Provided by BIS Research
The increase in amount and availability of health related data, driven by fall in storage costs, emergence of cloud storage, and numerous government initiatives to promote adoption of healthcare information systems. The volume of healthcare data accounted for over 700 exabytes in 2017 and is expected to reach 2.314 exabytes by 2025. The access to large volume of medical data has paved the way for advances in clinical research and development of precision medicine and clinical decision support tools. It has opened new ways of managing chronic diseases, and led hospitals and healthcare organizations to prioritize investments, focusing on improving outcomes and resource management.
Challenges and advantages for big data in the healthcare market
Advancing towards artificial intelligence and machine learning techniques, these technologies are aimed to provide data-driven insights for healthcare cost reduction, enhancing revenue streams, and proactive patient care management. However, certain challenges must be addressed for successful implementation in the healthcare sector: Apart from improving connectivity and linking between existing databases, appropriate security measures need to be put in place to protect sensitive information and allow a more collaborative research environment.
According to the latest market intelligence report, titled ‘Global Big Data in Healthcare- Analysis and Forecast (2017-2025)’, the global big data in healthcare market was estimated at $14.25 billion in 2017 and is anticipated to reach $68.75 billion by 2025. The increasing adoption of wearable devices, at-home testing services, and mhealth applications are helping patients to proactively manage their own health. This, in turn, is contributing to the vast pool of personal health data. Hence, substantial commitment and collaboration are required from all the prominent market players, along with the support from government and regulatory bodies to ensure effective use and protection of big data. Falling storage costs, the emergence of cloud-based services, subscription models, increasing adoption of mhealth, and wearable technologies among consumers are expected to positively contribute to market growth.
Analytics to be the fastest growing market segment
Analytics dominated the market for big data in healthcare with a share of $5.80 billion in 2017 and is expected to remain the fastest growing segment during the forecast period. The market encompasses financial, clinical, and operational analytics. Financial analytics dominated the market with a market share of $2.38 billion in 2016. This is expected to continue due to its impact on improving financial outcomes by analysing performances across revenue cycle management, insurance claim handling, and fraud detection, and is expected to reach $11.35 billion by the year 2025, registering the highest growth CAGR of 23.77% from 2017-2025.
Geographically, North America is dominating the market for big data in healthcare, owing to the early adoption of technology. However, Asia-Pacific is expected to grow at a higher rate during the forecast period due to the fact that development of big data infrastructure and applications has become priority for government investment.
In our previous post, we spoke about the rapid growth of mobile apps market within the healthcare sector.
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