Big data analytics in healthcare is the complicated process of analyzing big data to discover information, including unknown correlations, market trends, customer preferences, and hidden patterns, assisting organizations to make informed clinical and business decisions. Healthcare analytics is a huge field, spanning many different areas, especially operational efficiency, personalized medicine, and clinical delivery. In addition, big data analytics optimizes process-oriented expenditures in the healthcare industry by combining performance modeling with financial and predictive care monitoring, improving population health, and others. Growth in regulatory compliance in the healthcare sector, rise in the demand for big data solutions for population health management, surge in need for business intelligence to optimize health administration and strategy, anticipated to drive the market growth.
COVID-19 Impact analysis
COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome corona virus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
The global outbreak of COVID-19 leads to an ongoing downturn of the healthcare market. Apart from communities, COVID-19 was equally disastrous for major world economies, especially the healthcare sector. Prominent stakeholders are continuing to adapt their strategies to the rapidly changing situation. COVID-19 is projected to have significant long-term impacts on the healthcare industry. Countries and major players would have to undertake critical healthcare changes until the crisis takes a back seat.
Technological progress, cost containment, and increased access are projected to be an integral part of healthcare reforms in the near future. Digital health and telehealth have taken a front seat in the ongoing outbreak. COVID-19 re-emphasized the importance of remote diagnosis, care, and consultation. Over the past few years, regulatory and behavioral barriers have slowed Telehealth growth. However, since many healthcare providers are currently working on video conferencing and telephone calls, the segment is anticipated to experience growth over the next two years. The social distancing measures also mandated online consultation of patients with moderate symptoms. In addition, it greatly reduced the burden on hospitals already swamped by counts of COVID-19 patients. Medical IoT devices that live at home with patients are now being used for optimizing outpatient treatment and minimizing repeat visits, and these devices can be further used in a crisis situation. The pandemic led to severe resource constraints. This is expected to result in the development of competitive pricing and value-based pricing models, which boosts the growth of the big data in the healthcare market.
Top Impacting Factors
- Rise in the demand for analytics solutions for population health management, increase in requirement for business intelligence to optimize health administration and strategy, surge in preference toward cloud-based analytics solutions in the market, are factors that drive the growth of big data in the healthcare market.
- In addition, increase in healthcare expenditure; collaborations & partnerships between key players to facilitate development; and technological advancements, are some factors, which boost the market growth for big data in healthcare.
- However, lack of skilled labor and high rates of security breaches hinder the big data in healthcare market growth.
- Contrarily, support from the government for regulatory compliance present new pathways in the industry.
Big Data In Healthcare Market Trends
New product launches to flourish the market
In November 2020, Change Healthcare launched an innovative national data resource solution called Social Determinants of Health (SDoH) Analytics. This resource assists life sciences organizations, health systems, and insurers to study how geo-demographic factors influence patient’s outcomes.
In October 2020, GE Healthcare launched Edison HealthLink. It is a modern computing technology that provides a set of healthcare-specific services such as advanced visualization, AI & non-AI algorithm orchestration, connectivity, and HIPAA compliant data aggregation, that developers can leverage to build and deploy clinical applications and workflows.
In May 2020, Blue Health Intelligence (BHI) collaborated with Datavant to enable big data and analytics to improve the healthcare sector.
In February 2020, Ottawa hospital in Canada partnered with Israeli data analytics provider (MDClone). This partnership will democratize the data across the organization and will provide greater visibility.
In June 2020, the UK government collaborated with Palantir, a US-based big data firm to investigate the patient data to further respond to the COVID-19 pandemic.
Key Benefits of the Report
- This study presents the analytical depiction of the big data in healthcare industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the big data in healthcare market share.
- The current market is quantitatively analyzed to highlight the big data in healthcare market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed big data in healthcare market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the big data in healthcare Report
- Which are the leading players active in the big data in healthcare market?
- What are the current trends that will influence the big data in healthcare market in the next few years?
- What are the driving factors, restraints, and opportunities of the big data in healthcare market?
- What future projections would help in taking further strategic steps?
- What is "Big data in healthcare"?
- What is "Big data in healthcare" Market prediction in the future?
- Who are the leading global players in the "Big data in healthcare" Market?
- What are the current trends and predicted trends?
- What are the key benefits of the "Big data in healthcare" Market report?
Big Data In Healthcare Market Report Highlights
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Key Market Players
Cerner Corporation, GE Healthcare, KT Corporation, Optum Inc., Epic Systems, IBM, Allscripts, Cognizant Technology Solutions, Oracle Corporation, Hewlett-Packard Co.