Market Challenges And Opportunities

Global Big Data Healthcare Market Drivers:

Increase in adoption of big data to augment market growth

One of the key factors expected to augment growth of the global big data healthcare market over the forecast period is the increase in adoption of big data in healthcare industry. For instance, big data is beginning to revolutionize healthcare as it offers paths and solutions to improve health of individual persons as well as to improve the performance and outcomes of healthcare systems. In The U.S., the National Institutes of Health established the Big Data to Knowledge (BD2K) program designed to bring biomedical big data to researchers, clinicians, and others.

Outbreak of COVID-19 to underpin market growth

Another factor which is driving the growth of the global big data healthcare market is the outbreak of COVID-19 (global pandemic) across the globe. For instance, according to the National Institutes of Health (NIH), big data provides massive amount of information to the scientists, health workers, epidemiologists and help them to make informed decision to fight against COVID-19 virus. Big data and analytical tools provide various solutions such as detection of existing COVID-19 cases, prediction of future outbreak, anticipating potential preventive/therapeutic agents, and assistance in informed decision-making. This in turn is driving the market growth.

Global Big Data Healthcare Market Opportunities:

Rise in demand for big data solutions worldwide is expected to offer lucrative growth opportunities for players in the global big data healthcare market. For instance, there has been an increase in the demand for big data solutions for population health management. In March 2022, the government of Thailand launched a big data portal for healthcare facilities. The National Reform Committee on Public Health recently collaborated with twelve government agencies to improve the quality of healthcare services through the implementation of digital technologies. The system is also intended to help enhance health security and support national responses to COVID-19 outbreaks.

Increase in of adoption EHR (electronic health records) across worldwide hospitals is expected to provide significant growth opportunities for players in the global big data healthcare market. For instance, the adoption of EHR has increased across the United States hospitals. In February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its Electronic Health Record (EHR). The collaboration involves Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the District’s multiple offices. This in turn is driving the market growth.

Global Big Data Healthcare Market Restraints:

High cost of implementation and deployment to hinder market growth

One of the key factors expected to hamper the growth of the global big data healthcare market is the high cost of implementation and deployment. It is believed that the implementation of big data analytics by healthcare organizations might lead to a saving of over 25% in annual costs. Better diagnosis and disease predictions by big data analytics can enable cost reduction by decreasing the hospital readmission rate. But the cost of implementation and deployment of big data analytics in healthcare organizations is very high, which in turn is expected to hinder market growth.

Security concerns related to medical data to hamper market growth

Another factor which is hampering growth of the global big data healthcare market is the security concerns related to sensitive patients medical data. Despite all the advantages provided by big data in healthcare, there are still barriers in the way to adopt big data in healthcare, like data integrity. Data integrity has been affected by duplicate records and patient misidentification. Inaccurate data has the potential to become a huge liability for providers and a major health risk for patients, and it is a key factor which is posing challenges for the growth of the market.