Big Data in Healthcare Market

The global big data in healthcare market size was USD 42.2 Bn in 2022 and is likely to reach USD 286.8 Bn by 2031, expanding at a CAGR of 26.5% during 2023 – 2031. Increasing demand for big data analytical solutions for the effective utilization of data to enhance patient care, drive innovation, and improve overall healthcare outcomes is expected to boost the market.

Big data in healthcare refers to the utilization of large volume of structured and unstructured data generated within the healthcare industry for various purposes. This encompasses the collection, storage, management, and analysis of large and diverse datasets, including electronic health records (EHRs), medical images, clinical trial data, genomic information, and patient-generated data.

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The adoption of big data analytics enables doctors to make informed decisions and improve patient outcomes by analyzing patients’ history. It allows healthcare professionals to gain valuable insights into disease patterns, effective treatment, predictive modeling, and personalized medicines.

Big data plays a vital role in advancing medical research and innovation. Researchers can identify correlations, discover new treatment options, and validate the efficacy of existing therapies by analyzing large-scale clinical datasets. Furthermore, big data analytics facilitate precision medicine and personalized healthcare by analyzing individual genetic and clinical data to tailor treatment plans and therapies to specific patients.

The COVID-19 pandemic had a positive impact on big data in healthcare market. The pandemic has generated huge amount of healthcare data. This data includes information about COVID-19 cases, testing, and hospitalizations, which raised tendency to use big data analytics for clinical research and vaccine and drug discovery.

Big Data in Healthcare Market Dynamics

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Major Drivers

Increasing digitization in healthcare and the widespread adoption of electronic health records is expected to drive the market during the forecast period[SH1] . HER Securely share up-to-date information with patients and clinicians. It enables healthcare settings to monitor and track accurate patient information during treatment. However, the large volume of patient data requires big data analysis, as it provides a reliable solution to extract valuable insights including hidden patterns and treatment effectiveness. The availability of digital data facilitates comprehensive analysis, enables trend identification, and supports evidence-based decision-making, which ultimately enhances patient care and outcomes.

Growing focus on personalized medicine and precision treatments is another factor driving the market. Big data analytics allows healthcare professionals to analyze individual genetic and medical information to create personalized treatment plans. This approach aims to improve the effectiveness of treatments while minimizing side effects and making better use of healthcare resources. The increasing focus on personalized medicine along with advancements in genomic research and data analysis boosts the demand for big data solutions in healthcare.

Existing Restraints

Rising data privacy and security concerns are expected to hinder the market in the coming years. Healthcare data is highly sensitive and subject to stringent privacy regulations in various countries. Ensuring compliance with these regulations and safeguarding patient privacy requires robust security measures. The need to strike a balance between data access for analysis and protecting patient confidentiality poses a challenge for healthcare organizations to implement big data solutions.

Emerging Opportunities

The integration of artificial intelligence (AI) and machine learning (ML) technologies is likely to create favorable opportunities for the key players competing in the market. AI and ML algorithms has the ability to process and analyze huge amounts of healthcare data, which further enables the identification of complex patterns, early detection of diseases, and more accurate diagnostic capabilities. The combination of big data and AI/ML facilitates the development of intelligent systems and decision-support tools that allows healthcare professionals to enhance clinical workflows and enable more personalized patient care.

Scope of the Big Data in Healthcare Market Report

The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Component Segment Analysis

Based on component, the big data in healthcare market is bifurcated into software and service. The software segment is expected to hold a major market share during the projected period, as it plays a crucial role in data management, analytics, and visualization. The software enables efficient data collection, storage, and organization, which ensures data integrity and accessibility.

Healthcare providers leverage software applications to manage electronic health records, integrate data from multiple sources, and establish comprehensive data repositories. These capabilities are vital for effective data utilization, enabling healthcare professionals to access and analyze relevant information efficiently.

The service segment is anticipated to expand at a considerable CAGR during the forecast period, owing to the rising need for specialized expertise, guidance, and support in implementing and managing big data solutions in the healthcare sector. The service segment provides support and maintenance services to ensure the smooth functioning of big data solutions. Service providers offer technical assistance, troubleshooting, and regular updates to address any issues that may arise, which further helps healthcare organizations to maintain the performance, security, and reliability.

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Deployment Segment Analysis

On the basis of deployment, the market is classified as on-premise, cloud-based, and web-based. The on-premise segment is anticipated to register a robust growth rate in the coming years, owing to the growing concern regarding data security, privacy, compliance, and existing IT infrastructure. Healthcare organizations handle sensitive patient data, including personal health information which needs robust security measures.

The on-premise deployment solution offers greater control over data security protocols, network infrastructure, and access controls over storage data. This allows healthcare organization to implement stringent security measures, such as firewalls, encryption, and intrusion detection systems to safeguard patient data and comply with regulatory requirements.

The Cloud-based segment is expected to grow at a significant pace during the projection period, due to its ability to handle large volumes of data effectively and the accessibility from remote locations without security concerns. Cloud computing solutions allow healthcare organizations to easily scale up their data storage based on their specific needs. This flexibility improves data handling efficiency and accommodates future growth without the need for substantial upfront investments in infrastructure.

The deployment cloud-based technology offers improved data security and reliability compared to on-premises solutions. Cloud service providers employ robust security measures, such as encryption and access controls to protect sensitive healthcare data. It also ensures data backups and redundancy, which minimizes the risk of data theft or loss.

Application Segment Analysis

In terms of application, the big data in healthcare market is fragmented into clinical analytics, financial analytics, operational analytics, population health analytics, and others. The financial analytics segment is estimated to hold a key market share during the projected period, as it allows payers and providers to keep a check on the cost of care delivery. With rising healthcare costs, shifting payment models, and increasing financial pressures healthcare providers are seeking ways to improve financial performance and sustainability.

Big data analytics enables organizations to analyze and monitor financial data, such as revenue cycles, reimbursement patterns, and billing processes to identify inefficiencies. These insights support strategic decision-making, resource allocation, and revenue optimization within the healthcare organizations. The segment growth is further attributed to the increasing focus on cost optimization, revenue management, value-based care, fraud prevention, and strategic decision-making within the healthcare industry.

The population health analytics segment is anticipated to grow at a significant growth rate during the assessment period, owing to its crucial role in improving population health outcomes, managing chronic diseases, and driving preventive care initiatives. Healthcare organizations are shifting their focus from a reactive individual-centric approach to a proactive population-based approach.

Big data analytics enables the analysis of comprehensive healthcare data, including demographic information, clinical records, and social determinants of health to identify population health trends, understand disease patterns, and predict future healthcare needs. This allows healthcare organizations to develop targeted interventions, implement preventive care strategies, and allocate resources effectively to improve population health outcomes.

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End-user Segment Analysis

Based on end-user, the market is divided into hospitals, clinics, research institutes, finance & insurance agencies, and others. The hospital segment is expected to expand at a considerable CAGR in the coming years, as it generates a huge volume of data related to patient, resource utilization, staffing, scheduling, supply chain management, and financial operations, which needs to be secure.

Hospital plays a central role in healthcare service delivery, patient care, operational management, and contribute to research and innovation. Big data analytics enables hospitals to optimize resource allocation, streamline workflows, reduce costs, and improve operational efficiency. It provides in-depth insights into patients’ health and treatment and improve accuracy in finding disease risk. Rising digitization in

The research institutes segment is anticipated to register a robust growth rate, due to the rising clinical research for development of novel drugs and treatment. Research institutes requires patients’ history to develop novel treatment and further generates meaningful insights for scientific advancements. However, big data analytics provides reliable and powerful tools to analyze large and complex datasets, including genomic data, clinical trial data, and population health data. This technique helps research institutes to understand patterns, correlations, and associations that lead to new treatment modalities and important and lifesaving discoveries. Increasing demand for data-driven research and evidence-based practices is further likely to boost the segment.

Regional Outlook

In terms of region, the global big data in healthcare market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period, owing to the well-established advanced healthcare infrastructure, widespread adoption of digital technologies, and a strong focus on healthcare innovation.

The US and Canada have well-established healthcare systems and a high degree of technological advancement. These medical settings [SH2] generate vast amounts of data, including patient records, diagnostic tests, medication history, and treatment outcomes. Rising technological advancement in healthcare sector to streamline workflow is likely to fuel the market in the region.

The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to its large population, increasing adoption of digital technologies, and growing focus on healthcare modernization. The availability of vast and diverse datasets creates immense opportunities for leveraging big data analytics in healthcare to gain insights into disease patterns and demographic trends. This further makes it easy for healthcare professionals to make informed decisions, improve care delivery, and enhance population health management. Increasing government funding to improve healthcare infrastructure is further likely to fuel the market in the region.

Segments

The global big data in healthcare market has been segmented on the basis of

Component

• Software
• Services

Deployment

• On-premise
• Cloud-based

Application

• Clinical Analytics
• Financial Analytics
• Operational Analytics
• Population Health Analytics
• Others

End-User

• Hospitals
• Clinics
• Research Institutes
• Finance & Insurance Agencies
• Others

Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• Altera Digital Health Inc.
• Oracle
• Cognizant
• Change Healthcare     
• Dell Inc.
• Epic Systems Corporation
• GE HealthCare
• Hewlett Packard Enterprise Development LP
• IBM
• Kyndryl Inc
• MCKESSON CORPORATION
• Microsoft
• Optum, Inc.
• Koninklijke Philips N.V.
• Philips
• Siemens
• Xerox Corporation                    

Competitive Landscape

Key players competing in the global big data in healthcare market are Altera Digital Health Inc.; Oracle; Cognizant; Change Healthcare; Dell Inc.; Epic Systems Corporation; GE HealthCare; Hewlett Packard Enterprise Development LP; IBM; Kyndryl Inc; MCKESSON CORPORATION; Microsoft; Optum, Inc.; Koninklijke Philips N.V.; Philips; Siemens; and Xerox Corporation.

These companies are boosting their market share by adopting various strategies such as partnerships, mergers, reduction in production costs, launching new software solutions, and implementing advanced technologies. For instance,             

• On April 19, 2022, Change Healthcare released InterQual 2022. This latest edition support solution for the delivery of the latest evidence-based appropriate care. This solution contains restructured and interactive criteria to smooth out the workflow and AI to provide accurate insights efficiently. 

• On March 15, 2022, Microsoft, a multinational technology corporation launched Azure Health Data Services to support protected health information (PHI) in the cloud. This technology is developed to provide strong data privacy within compliance boundaries, gain insights with analytics & AI tools, and identify the secondary use of data.