New York, United States, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Big Data analysis in healthcare identifies hidden patterns, market trends, unknown relationships, and customer preferences to inform clinical and business decisions. Global need for Big Data solutions for people's health management and business intelligence to optimize health administration and strategy would increase the market. Big data can change current healthcare. Since 1990, technology has grown rapidly. Many healthcare organizations use big data to enhance patient outcomes and promote innovation.
Innovation in big data analytics tools is vital for managing such huge data, creating opportunities for market players to design new software and systems. Digitization of healthcare systems boosts cost and quality of care worldwide. The advances have led to more sophisticated heterogeneous data, especially unstructured data. Big data analytics in healthcare involves analyzing, integrating, and managing huge amounts of data. These data come from EHRs and biomedical records.
Despite being a leading market, big data in healthcare is new. Developing countries' demand for evidence-based clinical care will boost the market. The future of big data in healthcare will be determined by technological breakthroughs from 2022 to 2030.
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Market Overview
Global Big Data in Healthcare Market: Drivers
- Population health analytics demand rises
Complete patient care and cost-effective prescription procedures are required for population health management. To assess clinical and claims data, they must be combined on the same platform. Future growth of the global market for big data analytics in healthcare is likely to be driven by need for improvements in care management, early sickness prediction, and hospitalization. Citizen health is also crucial to healthcare administration. This requires predictive population health analysis, which is expected to improve big data analytics deployment globally during the projection period.
- Unstructured Medical Data Is Expected to Grow Exponentially, Boosting Demand
Recent advances in metabolomics, epigenomics, proteomics, genomics, pharmacogenomics, and transcriptomics have greatly increased unstructured medical data. Rising importance of data analytics and big data in developing predictive models has opened up new vistas for the worldwide big data sector in healthcare.
Data mining techniques and healthcare IT advancements have boosted the global big data in healthcare market. This market is worldwide. Growing usage of big data in biosciences applications, especially genomic sequencing and drug detection, has boosted the global big data market in healthcare. High-quality big data services and software at reasonable rates have also increased demand in the healthcare sector.
Global Big Data in Healthcare Market: Key Future Opportunities
- Cloud-Based Big Data Techniques' Potential
In recent years, firms in the global healthcare industry have begun to embrace cloud analytics technologies over traditional on-premise business intelligence (BI) systems. As client and customer management becomes more important, greater planning, smart decision-making, and predictive modelling have become commonplace for corporate executives. According to a Harvard Business School study on cloud business analytics, industry participants are focusing more on cloud-based solutions for data discovery and visualization, predictive analytics, big data, and mobile analytics. During the projection period for the global big data in healthcare market, these factors will create profitable opportunities for analytics suppliers.
Report Scope
| Report Metric | Details |
| Market Size | USD 105.73 Billion by 2030 |
| CAGR | 13.85% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Analytics Type, Applications, End User, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Allscripts, GE Healthcare, Cerner Corporation, Dell EMC, Epic Systems Corporation, Hewlett Packard Enterprise (HPE), Cognizant, International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corporation, Optum, Inc., Philips |
| Key Market Opportunities | Increasing Potential of Cloud-Based Big Data Techniques |
| Key Market Drivers | Rise In Demand for Population Health Analytics The Exponential Expansion of Unstructured Medical Data Is Anticipated to Boost Demand |
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Regional Overview of Global Big Data in Healthcare Market
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa make up the Big Data Analytics in Healthcare Market.
North America dominates the worldwide Big Data Analytics in Healthcare Market due to IoT and increased demand for patient data analytical models for better service delivery and regulatory regulations. There's plenty of patient info nearby. Pharma companies have digitized years of R&D data to make it easier to evaluate, while businesses and consumers have digitized patient information.
North America was one of the first regions to digitize, especially the healthcare industry, which generated vast volumes of raw data. AI, IoT, and big data are used in healthcare. eHealth is boosting the market for healthcare big data analytics. A growing trend in the region is the preference for value-based care over pay-for-service, which evaluates the patient's treatment accuracy rate instead of compensating healthcare professionals for completing the process.
Due to big data in healthcare and high spending, Europe is the second-largest market. Strong government R&D and greater usage of smart and connected devices drive big data in healthcare in the region. Digitization forces healthcare organizations to use big data to prevent clinical errors. Sentiment analysis using big data in healthcare is a fast-growing industry due to the rise of European pharmaceutical companies with large volumes of unstructured data.
Asia-Pacific is the fastest-growing emerging market, at 41%. Big data analytics in mobile healthcare has generated significant revenue due to rising internet and smart mobile use. Wearable systems and digital health apps have created a global need for big data in healthcare.
Key Highlights
- The global big data in healthcare market size was valued at USD 32.9 billion in 2021 and is predicted to reach USD 105.73 billion by 2030, increasing at a CAGR of 13.85% from 2022 to 2030.
- The Global Big Data in Healthcare Market by Analytics type are segmented into: diagnostic, descriptive, prescriptive, and predictive. Descriptive Analytics segment leads the market globally.
- By Applications, the global Big Data in Healthcare market can be broken down into Clinical Analytics, Financial Analytics, Operational Analytics, and Other Applications. Clinical Data Analytics segment has the largest market share.
- By End-User, Research Organizations, Hospitals and Clinics, Finance and Insurance Agencies, and Others are the four main categories that make up the global Big Data in Healthcare market's End-User segmentation. Hospitals segment has the largest share.
- The Global Big Data in Healthcare Market by Geography includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America held 37% of the 2021 market. North America is the dominant leader across the globe.
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A list of major competitor companies in the Big Data in Healthcare market across the globe are:
- Allscripts
- GE Healthcare
- Cerner Corporation
- Dell EMC
- Epic Systems Corporation
- Hewlett Packard Enterprise (HPE)
- Cognizant
- International Business Machines Corporation (IBM)
- Microsoft Corporation
- Oracle Corporation
- Optum, Inc.
- Philips
Global Big Data in Healthcare Market: Segmentation
By Analytics Type
- Prescriptive Analytics
- Predictive Analytics
- Diagnostic Analytics
- Descriptive Analytics
By Application
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Others
By End-User
- Research Organizations
- Hospitals and Clinics
- Finance and Insurance Agencies
- Others
By Geography
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
Table of Content
- Introduction
- Market Definition
- Market Scope
- Research Methodology
- Primary Research
- Research Methodology
- Assumptions & Exclusions
- Secondary Data Sources
- Market Overview
- Report Segmentation & Scope
- Value Chain Analysis: Big Data in Healthcare Market
- Key Market Trends
- Drivers
- Restraints
- Opportunities
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitution
- Threat of New Entrants
- Competitive Rivalry
- Market Share Analysis
- Analytics Types Overview
- Introduction
- Market Size & Forecast
- Prescriptive Analytics
- Market Size & Forecast
- Predictive Analytics
- Market Size & Forecast
- Introduction
- Applications Overview
- Introduction
- Market Size & Forecast
- Clinical Analytics
- Market Size & Forecast
- Financial Analytics
- Market Size & Forecast
- Introduction
- Regional Overview
- Introduction
- Market Size & Forecast
- America
- North America
- U.S.
- By Analytics Types
- By Applications
- Canada
- By Analytics Types
- By Applications
- Mexico
- By Analytics Types
- By Applications
- Latin America
- By Analytics Types
- By Applications
- Europe
- Market Size & Forecast
- Germany
- By Analytics Types
- By Applications
- France
- By Analytics Types
- By Applications
- U.K.
- By Analytics Types
- By Applications
- Italy
- By Analytics Types
- By Applications
- Spain
- By Analytics Types
- By Applications
- Rest of Europe
- By Analytics Types
- By Applications
- Asia Pacific
- Market Size & Forecast
- Japan
- By Analytics Types
- By Applications
- China
- By Analytics Types
- By Applications
- Australia
- By Analytics Types
- By Applications
- India
- By Analytics Types
- By Applications
- South Korea
- By Analytics Types
- By Applications
- Rest of Asia-Pacific
- By Analytics Types
- By Applications
- Middle East & Africa
- Market Size & Forecast
- Saudi Arabia
- By Analytics Types
- By Applications
- South Africa
- By Analytics Types
- By Applications
- Kuwait
- By Analytics Types
- By Applications
- Rest of Middle East & Africa
- By Analytics Types
- By Applications
- Introduction
- Company Profile
- Allscripts
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- GE Healthcare
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Cerner Corporation
- Company Overview
- Financial Performance
- Recent Developments
- Product Portfolio
- Allscripts
- Conclusion & Recommendation
- Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/big-data-in-healthcare-market/toc
Recent Developments
- June, 2022 - GE Healthcare's breakthrough diagnostic and treatment solutions, which range from early detection to remote monitoring and data exchange, are aimed to help cancer patients enhance diagnosis, clinical efficiency, operational efficiency, and outcomes.
- April, 2022 - The termination date of the merger agreement between Optum, a diversified health services firm, and Change Healthcare, a leader in health care technology, has been extended to December 31, 2022 by mutual consent.
- December, 2021 - Oracle Corporation and Cerner Corporation have revealed that they have reached an agreement for Oracle to acquire Cerner for a price of $95.00 per share, which is equivalent to an equity value of $28.3 billion.
News Media
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