Global Big Data in Healthcare Market:

Amid rising healthcare costs, increasing rates of chronic diseases, aging population and declining reimbursement costs, hospitals and other healthcare organizations are under considerable pressure to prioritize investments focusing on improving outcomes and resource management. The increasing supply of health-related data from various sources has the potential to transform the healthcare delivery system, reduce costs, improve patient outcomes and provide value-based care. The volume of healthcare data accounted for over 700 exabytes in 2017 from 153 million in 2013 and is projected to grow to 2,314 exabytes by 2020. Falling storage costs, emergence of cloud-based services and subscription models, government initiatives and regulatory mandates to encourage adoption of healthcare information systems and increasing adoption of mHealth, eHealth and wearable technologies among consumers are expected to drive the growth of the market. 

Organizations are employing analytical tools and artificial intelligence and machine learning techniques on this growing pool of data to derive data-driven insights to reduce healthcare costs, enhance revenue streams, develop personalized medicine, and manage proactive patient care. Among, components and services, analytics services contributed the dominant share of $5.80 billion in 2017 and are expected to be the fastest growing segment throughout the forecast period. Financial analytics is the most prominent application of big data and contributed a market share of $2.38 billion 2016, due to early application of analytics for improving financial outcomes by analysing performance across revenue cycle management, insurance claims handling and fraud detection. However, clinical analytics is the priority investment for most of the organizations and is thus expected to witness the highest CAGR of 23.77% from 2017 to 2025, to reach the value of $11.35 billion by 2025. The access to large volumes of medical data has paved way for massive advances in clinical research, development of precision medicine and clinical decision support tools, speedier drug discovery and opened new arrays for managing chronic diseases.

While North America has been the leading market for big data in healthcare due to early adoption of the technology in the region, APAC is anticipated to grow at the fastest rate in the forecast period as development of big data infrastructure, and applications has become a priority field of investment for governments of the emerging economies of India and China. However, challenges must be overcome to improve connectivity and linkage between existing databases is to realize the complete potential of data-driven health care systems. National and international platforms need to be established that can consolidate patient data over time and across different clinics. 

Encouraging adoption of healthcare information systems, promoting usage of interoperable shared electronic health records (EHRs) and appropriate security measures to protect sensitive information, adoption of standard clinical terminologies, and building a more collaborative research environment will play a key role in improving the use of data analytics tools among the healthcare organizations. Substantial commitment and collaboration is demanded from all the stakeholders, along with a strong governance framework to ensure effective use of big data. 

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