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The global big data in healthcare market size is estimated to grow from USD 67 billion in 2023 to USD 540 billion by 2035, representing a CAGR of 19.06% during the forecast period 2023-2035. The new research study consists of current big data in healthcare market trends, detailed competitor’s analysis, key market insights, market impact analysis, and market forecast and opportunity analysis. The growth in the big data analytics in healthcare market size over the next decade is likely to be the result of anticipated increase in adoption of AI-enabled solutions and rise in the demand for personalized medicine.
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Big data in healthcare refers to the large amount of unstructured data obtained from various sources, such as medical research / journals, biometric data, electronic medical records, Internet of Medical Things (IoMT), social media, payer records, omics research and data banks. Integrating this diverse and complex unstructured data into traditional databases poses a significant challenge in terms of data structuring and standardization, which is essential to ensure compatibility and enable effective analysis. However, recent advancements in big data analytics tools, artificial intelligence, and machine learning have revolutionized the conversion of big data in healthcare into valuable and actionable information. These technological breakthroughs have revolutionized various aspects of healthcare, enabling data-driven decision-making, improving diagnostics, facilitating personalized treatment approaches and empowering patients with self-service options (including online portals, mobile applications, and wearable devices). Further, big data analytics tools play a crucial role in pharmaceutical R&D by expediting drug discovery and development processes. Driven by the growing demand for business intelligence solutions, surge in unstructured data, and the increasing focus on the development of personalized medicine, the global market for big data in healthcare is poised to experience sustained market growth during the forecast period.
The big data in healthcare market research report presents an in-depth analysis of the various companies that are engaged in the global big data in healthcare industry, across different segments, as defined in the table below:
|Key Report Attribute
|Market Size 2023
|Key Companies Profiled
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One of the key objectives of this market report was to estimate the current market size, opportunity and the future growth potential of the big data in healthcare market, over the forecast period. Based on multiple parameters, likely adoption trends and through primary validations, we have provided an informed estimate on the market evolution during the forecast period 2023-2035. The market report also features the likely distribution of the current and forecasted opportunity within the big data in healthcare market across various segments, such as component (hardware, software and services), type of hardware (storage devices, networking infrastructure and server), type of service (descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics), type of software (electronic health record, practice management software, revenue cycle management software, and workforce management software), deployment option (cloud-based and on-premises), application area (clinical data management, financial management, operational management, and population health management), healthcare vertical (healthcare services, medical devices, pharmaceuticals, and other verticals), end user (clinics, health insurance agencies, hospitals, and other end users), economic status (high income countries, upper-middle income countries, and lower-middle income countries), geography (North America, Europe, Asia, Middle East and North Africa, Latin America and rest of the world), and leading players.
In order to account for future uncertainties associated with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry’s evolution.
The opinions and insights presented in the market report were influenced by discussions held with stakeholders in the industry. The report features detailed transcripts of interviews held with the following industry stakeholders:
Further, all actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market report are in USD, unless otherwise specified.
The global big data in healthcare market is categorized into different types of components, such as hardware, services, and software. Owing to the rising adoption of advanced technologies, increased emphasis on data security, and ongoing investments in innovation, the hardware segment currently holds the highest market share in 2023 and is expected to witness healthy growth during the forecast period.
The global big data in healthcare market highlights cloud-based and on-premises deployment options. The cloud-based deployment option occupies the highest share in 2023 and is expected to remain dominant during the forecast period. This can be attributed to the multitude of benefits offered by cloud-based deployment, including scalability and flexibility, cost-effectiveness, ease of implementation and maintenance, and data accessibility and collaboration, among other advantages.
The global big data in healthcare market is segmented into clinical data management, financial management, operational management, and population health management. Among these segments, population health management is likely to grow at a higher CAGR as compared to other application areas in the coming years. This can be attributed to the increasing demand for disease management strategies (which can be facilitated through the implementation of big data) as well as the shifting focus of healthcare industry towards value-based care.
This segment highlights the distribution of big data in healthcare market across various geographies, such as North America, Europe, Asia, Latin America, Middle East and North Africa, and rest of the world regions. According to our projections, the big data analytics in healthcare market in North America is likely to capture majority (57%) of the share, and this trend is unlikely to change in the future. It is worth highlighting that the market in Asia is expected to grow at a relatively healthy CAGR (21.29%), during the forecast period, 2023-2035.
The “Big Data in Healthcare Market, 2023-2035: Distribution by Component (Hardware, Software and Services), Type of Hardware (Storage Devices, Networking Infrastructure and Servers), Type of Software (Electronic Health Record, Practice Management Software, Revenue Cycle Management Software, and Workforce Management Software), Type of Service (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics), Deployment Option (Cloud-based and On-premises), Application Area (Clinical Data Management, Financial Management, Operational Management, and Population Health Management), Healthcare Vertical (Healthcare Services, Medical Devices, Pharmaceuticals, and Other Verticals), End User (Clinics, Health Insurance Agencies, Hospitals, and Other End Users), Economic Status (High Income Countries, Upper-Middle Income Countries, and Lower-Middle Income Countries), Geography (North America, Europe, Asia, Middle East and North Africa, Latin America and Rest of the World), and Leading Players: Industry Trends and Global Forecasts” report features an extensive study of the current market landscape, market size and future opportunities within the big data in healthcare market, during the given forecast period. The market report highlights the efforts of several stakeholders engaged in this rapidly emerging market segment of the healthcare industry. Key takeaways of the big data analytics in healthcare market report are briefly discussed below.
The emerging applications of big data analytics in healthcare market are transforming the way healthcare is delivered, offering numerous benefits and opportunities. By harnessing the power of big data, healthcare professionals can gain valuable insights and improve various aspects of patient care. Big data analytics tools facilitate the development of personalized medicine by analyzing patient data to identify patterns and make precise diagnoses. It also allows disease prevention and early intervention through predictive analytics, helping to mitigate risks and improve population health. Additionally, big data analytics solutions play a crucial role in optimizing healthcare operations, resource allocation, and improving patient outcomes.
The current market landscape features the presence of over 405 companies offering a variety of big data analytics services, ranging from consulting, implementation, data management and storage to technical support and component maintenance services. Overall, the big data analytics in healthcare market seems to be well-fragmented, featuring the presence of very small, small, mid-sized, large, and very large companies having the required expertise to offer big data services across different healthcare verticals, including pharmaceutical, medical devices, healthcare services and other verticals. It is worth mentioning that around 65% of the players offering big data analytics services are based in North America.
Market Trends: Strategic Partnerships Driving Technological Advancements in Big Data Analytics Tools in Healthcare
Stakeholders in the big data analytics industry have forged several partnerships with other healthcare organizations to drive technological advancements in the healthcare industry. In October 2023, Marengo Asia Hospital entered into a strategic partnership with Oracle to adopt Oracle’s enterprise resource planning solution in order to optimize former’s internal processes and obtain a unified view of business operations. Earlier in June 2023, Google Cloud and Mayo Clinic forged an alliance to introduce generative artificial intelligence into the healthcare industry. The primary objectives of this partnership were to enhance clinical workflows, simplify information retrieval for clinicians and researchers, and ultimately improve patient outcomes. Such big data in healthcare market trends are expected to drive market growth during the forecast period.
Several factors, such as the growing need to store, process, and analyze large volumes of healthcare data, have led to the adoption of big data analytics solutions in the healthcare industry. With the advent of digital solutions, including electronic medical records and wearable devices, healthcare organizations are generating large amounts of data on a daily basis. In fact, on an average, a hospital can generate around 50 petabytes of patient data and operational data per day. Furthermore, the amount of data generated by the healthcare industry is anticipated to grow at an exponential rate, with a CAGR of more than 35% until 2025. The ability to effectively analyze and derive insights from this vast amount of unstructured data is crucial for improving operational efficiency, and decision-making in the healthcare industry.
The focus on population health management is another driver for the big data in healthcare market. As healthcare shifts from a fee-for-service model to a value-based care model, there is a greater emphasis on preventive care and public health. This shift highlights the importance of leveraging big data in healthcare to analyze demographic data, generate insights, and drive positive outcomes for patients. Additionally, big data analytics plays a crucial role in optimizing care management and addressing the complex issue of social determinants of health. All these factors, along with the increasing adoption of artificial intelligence enabled healthcare solutions are anticipated to fuel the big data in healthcare market growth during the forecast period.
Driven by the rapid advancements in technology and the emerging trend of digital transformation across the healthcare industry, big data in healthcare market is anticipated to grow at an CAGR of 19.06% during the forecast period 2023-2035. The market growth is primarily fueled by the keenness shown by the healthcare providers to adopt data-driven solutions, coupled with the substantial support and initiatives from governments worldwide.
Presently, close to 60% of the market opportunity is created by the demand for big data analytics solutions in North America. This can be attributed to strong government support for big data analytics, particularly in the US, which has accelerated the adoption rates across various sectors, including healthcare. For instance, in August 2023, the House of Representatives passed the Military Construction, Veterans Affairs, and Related Agencies Appropriations Bill, which allocated an Information Technology (IT) budget of around USD 6.4 billion for the Department of Veterans Affairs (VA) for fiscal year 2024. Notably, USD 1.3 billion of this budget was dedicated towards modernizing country’s EHR systems. Additionally, the All of Us Research program, a biobank initiative focused on precision medicine research is further driving the demand for big data analytics solutions in North America. These big data in healthcare market trends reinforce the expectation that North America will maintain its position as the leading market for big data analytics services during the forecast period, growing at a CAGR of 18.52%.
Leading Companies in the Big Data in Healthcare Market
Examples of key companies engaged in the big data in healthcare industry (which have also been captured in this market report, arranged in alphabetical order) include Accenture, Akka Technologies, Altamira.ai, Amazon Web Services. Athena Global Technologies, atom Consultancy Services (ACS), Avenga, Happiest Minds, InData Labs, Itransition, Kellton, Keyrus, Lutech, Microsoft, Nagarro, Nous Infosystems, NTT data, Oracle, Orange Mantra, Oxagile, Scalefocus, Softweb Solutions, Solix Technologies, Spindox, Tata Elxsi, Teradata, Trianz (formerly CBIG Consulting), Trigyn Technologies, and XenonStack. This market report includes an easily searchable excel database of all the companies offering big data analytics services for a variety of applications in healthcare industry worldwide.
The big data in healthcare market report presents an in-depth analysis of big data in healthcare market trends, highlighting the capabilities of various service providers engaged in this market, across different segments. Amongst other elements, the market report includes:
Recent Developments in Big Data in Healthcare Market
Several recent developments have taken place in the big data in healthcare industry, some of which have been outlined below. These developments substantiate the overall big data in healthcare market trends that we have outlined in our analyses.
Author(s): Ronit Sharma, Jayita Sood