February 21, 2024
Big Data Healthcare Market

Opening Of Cloud-Based Avenues Is Anticipated To Open Up The New Avenue For Big Data Healthcare Market

Market Overview:

Big data in healthcare involves collection, analysis and interpretation of large volumes of structured and unstructured data from various sources such as electronic health records, wearable devices, medical imaging and other diagnostic tests. This data is analyzed to gain insights into population health management, drug development, personalized medicine and clinical decision support. The insights gained help healthcare providers improve treatment effectiveness and diagnostic capabilities while reducing costs.

Market Dynamics:

One of the major drivers for the big data healthcare market is growing adoption of digital technologies in healthcare sector. The deployment of electronic health records, use of smartphones for healthcare monitoring and emergence of telehealth are resulting in generation of massive amounts of healthcare data everyday. According to Health Information and Management Systems Society, an estimated 2,314 petabytes of data will be generated from healthcare sources globally by 2020. Another driver is increasing need for cost effective treatment and medication. Big data analysis helps in streamlining drug discovery processes, defining optimal treatment regimens and identifying at-risk patient groups. This facilitates preventive care approach and reduces avoidable medical expenses.

Segment Analysis

The big data healthcare market is dominated by the predictive analytics segment which accounts for over 30% of the total market share. Predictive analytics allows healthcare organizations to analyze large patient data sets and medical records to identify patterns and predict future outcomes and risks. This helps provide personalized care, reduce readmissions, improve population health and enable value-based care.

The global Big Data Healthcare Market Demand is estimated to be valued at US$ 5,049.7 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

PEST Analysis

Political: Governments across the world are promoting big data driven policies and initiatives to modernize healthcare infrastructure and improve care delivery. Favorable regulations around data privacy and security are helping drive big data adoption.

Economic: Rising healthcare costs is a key factor driving investment in big data solutions which can help optimize costs, streamline operations and power clinical trials. The economic benefits of big data such as reduced medical errors and hospital stays is boosting spend.

Social: Growing focus on personalized care, shift towards value-based medicine and emphasis on patient engagement is fueling demand for big data analytics. Patients are increasingly willing to share their health data to receive tailored treatment plans and better outcomes.

Technological: Emergence of technologies such as AI, cloud computing and edge computing is enhancing big data analytics capabilities. Integration of workflows and availability of cost-efficient solutions is supporting big data implementation across various parts of the healthcare continuum.

Key Takeaways

The global big data healthcare market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing focus on delivering personalized care and improving patient outcomes. North America currently dominates the market, accounting for over 35% revenue share in 2023 primarily due to substantial technology adoption and governmrnt support for big data initiatives in the region.

The Asia Pacific region is anticipated to be the fastest growing market for big data healthcare exhibiting double digit CAGR owing to rising medical infrastructure, growing disease burden and increasing healthcare spending in countries such as China and India.

Key players operating in the big data healthcare market are Innovaccer Inc., SAS Institute Inc., Optum Inc., Oracle Corporation, Dell Technologies Inc., Epic Systems Corporation, GE Healthcare, Cerner Corporation, Allscripts Healthcare Solutions Inc., and International Business Machines Corporation, among others. Major players are focusing on partnerships, mergers and acquisitions to enhance their big data analytics offerings and expand their presence across various countries and regions.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it