With the number of registered diseases worldwide hovering at over 14,000 and the growing popularity of digitalized hospital and patient health records, the demand for big data analytics in the healthcare field is more explosive than ever. Indeed, the Global Big Data market in the Healthcare sector is one of the fastest growing markets in the Big Data market and is expected to continue its upward trend at a CAGR of 32.96 percent for the 2011-2015 period.
More than 50 percent of this growth is likely to take place in the Americas due to the accumulation of huge amounts of data through American hospitals’ increased global research on diseases and new health-related issues, along with numerous clinical trials. Adding to the market density in the region is the fact that most of the key-vendors dealing with big data health analytics are based out of the US, including Hewlett Packard, EMC, and DataStax.
Despite the Americas’ dominance however, The EMEA and APAC regions are also showing steady growth in the market for big data solutions in the healthcare industry thanks to two key drivers:
#1. Overseas Research
The amount of medical research and clinical trials being conducted overseas is steadily climbing, especially in UK, Germany, Russia, and France. Big data solutions are used to drive meaning from this vast pool of data stored in the healthcare centers.
#2. Automated Healthcare IT
Automated healthcare is becoming increasingly popular across Europe and Asia, and big data solution providers offer the necessary tools, technologies, and infrastructure to systematize these complex processes.
Even with the promise of widespread global growth however, the market for big data healthcare solutions must first overcome a few challenges, specifically the following:
- Issues with Data Quality
- Lack of Talent to Manage Big Data
- Privacy Issues
- High Amount of Data Wastage
That said, analysts at Technavio are confident that in the grand scheme of things, these issues will be minor hindrances to the overall growth of the market. After all, when you consider the previously mentioned drivers along with other key trends such as the emergence of epidemiology, high demand for cloud computing technology, and high interest by government, the advantages clearly
outweigh the market’s hindrances.
Ultimately, there’s no denying that technology and data is becoming ubiquitous with almost all aspects of our everyday lives, including the medical world. This tech evolution obviously requires infrastructural back-up, which is where big data comes in. With this in mind, we at TechNavio are confident in saying that the explosion of the Global Big Data Market in the Healthcare Sector isn’t anywhere near being extinguished, and will only grow in magnitude for the years to come.
For more info, check out our report on the Global Big Data Market in the Healthcare Sector.
