, driven by the large healthcare industry sizes of the United States and Canada. Vast patient volumes, coverage under insurance plans, and availability of funding encourage health systems in the region to actively invest in innovative digital solutions. Supportive regulations also promote technology adoption. The Asia Pacific region is poised to be the fastest growing market globally in terms of value. Countries like China, India, Japan, and South Korea are witnessing rapid digitization across industries including healthcare. Rising incomes and priorities on improved access are fueling big data and analytics investment to address healthcare challenges unique to the developing APAC environment.

Fastest Growing Region

The Asia Pacific region is projected to experience the fastest growth in the big data healthcare market during the forecast period. Factors such as growing geriatric populations, increasing prevalence of chronic diseases, improving healthcare infrastructure, and favorable government initiatives are driving big data adoption. Additionally, rising discretionary incomes are enhancing patient affordability of sophisticated diagnosis and treatment methods reliant on powerful computing technologies. Big data implementation is also being prioritized to efficiently manage healthcare resources for the large APAC patient bases. Therefore, the need for deeper patient insights, new care models, and operational optimization makes Asia Pacific a high potential market.