The big data in medicine will more than quadruple in value within the next decade as more healthcare data is collected and the cost of storage becomes lower.
A market intelligence report by BIS Research, forecasting the global big data in healthcare market in the period 2017-2025, said that the big data in healthcare, already worth $14.25 billion, will be worth $68.75 billion by the end of 2025.
$3.3 trillion was spent on healthcare in the U.S. in 2016 and yet a poll conducted by West Health Institute, a San Diego-based research group, partnering with NORC at the University of Chicago, found that three-quarters of Americans said they do not get good value for their money.
According to Shazlie Khan, an analyst at BIS Research, “The big data in healthcare market is going to be driven by an urgent need to control rising healthcare costs and to improve patient outcomes and resource management.
“North America was the largest market for big data in health in 2017, with 55% market share, and is expected to remain the largest revenue generating region throughout the forecast period.”
Corporate giants are scrambling to gain more footing in an increasingly lucrative healthcare space: in December the pharmacy giant CVS proposed a $69 billion takeover of health insurer Aetna, and in January Amazon partnered with Berkshire Hathaway and JPMorgan Chase to create a not-for-profit health-care company for their own employees.
Healthcare data is growing at furious speed and is projected to exceed 2,314 exabytes, approximately 2.4 trillion gigabytes, by 2020.
Eric Schmidt, the executive chairman and former CEO of Google, said five exabytes of data were created between the dawn of civilization and 2003.
New sources of data capture, such as wearable devices and mobile health applications, have boosted the amount of patient data available for research.