Global Big Data in Healthcare Market, Trends and Forecasts

Dublin, April 15, 2024 (GLOBE NEWSWIRE) — The “Global Big Data in Healthcare Market, Trends and Forecasts, Till 2035: Distribution by Component, Type of Hardware, Type of Software, Type of Service, Deployment Option, Application Area, Healthcare Vertical, End User, Economic Status, Geography, and Leading Players” report has been added to ResearchAndMarkets.com’s offering.

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 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.

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, the analyst has provided an informed estimate on the market evolution during the forecast period 2023-2035.

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).

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.

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%.

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.

Advantages of Big Data Analytics in Healthcare Market

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.

Competitive Landscape of Big Data Analytics Services

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.

Key Drivers in the Big Data in Healthcare Market

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.

North America Holds the Largest Share of the Big Data in Healthcare Market

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.

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%.

Market Share Insights

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 below:

• Historical Trend: 2018-2022
• Base Year: 2022
• Forecast Period: 2023-2035
• Market Size 2023: $67 Billion
• CAGR: 19.06%
• PowerPoint Presentation (Complimentary)
• Customization Scope: 15% Free Customization
• Component
  • Hardware (Storage Devices, Servers, and Networking Infrastructure)
  • Software (Electronic Health Record, Practice Management Software, Revenue Cycle Management Software, and Workforce Management Software)
  • Services (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics)
• Deployment Option
• Application Area
  • Clinical Data Management
  • Financial Management
  • Operational Management
  • Population Health Management
• Healthcare Vertical
  • Healthcare Services
  • Medical Devices
  • Pharmaceuticals
  • Other Verticals
• Economic Status
  • High Income Countries
  • Upper-Middle Income Countries
  • Lower-Middle Income Countries
• End User
  • Clinics
  • Health Insurance Agencies
  • Hospitals
  • Other End Users
• Geography
  • North America
  • Europe
  • Asia
  • Latin America
  • Middle East and North Africa
  • Rest of the World
• Excel Data Packs (Complimentary)
  • Overall Market Landscape
  • Key Insights
  • Company Competitiveness Analysis
  • Market Forecast and Opportunity Analysis

Leading Companies in the Big Data in Healthcare Market: Full list of 405+ companies and organizations is available in the report

• 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
• XenonStack

The report features detailed transcripts of interviews held with the following industry stakeholders:

• Chief Executive Officer and Founder, Mid-sized Company, India
• Chief Executive Officer and Co-Founder, Mid-sized Company, India
• Chief People Officer and Co-Founder, Small company, US
• Vice President, Large Company, US
• Business Head, Mid-sized Company, India
• Senior IT Inside Sales Lead, Small Company, India
• Senior Manager, Mid-sized Company, US
• Delivery Manager, Mid-sized Company, US
• Strategy, Research and Analyst Relations Manager, Large Company, India
• Business Development Manager, Mid-sized Company, US
• Business Development Associate, Mid-sized Company, US
• Business Development Specialist Advisor, Large Company, US
• Business Development Executive, Small Company, Armenia
• Business Consultant, Mid-sized Company, India

For more information about this report visit https://www.researchandmarkets.com/r/qvw9mm

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• Global Big Data in Healthcare Market