The global healthcare industry is currently booming, triggering higher demand for patient care management and medical innovations. One such major development is the adoption of big data in healthcare across the globe. Nowadays, an increasing number of hospitals and medical organizations are focusing on using big data and analytics to make healthcare services more effective, more efficient, and cheaper. Due to these factors, our latest market research forecasts the global spending of big data in the healthcare industry to grow significantly over the next few years.
What is Big Data in Healthcare?
Healthcare data ranges from patient data, medical records, clinical data, data from sensors monitoring vital signs, and data generated from many other various medical devices. With the rising number of smart connected devices around the world, healthcare service providers are finding it difficult to manage, monitor, and maintain the amount of data generated. This has resulted in an increase in demand for big data analytics as it uses data from electronic health records (EMRs), sensors, and global positioning systems (GPS) to provide meaningful insights. As a result, big data in healthcare is adopted to predict epidemics, support clinical decisions, improve the quality of healthcare services, and provide better treatment. Also, since most of the big data would be stored in the cloud, healthcare organizations would also be able to access it using mobile devices to reduce overhead costs.
Some of the major benefits of implementing big data in healthcare include higher operational efficiency, reduced healthcare costs, better fraud detection, more accurate diagnosis’, the introduction of telehealth, and so much more. For hospitals and medical organizations, big data can be applied thoughtfully for better clinical analysis, effective utilization of the medical workforce, and improve the revenue of the those in healthcare business.
Global Big Data in Healthcare Industry Overview
According to the latest market research report from Technavio, the global spending of big data in the healthcare industry is projected to grow by USD 5.78 billion from 2018 to 2022. The growing preference for smart connected devices in healthcare services is believed to be one of the major factors driving big data spending market growth in the healthcare sector during the forecast period. The increasing adoption of wearable technologies will be one of the key trends that will gain traction in the big data spending market in healthcare sector.
When it comes to regional markets, the Americas is currently dominating big data in healthcare, with a market share of nearly 67%. The high market share for this region is a result of the big data initiatives launched by the federal government such as the Affordable Care Act and HITECH Act to promote big data and reduce healthcare expenses. However, despite this region’s current dominance, the Asia Pacific region is predicted to witness some of the highest growth rates over the next few years. Countries like Australia, China, India, Singapore, and South Korea are expected to lead in healthcare big data analytics spending by 2022.
Future Trends of Big Data in Healthcare
Healthcare organizations are still in the process of integrating big data technology into existing business processes in order to reduce costs and provide better care to patients. Cloud-based big data services such as infrastructure as a service (IaaS), platform as a service (PaaS), monitoring as a service (MaaS), communication as a service (CaaS), software as a service (SaaS), and anything as a service (XaaS) are increasingly being adopted by hospitals and healthcare organizations to have better access to patient information. Meanwhile, big data analytics coupled with other technologies such as machine-to-machine (M2M) and machine-to-human (M2H) communications are also supporting the healthcare services providers in terms of efficient monitoring and managing of physical assets and lead to more effective decision making.
In addition, smart wearable devices are increasingly being used to monitor calorie counts, body temperature, daily activities, heart rate, and sleep statistics to derive valuable health insights. As monitoring the health conditions and daily activities of the aged population is becoming essential, the demand and adoption of smart wearable devices with big data management systems will increase significantly throughout the next five years. This will subsequently result in an increase in big data spending in the healthcare sector over the near future.
Check Technavio’s Global Big Data Spending Market in Healthcare Sector 2018-2022
Check Technavio’s Global Big Data Spending Market in Healthcare Sector Report for more information about this topic. This market research report provides the latest market size and market development for major market segments in terms of product types and regional market landscape. The report contains detailed market trends, market drivers, market challenges and key opportunities. In-depth market analysis such as Porter’s five force model, and comprehensive competitive landscape including detailed profiles of top companies are also included in the report.