Big Data in Healthcare Market: Size, Application & Covid-19 Impact Analysis

April 15, 2021 - PRLog -- The big data in the healthcare industry has gained exponential momentum with the adoption of electronic health records (EHR) and further increased usage with electronic medical records (EMR), personal health records (PHR), laboratory information system (LIS), biomedical data, etc.

After the covid-19 spread from China, the big data has provided a massive amount of data and analytical information to the research scientists, health workers, epidemiologists, etc. As Covid-19 spread globally, the big data is playing a vital role to fight the COVID-19 virus by analyzing health data, infected covid-19 cases, identifying demographics & geography, tracking covid-19 patients, and movement of people during the lockdowns, helped in assisting the development of vaccines and their trials, etc.

According to AKI Research & Consulting, big data in the healthcare market is estimated to value USD 21,608.73 million in 2020 and is forecast to have a CAGR of 21.23% during the period 2020-2026.

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By region, North America is estimated to account for the highest share of 35.43% in 2020, followed by Europe and Asia-Pacific. The United States accounted for the largest share owing to the early adoption of big data technologies by several healthcare providers. The country also has a higher demand for adopting artificial intelligence(AI) technology and the internet of things (IoT) in the healthcare system. As the trend for eHealth has increased in the recent past, the demand for big data analytics has also increased simultaneously. During the forecast period, Asia-Pacific will have the highest CAGR of 26.82%, followed by Europe, North America, the Middle East & Africa, and South America.

By application segment, the clinical data analytics market is estimated to have the highest share of about 37.11% in 2020 and will have a CAGR of 21.59% during the forecast period. Clinical data analytics in healthcare helps in preventing, treating, and predicting diseases, which further boosts patient-centric services. The other applications include financial analytics, operational analytics, and population health analytics.

By deployment type, there are two segments in this market, which are on-premise, and off-premise or cloud. In recent times, the cloud deployment of big data has gained high momentum with increased security and reduction in cost, however, there are significant initial capital investments.

The key players in this market include IBM, Oracle, Allscripts Healthcare, LLC, SAP, Cerner Corporation, McKesson Corporation, Teradata Corporation, Google, Amazon, Koninklijke Philips N.V., Microsoft, SAS, HP Vertica, Cloudera, GE Healthcare, Dell, Optum, Epic Systems, etc.