Market Trends of Big Data Healthcare Industry
Cloud Segment is Expected to Register a High Growth Rate Over the Forecast Period
Cloud deployment is the process of delivering an application using one or more cloud-based hosting models like software as a service (SAAS) or platform as a service (PAAS). Cloud-based solutions are comparatively newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost for these systems is lower than the on-premise systems.
Various key players are engaged in strategic initiatives such as product launches, approvals, technological advancements, partnerships, and acquisitions, propelling market growth. For instance, in September 2021, Salesforce inc. launched Health Cloud 2.0, a technology designed to empower businesses and governments to deliver better health and safety for their employees, customers, and communities.
Furthermore, in September 2022, Salesforce inc. launched Genie, a hyper-scale real-time data platform that powers the entire Salesforce Customer 360 platform. Every business can use Genie, including the healthcare organizations like hospitals and clinics, to transform data to offer seamless, customized experiences in sales, service, marketing, and commerce that dynamically adjust to changing customer information. Additionally, in December 2021, Oracle acquired Cerner for USD 28.3 billion in transactions. The two companies aim to expand cloud, AI and machine learning applications for Cerner's healthcare clients. This will create opportunities for innovations in the big data healthcare cloud deployment solution during the forecast period. Moreover, the software eradicates the need for in-house maintenance and minimizes the risk of data theft by providing a secure platform for information sharing, which is likely to be the prime factor driving their increasing demand, thereby propelling the segment's growth.
Thus, the above-mentioned factors are expected the segment to grow significantly and contribute to the market growth over the forecast period. The EMRs using cloud deployment, used by various healthcare physicians globally, are further expected to boost the segment's growth.
North America is Expected to Hold a Significant Market Share Over The Forecast Period
North America is expected to dominate the big data healthcare market due to the rise in advancements in the internet of things (IoT) and the increase in demand for analytical models on patient information for better service delivery and government policies the use of promoting telemedicine and EHRs. The region has a vast array of patient information owing to its well-established healthcare infrastructure.
As per the data published by HealthIT.gov, during the year 2019-2021, around 86% of non-Federal general acute care hospitals had adopted a certified electronic health record (EHR). High adoption of EHR is associated with the covid pandemic, which resulted in the maximization of virtual data. Owing to EHR adoption, the market for big data is witnessing high growth in the United States.
Additionally, companies are implementing collaborative strategies in health IT and investing in this sector to meet the increasing demand for big data. For instance, in June 2022, the government of Qu茅bec announced a plan to spend USD 951 million over three years to upgrade the hospital system's technological foundation. The objective is to facilitate professional communication between healthcare providers through improved electronic health records, strengthened security measures, and more efficient networks. Such investments in health IT are expected to play a crucial role in the growth of the big data healthcare market in the region during the forecast period.
Moreover, several companies are collaborating to support big data and improve healthcare. For instance, in June 2022, according to the Government of Canada, the Competition Bureau published recommendations for increasing the availability and adoption of innovative digital healthcare services in Canada. It is expected to boost the demand for big data in healthcare services in Canada and propel market growth during the forecast period.
Thus, owing to the abovementioned factors, the studied market in the North American region is expected to grow over the forecast period.
