Big Data in Healthcare - A Global Market and Regional Analysis

Focus on Components and Services, Applications, End Users, Competitive Landscape, COVID-19 Impact, and Future Outlook - Analysis and Forecast, 2022-2031

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Market Report Coverage

Big Data in Healthcare Market
Forecast Period: 2022-2031
CAGR During Forecast Period: 13.96%

Big Data in Healthcare Market

Base Year

2021

Market Size in 2021

$32,925.1 Million

Forecast Period

2022-2031

Value Projection and Estimation by 2031

$130,132.1 Million

CAGR During Forecast Period

13.96%

Number of Tables

18

Number of Pages

210

Number of Figures

154

Market Segmentation

•    By Components and Services - Hardware, Software, and Analytics Services

•    By Use Case - Clinical Data Analytics, Financial Analytics, and Operational Analytics

•    By End Users - Professional Healthcare Settings, Healthcare Companies and Consultancies, Government Agencies/Bodies, Finance and Insurance Agencies, and Academic and Research Institutes

•    By Mode of Deployment - On-Premise and Cloud-and Web-Based

Regional Segmentation

•    North America - U.S. and Canada

•    Europe - Germany, U.K., France, Italy, Spain, and Rest-of-Europe

•    Asia-Pacific - Japan, China, India, Australia, and New Zealand, and Rest-of-Asia-Pacific

•    Rest-of-the-World - Latin America, Middle East, and Africa

Market Growth Drivers

•    Rise in the Adoption of Wearables, Mobile Health, and Internet of Medical Things (IoMT)

•    Urgent Need to Reduce Healthcare Costs

•    Dedicated Initiatives for Healthcare Digitalization

•    Growing Importance of Digital Healthcare and Interoperability

Market Challenges

•    Concerns Regarding Data Security

•    Presence of Large Volumes of Unstructured Data

Market Opportunities

•    Blockchain for Health Information Exchange

•    Achieving Complete Interoperability of Healthcare Data for Clinical Decision Support

Key Companies Profiled

Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinicalWorks, General Electric Company, Siemens Healthineers AG, JLL Partners, Abacus Insights, ConcertAI, Clarify Health Solutions, Datavant, Lynxcare Inc., MilagroAI, Verana Health

How This Report Can Add Value

Understand the impact of COVID-19 on big data in healthcare and the entry barriers for new companies

Who should buy this report and why?

Assuming that the reader is a vendor in big data in healthcare market, the report will assist them in the following ways:

•    Understand their position compared to other key players in the market
•    Stay updated with the latest developments in the market
•    Understand the impact of COVID-19 on big data in healthcare and the entry barriers for new companies
•    Gain insights into end-user perception concerning the big data in healthcare market
•    Identify key players in the market and understand their valuable contribution
•    Understand the key growth areas and regions to target for market expansion

Key Questions Answered in the Report

•    How has COVID-19 impacted the growth of the global big data in healthcare market?
•    What are the key regulations governing the big data in healthcare market in key regions?
•    Which technological developments are projected to have the maximum influence on the global big data in healthcare market?
•    Who are the leading players holding significant dominance in the global big data in healthcare market?
•    What are some of the growth opportunities which market players can capitalize on?
•    What are the drivers and restraints for the global big data in healthcare market?
•    Which region has the highest growth rate in the big data in healthcare market?
•    Which are the fastest growing countries in terms of the global big data in healthcare market?
•    What are the key strategies being adopted by market players in the global big data in healthcare market?
•    Which are the emerging companies in the global big data in healthcare market?

Report Summary

The market was valued at $32,925.1 million in 2021 and is expected to reach $130,132.1 million by the end of 2031.

Global Big Data in Healthcare Market Industry Overview

Big data is one of the subjects of interest since it has the potential to transform modern healthcare. The technology has grown substantially over the last two decades. Many healthcare companies have begun to leverage big data for a variety of applications, such as developing products, improving patient outcomes, and driving innovation, among others.

The use of big data in healthcare for areas such as cardiovascular health can lead to savings worth billions of U.S. dollars every year. The data generated on a regular basis contain mostly unstructured formats, i.e., they are not arranged or curated according to a pre-existing data model and, therefore, pose challenges during analysis. The industry perception is that nearly 80% of the big data in healthcare is unstructured, rendering only about 20% eligible for analysis.

The adoption of big data in healthcare is still at a nascent stage despite being a large market. The growth of the market is expected to be significantly boosted by the growing demand for evidence-based clinical care in developing countries. Technological advancements anticipated from 2022 to 2031 are expected to play a crucial role in deciding the future of the big data in healthcare market and the level of adoption.

The global big data in healthcare market report highlights that the market was valued at $32,925.1 million in 2021 and is expected to reach $130,132.1 million by the end of 2031. The market is expected to grow at a CAGR of 13.96% during the forecast period 2022-2031.

Figure: Global Big Data in Healthcare Market, $Million, 2021 and 2031

Big Data in Healthcare Market

Source: BIS Research Analysis

Global Big Data in Healthcare Market Drivers

The factors driving the growth of the market include the rise in the adoption of wearables, mobile health, and IoMT, the urgent need to reduce healthcare costs, dedicated initiatives of healthcare digitalization, and the growing importance of digital healthcare and interoperability. The rising adoption of wearables and connected devices has become a prominent driving factor for the big data in healthcare market globally. The increasing adoption has added to the pool of data sources. Additionally, several governments, including those in emerging countries such as India and China, are focusing on bringing digitalization to healthcare for the masses.

More importantly, as the prevalence and incidence of chronic diseases continue to rise, so will technological adoption. As a result, the growth of disease diagnosis and the global market for big data in healthcare will accelerate.

Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.

Global Big Data in Healthcare Market Restraints

The factors restraining the growth of the global big data in healthcare market include concerns regarding data security and the presence of large volumes of unstructured data. There are significant privacy concerns surrounding the use of big data analytics in healthcare due to the sensitivity and critical nature of a large amount of personal information (PI) and protected health information (PHI) that healthcare providers are required to maintain. Hence, the concerns regarding data security and presence of large volumes of unstructured data are restraining the digital big data in healthcare market.

Global Big Data in Healthcare Market Opportunities

High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific, the Middle East, and Africa hold immense potential for the big data in healthcare market growth.

Furthermore, organizations are increasingly turning to clinical informatics in order to reduce medical errors. Since there are multiple electronic health record (EHR) vendors in the market and each product is built on a different platform, the process to make these systems interoperable is quite complex and expensive. Companies can focus on making the healthcare data interoperable to streamline insights extraction and care delivery.

Impact of COVID-19 on the Global Big Data in Healthcare Market

The global big data in healthcare market has been a growing market before the COVID-19 pandemic began. The big data volume increased due to the demand for easy inter-organizational data sharing. Furthermore, the fast growth in hospital information systems led to an influx of a host of variations in terminology, use of non-standard terms, and incorrect descriptions, making it difficult to reconcile data across different systems data. The pandemic, however, aided in accelerating the demand for data-driven decision-making. It also led to an increase in the pool of data sources as the demand for connected devices and wearables also increased due to the growth in the number of health-conscious individuals.

Market Segmentation

Global Big Data in Healthcare Market (Components and Services)

The global big data in healthcare market, based on components and services, has been segmented into hardware, software, and analytics services. Hardware in big data refers to components whose aim is to provide security and storage to protected health information (PIH) of the patients through compliance with data protection regulations. The healthcare industry is evolving, and therefore, more treatments will depend on networks, more devices will be connected, more information will be transferred, collected, and analyzed.

Healthcare organizations expect that big data analytics will help them minimize costs and improve the quality of care. Big data analytics in healthcare helps to detect diseases at earlier stages and healthcare frauds rapidly.

Global Big Data in Healthcare Market (by Use Case)

The global big data in healthcare market, based on use case, has been segmented into clinical data analytics, financial analytics and operational analytics. Clinical data analytics extracts data from EHRs and health information exchange to analyze patient populations and proactively provide quality care to them. The importance of clinical data analytics is increasing as healthcare systems are capturing bigger and better data sets. Clinical analytics primarily uses retrospective analysis rather than real-time clinical decision support.

Global Big Data in Healthcare Market (by End User)

The global big data in healthcare market, based on end user, has been segmented into professional healthcare settings, healthcare companies and consultancies, government agencies/bodies, finance and insurance agencies, and academic and research institutes.

The increase in focus on evidence-based care has been one of the strongest drivers of the adoption of big data in healthcare. Big data analytics allows hospitals and healthcare providers to identify the risk before any major complication occurs and reduces the cost of care. Some of the factors that hinder the adoption of these digital solutions are patient privacy, as there have been some complications in sharing patient information with healthcare professionals.

Furthermore, many industries such as finance and insurance agencies are making a shift toward the use of big data for analyzing the data. Finance and insurance agencies are also shifting toward digital platforms. The adoption of big data in healthcare insurance companies has been subject to digitizing the information and understanding the complex behavioral patterns of the customer.

Global Big Data in Healthcare Market (by Mode of Deployment)

The global big data in healthcare market, based on the mode of deployment, has been segmented into on-premises and cloud-and web-based. On-premises mode of deployment refers to the model built natively into the electronic health records (EHRs) of hospitals and other professional healthcare facilities. On-premises models are currently more preferred over their cloud-based counterparts.

In addition, the cloud-and web-based systems are more flexible and secure and allow users to have control over the data center. The data encryption techniques isolate and protect sensitive data to prevent leaks during data transmission.

Global Big Data in Healthcare Market (by Region)

The different regions covered under the global big data in healthcare market include North America, Europe, Asia-Pacific, and Rest-of-the-World.

The U.S is the dominant market in North America, considering its well-developed healthcare infrastructure and healthcare reforms such as the Affordable Care Act (ACA) and HITECH Act. The Asia-Pacific big data in healthcare market is one of the lucrative markets with immense potential for expansion by key players in the global big data in healthcare market. The healthcare sector is getting more attention than in the past. Countries such as India and China have several digital health initiatives which have witnessed accelerated implementation during the COVID-19 pandemic.

Key Market Players and Competition Synopsis

Some key players operating in the market include Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinical Works, General Electric Company, Siemens Healthineers AG, JLL Partners, Verana Health, ConcertAI, LynxCare, Abacus Insights, Milagro AI, Datavant, and Clarify Health Solutions.

Some strategies covered in this segment are funding activities, mergers and acquisitions (M&As), partnerships, alliances, business expansion, and new offerings. 

Table of Contents

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1.1    Market Outlook
         1.1.1    Product Definition
         1.1.2    Inclusion and Exclusion Criteria
         1.1.3    Key Findings
         1.1.4    Market Growth Scenarios
                     1.1.4.1    Realistic Scenario
                     1.1.4.2    Optimistic Scenario
                     1.1.4.3    Pessimistic Scenario
1.2    Industry Outlook
         1.2.1    Technology Landscape
         1.2.2    Opportunity Assessment
         1.2.3    Product Benchmarking
         1.2.4    Patent Analysis
                     1.2.4.1    By Country/Cluster
                     1.2.4.2    By Year
         1.2.5    End User Perspectives
         1.2.6    Ecosystem Analysis
         1.2.7    Key Business Models
         1.2.8    Cost-Benefit Analysis
         1.2.9    Key Success Factors
         1.2.10    Case Studies
                       1.2.10.1    Verana Health
                                        1.2.10.1.1    Success Story
                                        1.2.10.1.2    Use Cases
                       1.2.10.2    ConcertAI
                                        1.2.10.2.1    Success Story
                                        1.2.10.2.2    Use Cases
                       1.2.10.3    Lynxcare Inc.
                                        1.2.10.3.1    Success Story
                                        1.2.10.3.2    Use Cases
1.3    Impact of COVID-19 on the Global Big Data in Healthcare Market
         1.3.1    Impact on the Healthcare Industry
         1.3.2    Impact on Adoption
         1.3.3    Impact on Market Size
1.4    Business Dynamics
         1.4.1    Impact Analysis
         1.4.2    Business Drivers
                     1.4.2.1    Rise in the Adoption of Wearables, Mobile Health, and Internet of Medical Things (IoMT)
                     1.4.2.2    Urgent Need to Reduce Healthcare Costs
                     1.4.2.3    Dedicated Initiatives for Healthcare Digitalization
                     1.4.2.4    Growing Importance of Digital Healthcare and Interoperability
         1.4.3    Business Restraints
                     1.4.3.1    Concerns Regarding Data Security
                     1.4.3.2    Presence of Large Volumes of Unstructured Data
         1.4.4    Business Opportunities
                     1.4.4.1    Blockchain for Health Information Exchange
                     1.4.4.2    Achieving Complete Interoperability of Healthcare Data for Clinical Decision Support

2.1    Global Big Data in Healthcare Market (by Use Case)
         2.1.1    Opportunity Assessment
         2.1.2    Clinical Data Analytics
                     2.1.2.1    Analyst Input
         2.1.3    Financial Analytics
                     2.1.3.1    Analyst Input
         2.1.4    Operational Analytics
                     2.1.4.1    Analyst Input
2.2    Global Big Data in Healthcare Market (by Mode of Deployment)
         2.2.1    Opportunity Assessment
         2.2.2    On-Premises
         2.2.3    Cloud- and Web-Based
2.3    Global Big Data in Healthcare Market (by End User)
         2.3.1    Opportunity Assessment
         2.3.2    Professional Healthcare Settings
         2.3.3    Healthcare Companies and Consultancies
         2.3.4    Government Agencies/Bodies
         2.3.5    Finance and Insurance Agencies
         2.3.6    Academic and Research Institutes

3.1    Global Big Data in Healthcare Market (by Components and Services)
         3.1.1    Opportunity Assessment
         3.1.2    Hardware
                     3.1.2.1    Qualitative Assessment
                                    3.1.2.1.1    Data Storage
                                    3.1.2.1.2    Servers
                                    3.1.2.1.3    Networking
         3.1.3    Software
                     3.1.3.1    Qualitative Assessment
                                    3.1.3.1.1    Electronic Health Record
                                    3.1.3.1.2    Practice Management Software
                                    3.1.3.1.3    Revenue Cycle Management Software
                                    3.1.3.1.4    Workforce Management Software
         3.1.4    Analytics Services
                     3.1.4.1    Descriptive Analytics
                     3.1.4.2    Predictive Analytics
                     3.1.4.3    Prescriptive Analytics

4.1    North America
         4.1.1    Market
                     4.1.1.1    Regulatory Framework
                     4.1.1.2    Opportunity Assessment
                     4.1.1.3    Market Dynamics and Impact Analysis
                     4.1.1.4    Sizing and Forecast
         4.1.2    Application
                     4.1.2.1    North America Big Data in Healthcare Market (by Use Case)
                     4.1.2.2    North America Big Data in Healthcare Market (by End User)
         4.1.3    Product
                     4.1.3.1    North America Big Data in Healthcare Market (by Components and Services)
         4.1.4    North America Big Data in Healthcare Market (by Country)
                     4.1.4.1    U.S.
                                    4.1.4.1.1    U.S. Big Data in Healthcare Market (End User)
                     4.1.4.2    Canada
                                    4.1.4.2.1    Canada Big Data in Healthcare Market (End User)
4.2    Europe
         4.2.1    Market
                     4.2.1.1    Regulatory Framework
                     4.2.1.2    Opportunity Assessment
                     4.2.1.3    Market Dynamics and Impact Analysis
                     4.2.1.4    Sizing and Forecast
         4.2.2    Application
                     4.2.2.1    Europe Big Data in Healthcare Market (by Use Case)
                     4.2.2.2    Europe Big Data in Healthcare Market (by End User)
         4.2.3    Product
                     4.2.3.1    Europe Big Data in Healthcare Market (by Components and Services)
         4.2.4    Europe Big Data in Healthcare Market (by Country)
                     4.2.4.1    Germany
                                    4.2.4.1.1    Germany Big Data in Healthcare Market (End User)
                     4.2.4.2    U.K.
                                    4.2.4.2.1    U.K. Big Data in Healthcare Market (End User)
                     4.2.4.3    France
                                    4.2.4.3.1    France Big Data in Healthcare Market (by End User)
                     4.2.4.4    Italy
                                    4.2.4.4.1    Italy Big Data in Healthcare Market (by End User)
                     4.2.4.5    Spain
                                    4.2.4.5.1    Spain Big Data in Healthcare Market (End User)
                     4.2.4.6    Rest-of-Europe
                                    4.2.4.6.1    Rest-of-Europe Big Data in Healthcare Market (by End User)
4.3    Asia-Pacific
         4.3.1    Market
                     4.3.1.1    Regulatory Framework
                     4.3.1.2    Opportunity Assessment
                     4.3.1.3    Market Dynamics and Impact Analysis
                     4.3.1.4    Sizing and Forecast
         4.3.2    Application
                     4.3.2.1    Asia-Pacific Big Data in Healthcare Market (by Use Case)
                     4.3.2.2    Asia-Pacific Big Data in Healthcare Market (by End User)
         4.3.3    Product
                     4.3.3.1    Asia-Pacific Big Data in Healthcare Market (by Components and Services)
         4.3.4    Asia-Pacific Big Data in Healthcare Market (by Country)
                     4.3.4.1    China
                                    4.3.4.1.1    China Big Data in Healthcare Market (End User)
                     4.3.4.2    Japan
                                    4.3.4.2.1    Japan Big Data in Healthcare Market (by End User)
                     4.3.4.3    India
                                    4.3.4.3.1    India Big Data in Healthcare Market (by End User)
                     4.3.4.4    Australia and New Zealand
                                    4.3.4.4.1    Australia and New Zealand Big Data in Healthcare Market (End User)
                     4.3.4.5    Rest-of-the-Asia-Pacific
                                    4.3.4.5.1    Rest-of-the-Asia-Pacific Big Data in Healthcare Market (by End User)
4.4    Rest-of-the-World
         4.4.1    Market
                     4.4.1.1    Regulatory Framework
                     4.4.1.2    Opportunity Assessment
                     4.4.1.3    Market Dynamics and Impact Analysis
                     4.4.1.4    Sizing and Forecast
         4.4.2    Application
                     4.4.2.1    Rest-of-the-World Big Data in Healthcare Market (by Use Case)
                     4.4.2.2    Rest-of-the-World Big Data in Healthcare Market (by End User)
         4.4.3    Product
                     4.4.3.1    Rest-of-the-World Big Data in Healthcare Market (by Components and Services)
         4.4.4    Rest-of-the-World Big Data in Healthcare Market (by Country)
                     4.4.4.1    Latin America
                     4.4.4.2    Middle East and Africa

5.1    Competitive Benchmarking
         5.1.1    Competitive Landscape
                     5.1.1.1    Key Strategies and Developments
                                    5.1.1.1.1    Partnerships, Alliances, and Business Expansion
                                    5.1.1.1.2    Funding Activities
                                    5.1.1.1.3    New Offerings
                                    5.1.1.1.4    Mergers and Acquisitions
5.2    Market Share Analysis
5.3    Company Profiles
         5.3.1    Established Players
                     5.3.1.1    Active Health Management
                                    5.3.1.1.1    Company Overview
                                    5.3.1.1.2    Role of Active Health Management in the Global Big Data in Healthcare Market
                                    5.3.1.1.3    SWOT Analysis
                     5.3.1.2    Allscripts Healthcare Solutions, Inc.
                                    5.3.1.2.1    Company Overview
                                    5.3.1.2.2    Role of Allscripts Healthcare Solutions, Inc. in the Global Big Data in Healthcare Market
                                    5.3.1.2.3    Financials
                                    5.3.1.2.4    Recent Developments
                                    5.3.1.2.5    SWOT Analysis
                     5.3.1.3    Cerner Corporation
                                    5.3.1.3.1    Company Overview
                                    5.3.1.3.2    Role of Cerner Corporation in the Global Big Data in Healthcare Market
                                    5.3.1.3.3    Financials
                                    5.3.1.3.4    Recent Developments
                                    5.3.1.3.5    SWOT Analysis
                     5.3.1.4    Epic Systems Corporation
                                    5.3.1.4.1    Company Overview
                                    5.3.1.4.2    Role of Epic Systems Corporation in the Global Big Data in Healthcare Market
                                    5.3.1.4.3    Recent Developments
                                    5.3.1.4.4    SWOT Analysis
                     5.3.1.5    eClinicalWorks
                                    5.3.1.5.1    Company Overview
                                    5.3.1.5.2    Role of eClinicalWorks in the Global Big Data in Healthcare Market
                                    5.3.1.5.3    Recent Developments
                                    5.3.1.5.4    SWOT Analysis
                     5.3.1.6    General Electric Company
                                    5.3.1.6.1    Company Overview
                                    5.3.1.6.2    Role of General Electric Company in Global Big Data in Healthcare Market
                                    5.3.1.6.3    Product Portfolio
                                    5.3.1.6.4    Financials
                                    5.3.1.6.5    SWOT Analysis
                     5.3.1.7    Siemens Healthineers AG
                                    5.3.1.7.1    Company Overview
                                    5.3.1.7.2    Role of Siemens Healthineers AG Company in Global Big Data in Healthcare Market
                                    5.3.1.7.3    Financials
                                    5.3.1.7.4    SWOT Analysis
                     5.3.1.8    JLL Partners
                                    5.3.1.8.1    Company Overview
                                    5.3.1.8.2    Role of JLL Partners in the Global Big Data in Healthcare Market
                                    5.3.1.8.3    Recent Developments
                                    5.3.1.8.4    SWOT Analysis
         5.3.2    Startups
                     5.3.2.1    Abacus Insights
                                    5.3.2.1.1    Company Overview
                                    5.3.2.1.2    Role of Abacus Insights in the Global Big Data in Healthcare Market
                                    5.3.2.1.3    Funding Scenario
                                    5.3.2.1.4    Recent Developments
                                    5.3.2.1.5    SWOT Analysis
                     5.3.2.2    ConcertAI
                                    5.3.2.2.1    Company Overview
                                    5.3.2.2.2    Role of ConcertAI in the Global Big Data in Healthcare Market
                                    5.3.2.2.3    Recent Developments
                                    5.3.2.2.4    SWOT Analysis
                     5.3.2.3    Clarify Health Solutions
                                    5.3.2.3.1    Company Overview
                                    5.3.2.3.2    Role of Clarify Health Solutions in the Global Big Data in Healthcare Market
                                    5.3.2.3.3    Funding Scenario
                                    5.3.2.3.4    Recent Developments
                                    5.3.2.3.5    SWOT Analysis
                     5.3.2.4    Datavant
                                    5.3.2.4.1    Company Overview
                                    5.3.2.4.2    Role of Datavant in the Global Big Data in Healthcare Market
                                    5.3.2.4.3    Funding Scenario
                                    5.3.2.4.4    Recent Developments
                                    5.3.2.4.5    SWOT Analysis
                     5.3.2.5    Lynxcare Inc.
                                    5.3.2.5.1    Company Overview
                                    5.3.2.5.2    Role of Lynxcare Inc. in the Global Big Data in Healthcare Market
                                    5.3.2.5.3    Funding Scenario
                                    5.3.2.5.4    Recent Developments
                                    5.3.2.5.5    SWOT Analysis
                     5.3.2.6    MilagroAI
                                    5.3.2.6.1    Company Overview
                                    5.3.2.6.2    Role of MilagroAI in the Global Big Data in Healthcare Market
                                    5.3.2.6.3    SWOT Analysis
                     5.3.2.7    Verana Health
                                    5.3.2.7.1    Company Overview
                                    5.3.2.7.2    Role of Verana Health in the Global Big Data in Healthcare Market
                                    5.3.2.7.3    Funding Scenario
                                    5.3.2.7.4    Recent Developments
                                    5.3.2.7.5    SWOT Analysis

Table 1:    Global Big Data in Healthcare, Key Barriers to Implementation
Table 2:    Global Big Data in Healthcare Market, Key Developments, January 2018-February 2022
Table 3:    Global Big Data in Healthcare Patent Analysis, 2018-2021
Table 4:    Amaron-Lynxcare Inc. Solution, Mode of Operation
Table 5:    Global Big Data in Healthcare Market, Impact on Market Size (by Components and Services), $Million, 2020
Table 6:    Applications of Clinical Data Analytics
Table 7:    FDA Draft Guidance Documents
Table 8:    North America Big Data in Healthcare Market Dynamics, Impact Analysis
Table 9:    Europe Big Data in Healthcare Market Dynamics, Impact Analysis
Table 10:    Asia-Pacific Key Regulatory Bodies
Table 11:    Asia-Pacific Big Data in Healthcare Market Dynamics, Impact Analysis
Table 12:    Rest-of-the-World Key Regulatory Bodies
Table 13:    Rest-of-the-World Big Data in Healthcare Market Dynamics, Impact Analysis
Table 14:    Abacus Insights Funding, January 2018- February 2020
Table 15:    Clarify Health Solutions Funding, January 2018-February 2020
Table 16:    Datavant Funding, January 2018-February 2020
Table 17:    Lynxcare Inc. Funding, January 2018-February 2020
Table 18:    Verana Health Funding, January 2018-February 2020

Figure 1:    Big Data Sources
Figure 2:    Global Big Data and Cloud-Assisted Healthcare Ecosystem
Figure 3:    Global Big Data in Healthcare Market Dynamics Impact Analysis
Figure 4:    Global Big Data in Healthcare, Market Value Forecast Trend (by Region), $Million, 2016-2031
Figure 5:    Global Big Data in Healthcare Market Attractiveness Analysis (by Region), 2021-2031
Figure 6:    Global Big Data in Healthcare Market Segmentation
Figure 7:    Global Big Data in Healthcare Market, Research Methodology
Figure 8:    Primary Research
Figure 9:    Secondary Research
Figure 10:    Data Triangulation
Figure 11:    Global Big Data in Healthcare Market Research Process
Figure 12:    Assumptions and Limitations
Figure 13:    Global Big Data in Healthcare Market, Potential Forecast Scenarios, Year-on-Year Growth Analysis, 2020-2031
Figure 14:    Global Big Data in Healthcare Market, Realistic Growth Scenario, $Million, 2020-2031
Figure 15:    Global Big Data in Healthcare Market, Optimistic Growth Scenario, $Million, 2020-2031
Figure 16:    Global Big Data in Healthcare Market, Pessimistic Growth Scenario, $Million, 2020-2031
Figure 17:    Medical Image Processing Bioinformatics Tools (by Modality and Function)
Figure 18:    Global Big Data in Healthcare Market, Incremental Opportunity Analysis, $Million, 2021-2031
Figure 19:    Global Big Data in Healthcare Market, Product Benchmarking (by Key Players)
Figure 20:    Global Big Data in Healthcare Market Patent Analysis, Patent Documents (by Country/Cluster), 2016-2021
Figure 21:    Global Big Data in Healthcare Market Patent Analysis, Patent Documents (by Year), 2018-2021
Figure 22:    Global Big Data in Healthcare Market, End User Perspectives
Figure 23:    Global Big Data in Healthcare Ecosystem
Figure 24:    Global Big Data in Healthcare Market Business Models (by Category)
Figure 25:    Global Big Data in Healthcare, Key Success Factors
Figure 26:    Key Objectives for the AAO-Verana Health Partnership
Figure 27:    Verana Health Offerings, Use Cases
Figure 28:    Innovation Areas for ConcertAI
Figure 29:    ConcertAI-FDA Collaboration, Key Objectives
Figure 30:    ConcertAI Offerings, Use Cases
Figure 31:    Lynxcare Inc. Offerings, Use Cases
Figure 32:    Percentage Change in Outpatient Visits, Baseline Week vs. Subsequent Weeks
Figure 33:    Percentage Change in Visits from Baseline (by Region), 2020
Figure 34:    Global Big Data in Healthcare Market Dynamics, Impact Analysis
Figure 35:    Growth in Wearable Technology Penetration (by Region), 2015 and 2020
Figure 36:    Global Healthcare Expenditure Per Capita Growth, $, 2000-2019
Figure 37:    U.S. Health IT Interoperability Goals
Figure 38:    Global Big Data in Healthcare Market (by Use Case)
Figure 39:    Global Big Data in Healthcare Incremental Opportunity (by Use Case), $Million, 2021-2031
Figure 40:    Use of Clinical Data Analytics
Figure 41:    Use of Clinical Data Analytics in Recent Healthcare Initiatives
Figure 42:    Global Big Data in Healthcare Market (Clinical Data Analytics), $Million, 2020-2031
Figure 43:    Global Big Data in Healthcare Market (Financial Analytics), $Million, 2020-2031
Figure 44:    Financial Analytics: Sub-Segments
Figure 45:    Claims Processing Procedure
Figure 46:    Revenue Cycle Management Process
Figure 47:    Risk Assessment Process
Figure 48:    Global Big Data in Healthcare Market (Operational Analytics), $Million, 2020-2031
Figure 49:    Process of Supply Chain in Healthcare
Figure 50:    Global Big Data in Healthcare Market (by Mode of Deployment)
Figure 51:    Global Big Data in Healthcare Incremental Opportunity (by Mode of Deployment), $Million, 2021-2031
Figure 52:    Global Big Data in Healthcare Market (On-Premises), $Million, 2020-2031
Figure 53:    Global Big Data in Healthcare Market (Cloud- and Web-Based), $Million, 2020-2031
Figure 54:    Global Big Data in Healthcare Market (by End User)
Figure 55:    Global Big Data in Healthcare Incremental Opportunity (by End User), $Million, 2021-2031
Figure 56:    Global Big Data in Healthcare Market (Professional Healthcare Settings), $Million, 2020-2031
Figure 57:    Global Big Data in Healthcare Market (Healthcare Companies and Consultancies), $Million, 2020-2031
Figure 58:    Global Big Data in Healthcare Market (Government Agencies/Bodies), $Million, 2020-2031
Figure 59:    Global Big Data in Healthcare Market (Finance and Insurance Agencies), $Million, 2020-2031
Figure 60:    Global Big Data in Healthcare Market (Academic and Research Institutes), $Million, 2020-2031
Figure 61:    Global Big Data in Healthcare Market (by Components and Services)
Figure 62:    Global Big Data in Healthcare Incremental Opportunity (by Components and Services), $Million, 2021-2031
Figure 63:    Importance of Hardware Components in Big Data Analytics in the Healthcare Sector
Figure 64:    Global Big Data in Healthcare Market (Hardware), $Million, 2020-2031
Figure 65:    Global Big Data in Healthcare Market (Software), $Million, 2020-2031
Figure 66:    Global Big Data in Healthcare Market (by End User)
Figure 67:    Global Big Data in Healthcare Market (Analytics Services), $Million, 2020-2031
Figure 68:    Global Big Data in Healthcare Market (Descriptive Analysis), $Million, 2020-2031
Figure 69:    Global Big Data in Healthcare Market (Predictive Analysis), $Million, 2020-2031
Figure 70:    Global Big Data in Healthcare Market (Prescriptive Analysis), $Million, 2020-2031
Figure 71:    Global Big Data in Healthcare Market (by Region), 2021 and 2031
Figure 72:    North America Big Data in Healthcare Market Incremental Revenue Opportunity (by Country), $Million, 2021-2031
Figure 73:    North America Big Data in Healthcare Market, $Million, 2020-2031
Figure 74:    North America Big Data in Healthcare Market (by Use Case), $Million, 2020-2031
Figure 75:    North America Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 76:    North America Big Data in Healthcare Market (by Components and Services), $Million, 2020-2031
Figure 77:    U.S. Big Data in Healthcare Market, $Million, 2020-2031
Figure 78:    U.S. Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 79:    Canada Big Data in Healthcare Market, $Million, 2020-2031
Figure 80:    Canada Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 81:    European Commission eHealth Action Plan
Figure 82:    Europe Big Data in Healthcare Market Incremental Revenue Opportunity (by Country), $Million, 2021-2031
Figure 83:    Europe Big Data in Healthcare Market, $Million, 2020-2031
Figure 84:    Europe Big Data in Healthcare Market (by Use Case), $Million, 2020-2031
Figure 85:    Europe Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 86:    Europe Big Data in Healthcare Market (by Components and Services), $Million, 2020-2031
Figure 87:    Germany Big Data in Healthcare Market, $Million, 2020-2031
Figure 88:    Germany Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 89:    U.K. Big Data in Healthcare Market, $Million, 2020-2031
Figure 90:    U.K. Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 91:    France Big Data in Healthcare Market, $Million, 2020-2031
Figure 92:    France Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 93:    Italy Big Data in Healthcare Market, $Million, 2020-2031
Figure 94:    Italy Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 95:    Spain Big Data in Healthcare Market, $Million, 2020-2031
Figure 96:    Spain Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 97:    Rest-of-Europe Big Data in Healthcare Market, $Million, 2020-2031
Figure 98:    Rest-of-Europe Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 99:    Asia-Pacific Big Data in Healthcare Market Incremental Revenue Opportunity (by Country), $Million, 2021-2031
Figure 100:    Asia-Pacific Big Data in Healthcare Market, $Million, 2020-2031
Figure 101:    Asia-Pacific Big Data in Healthcare Market (by Use Case), $Million, 2020-2031
Figure 102:    Asia-Pacific Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 103:    Asia-Pacific Big Data in Healthcare Market (by Components and Services), $Million, 2020-2031
Figure 104:    China Big Data in Healthcare Market, $Million, 2020-2031
Figure 105:    China Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 106:    Japan Big Data in Healthcare Market, $Million, 2020-2031
Figure 107:    Japan Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 108:    India Big Data in Healthcare Market, $Million, 2020-2031
Figure 109:    India Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 110:    Australia and New Zealand Big Data in Healthcare Market, $Million, 2020-2031
Figure 111:    Australia and New Zealand Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 112:    Rest-of-Asia-Pacific Big Data in Healthcare Market, $Million, 2020-2031
Figure 113:    Rest-of-the-Asia-Pacific Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 114:    Rest-of-the-World Big Data in Healthcare Market Incremental Revenue Opportunity (by Country), $Million, 2021-2031
Figure 115:    Rest-of-the-World Big Data in Healthcare Market, $Million, 2020-2031
Figure 116:    Rest-of-the-World Big Data in Healthcare Market (by Use Case), $Million, 2020-2031
Figure 117:    Rest-of-the-World Big Data in Healthcare Market (by End User), $Million, 2020-2031
Figure 118:    Asia-Pacific Big Data in Healthcare Market (by Components and Services), $Million, 2020-2031
Figure 119:    Latin America Big Data in Healthcare Market, $Million, 2020-2031
Figure 120:    Middle East and Africa Big Data in Healthcare Market, $Million, 2020-2031
Figure 121:    Global Big Data in Healthcare Market Key Developments, January 2018-February 2022
Figure 122:    Global Big Data in Healthcare Market Partnerships, Alliances, and Business Expansions (by Company), January 2018-February 2022
Figure 123:    Global Big Data in Healthcare Market Funding Activities (by Company), January 2018-February 2022
Figure 124:    Global Big Data in Healthcare Market Mergers and Acquisitions (by Company), January 2018-February 2022
Figure 125:    Global Big Data in Healthcare Market Share Analysis (Data Analytics), 2021
Figure 126:    Active Health Management: Product Portfolio
Figure 127:    Allscripts Healthcare Solutions, Inc.: Product Portfolio
Figure 128:    Allscripts Healthcare Solutions, Inc.: Overall Financials 2019-2021
Figure 129:    Allscripts Healthcare Solutions, Inc.: Net Revenue (by Segment), $Million, 2019-2021
Figure 130:    Allscripts Healthcare Solutions, Inc.: Net Revenue (by Region), $Million, 2019-2021
Figure 131:    Allscripts Healthcare Solutions, Inc.: R&D Expenditure, $Million, 2019-2021
Figure 132:    Cerner Corporation: Product Portfolio
Figure 133:    Cerner Corporation: Overall Financials 2018-2020
Figure 134:    Cerner Corporation: Net Revenue (by Segment), $Million, 2018-2020
Figure 135:    Epic Systems Corporation: Product Portfolio
Figure 136:    eClinicalWorks: Product Portfolio
Figure 137:    General Electric Company: Product Portfolio
Figure 138:    General Electric Company: Overall Financials, 2018-2020
Figure 139:    General Electric Company: Net Revenue (by Segment), $Million, 2018-2020
Figure 140:    General Electric Company: Net Revenue (by Region), $Million, 2018-2020
Figure 141:    General Electric Company: R&D Expenditure, $Million, 2018-2020
Figure 142:    Siemens Healthineers AG: Product Portfolio
Figure 143:    Siemens Healthineers AG: Overall Financials, 2019-2021
Figure 144:    Siemens Healthineers AG: Net Revenue (by Segment), $Million, 2019-2021
Figure 145:    Siemens Healthineers AG: Net Revenue (by Region), $Million, 2019-2021
Figure 146:    Siemens Healthineers AG: R&D Expenditure, $Million, 2019-2021
Figure 147:    MedeAnalytics, Inc.: Product Portfolio
Figure 148:    Abacus Insights: Product Portfolio
Figure 149:    ConcertAI: Product Portfolio
Figure 150:    Clarify Health Solutions: Product Portfolio
Figure 151:    Datavant: Product Portfolio
Figure 152:    Lynxcare Inc.: Product Portfolio
Figure 153:    MilagroAI: Product Portfolio
Figure 154:    Verana Health: Product Portfolio

How This Report Can Add Value

Who should buy this report and why?

Assuming that the reader is a vendor in big data in healthcare market, the report will assist them in the following ways:

•    Understand their position compared to other key players in the market
•    Stay updated with the latest developments in the market
•    Understand the impact of COVID-19 on big data in healthcare and the entry barriers for new companies
•    Gain insights into end-user perception concerning the big data in healthcare market
•    Identify key players in the market and understand their valuable contribution
•    Understand the key growth areas and regions to target for market expansion

Key Questions Answered in the Report

•    How has COVID-19 impacted the growth of the global big data in healthcare market?
•    What are the key regulations governing the big data in healthcare market in key regions?
•    Which technological developments are projected to have the maximum influence on the global big data in healthcare market?
•    Who are the leading players holding significant dominance in the global big data in healthcare market?
•    What are some of the growth opportunities which market players can capitalize on?
•    What are the drivers and restraints for the global big data in healthcare market?
•    Which region has the highest growth rate in the big data in healthcare market?
•    Which are the fastest growing countries in terms of the global big data in healthcare market?
•    What are the key strategies being adopted by market players in the global big data in healthcare market?
•    Which are the emerging companies in the global big data in healthcare market?

Market Report Coverage

Big Data in Healthcare Market

Base Year

2021

Market Size in 2021

$32,925.1 Million

Forecast Period

2022-2031

Value Projection and Estimation by 2031

$130,132.1 Million

CAGR During Forecast Period

13.96%

Number of Tables

18

Number of Pages

210

Number of Figures

154

Market Segmentation

•    By Components and Services - Hardware, Software, and Analytics Services

•    By Use Case - Clinical Data Analytics, Financial Analytics, and Operational Analytics

•    By End Users - Professional Healthcare Settings, Healthcare Companies and Consultancies, Government Agencies/Bodies, Finance and Insurance Agencies, and Academic and Research Institutes

•    By Mode of Deployment - On-Premise and Cloud-and Web-Based

Regional Segmentation

•    North America - U.S. and Canada

•    Europe - Germany, U.K., France, Italy, Spain, and Rest-of-Europe

•    Asia-Pacific - Japan, China, India, Australia, and New Zealand, and Rest-of-Asia-Pacific

•    Rest-of-the-World - Latin America, Middle East, and Africa

Market Growth Drivers

•    Rise in the Adoption of Wearables, Mobile Health, and Internet of Medical Things (IoMT)

•    Urgent Need to Reduce Healthcare Costs

•    Dedicated Initiatives for Healthcare Digitalization

•    Growing Importance of Digital Healthcare and Interoperability

Market Challenges

•    Concerns Regarding Data Security

•    Presence of Large Volumes of Unstructured Data

Market Opportunities

•    Blockchain for Health Information Exchange

•    Achieving Complete Interoperability of Healthcare Data for Clinical Decision Support

Key Companies Profiled

Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinicalWorks, General Electric Company, Siemens Healthineers AG, JLL Partners, Abacus Insights, ConcertAI, Clarify Health Solutions, Datavant, Lynxcare Inc., MilagroAI, Verana Health

Report Summary

Global Big Data in Healthcare Market Industry Overview

Big data is one of the subjects of interest since it has the potential to transform modern healthcare. The technology has grown substantially over the last two decades. Many healthcare companies have begun to leverage big data for a variety of applications, such as developing products, improving patient outcomes, and driving innovation, among others.

The use of big data in healthcare for areas such as cardiovascular health can lead to savings worth billions of U.S. dollars every year. The data generated on a regular basis contain mostly unstructured formats, i.e., they are not arranged or curated according to a pre-existing data model and, therefore, pose challenges during analysis. The industry perception is that nearly 80% of the big data in healthcare is unstructured, rendering only about 20% eligible for analysis.

The adoption of big data in healthcare is still at a nascent stage despite being a large market. The growth of the market is expected to be significantly boosted by the growing demand for evidence-based clinical care in developing countries. Technological advancements anticipated from 2022 to 2031 are expected to play a crucial role in deciding the future of the big data in healthcare market and the level of adoption.

The global big data in healthcare market report highlights that the market was valued at $32,925.1 million in 2021 and is expected to reach $130,132.1 million by the end of 2031. The market is expected to grow at a CAGR of 13.96% during the forecast period 2022-2031.

Figure: Global Big Data in Healthcare Market, $Million, 2021 and 2031

Big Data in Healthcare Market

Source: BIS Research Analysis

Global Big Data in Healthcare Market Drivers

The factors driving the growth of the market include the rise in the adoption of wearables, mobile health, and IoMT, the urgent need to reduce healthcare costs, dedicated initiatives of healthcare digitalization, and the growing importance of digital healthcare and interoperability. The rising adoption of wearables and connected devices has become a prominent driving factor for the big data in healthcare market globally. The increasing adoption has added to the pool of data sources. Additionally, several governments, including those in emerging countries such as India and China, are focusing on bringing digitalization to healthcare for the masses.

More importantly, as the prevalence and incidence of chronic diseases continue to rise, so will technological adoption. As a result, the growth of disease diagnosis and the global market for big data in healthcare will accelerate.

Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.

Global Big Data in Healthcare Market Restraints

The factors restraining the growth of the global big data in healthcare market include concerns regarding data security and the presence of large volumes of unstructured data. There are significant privacy concerns surrounding the use of big data analytics in healthcare due to the sensitivity and critical nature of a large amount of personal information (PI) and protected health information (PHI) that healthcare providers are required to maintain. Hence, the concerns regarding data security and presence of large volumes of unstructured data are restraining the digital big data in healthcare market.

Global Big Data in Healthcare Market Opportunities

High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific, the Middle East, and Africa hold immense potential for the big data in healthcare market growth.

Furthermore, organizations are increasingly turning to clinical informatics in order to reduce medical errors. Since there are multiple electronic health record (EHR) vendors in the market and each product is built on a different platform, the process to make these systems interoperable is quite complex and expensive. Companies can focus on making the healthcare data interoperable to streamline insights extraction and care delivery.

Impact of COVID-19 on the Global Big Data in Healthcare Market

The global big data in healthcare market has been a growing market before the COVID-19 pandemic began. The big data volume increased due to the demand for easy inter-organizational data sharing. Furthermore, the fast growth in hospital information systems led to an influx of a host of variations in terminology, use of non-standard terms, and incorrect descriptions, making it difficult to reconcile data across different systems data. The pandemic, however, aided in accelerating the demand for data-driven decision-making. It also led to an increase in the pool of data sources as the demand for connected devices and wearables also increased due to the growth in the number of health-conscious individuals.

Market Segmentation

Global Big Data in Healthcare Market (Components and Services)

The global big data in healthcare market, based on components and services, has been segmented into hardware, software, and analytics services. Hardware in big data refers to components whose aim is to provide security and storage to protected health information (PIH) of the patients through compliance with data protection regulations. The healthcare industry is evolving, and therefore, more treatments will depend on networks, more devices will be connected, more information will be transferred, collected, and analyzed.

Healthcare organizations expect that big data analytics will help them minimize costs and improve the quality of care. Big data analytics in healthcare helps to detect diseases at earlier stages and healthcare frauds rapidly.

Global Big Data in Healthcare Market (by Use Case)

The global big data in healthcare market, based on use case, has been segmented into clinical data analytics, financial analytics and operational analytics. Clinical data analytics extracts data from EHRs and health information exchange to analyze patient populations and proactively provide quality care to them. The importance of clinical data analytics is increasing as healthcare systems are capturing bigger and better data sets. Clinical analytics primarily uses retrospective analysis rather than real-time clinical decision support.

Global Big Data in Healthcare Market (by End User)

The global big data in healthcare market, based on end user, has been segmented into professional healthcare settings, healthcare companies and consultancies, government agencies/bodies, finance and insurance agencies, and academic and research institutes.

The increase in focus on evidence-based care has been one of the strongest drivers of the adoption of big data in healthcare. Big data analytics allows hospitals and healthcare providers to identify the risk before any major complication occurs and reduces the cost of care. Some of the factors that hinder the adoption of these digital solutions are patient privacy, as there have been some complications in sharing patient information with healthcare professionals.

Furthermore, many industries such as finance and insurance agencies are making a shift toward the use of big data for analyzing the data. Finance and insurance agencies are also shifting toward digital platforms. The adoption of big data in healthcare insurance companies has been subject to digitizing the information and understanding the complex behavioral patterns of the customer.

Global Big Data in Healthcare Market (by Mode of Deployment)

The global big data in healthcare market, based on the mode of deployment, has been segmented into on-premises and cloud-and web-based. On-premises mode of deployment refers to the model built natively into the electronic health records (EHRs) of hospitals and other professional healthcare facilities. On-premises models are currently more preferred over their cloud-based counterparts.

In addition, the cloud-and web-based systems are more flexible and secure and allow users to have control over the data center. The data encryption techniques isolate and protect sensitive data to prevent leaks during data transmission.

Global Big Data in Healthcare Market (by Region)

The different regions covered under the global big data in healthcare market include North America, Europe, Asia-Pacific, and Rest-of-the-World.

The U.S is the dominant market in North America, considering its well-developed healthcare infrastructure and healthcare reforms such as the Affordable Care Act (ACA) and HITECH Act. The Asia-Pacific big data in healthcare market is one of the lucrative markets with immense potential for expansion by key players in the global big data in healthcare market. The healthcare sector is getting more attention than in the past. Countries such as India and China have several digital health initiatives which have witnessed accelerated implementation during the COVID-19 pandemic.

Key Market Players and Competition Synopsis

Some key players operating in the market include Active Health Management, Allscripts Healthcare Solutions, Inc., Cerner Corporation, Epic Systems Corporation, eClinical Works, General Electric Company, Siemens Healthineers AG, JLL Partners, Verana Health, ConcertAI, LynxCare, Abacus Insights, Milagro AI, Datavant, and Clarify Health Solutions.

Some strategies covered in this segment are funding activities, mergers and acquisitions (M&As), partnerships, alliances, business expansion, and new offerings. 

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