Big Data Analytics in Healthcare Market Size, Trends & Forecast 2032

Big Data Analytics in Healthcare Industry Prospective:

The global big data analytics in healthcare market size was worth around USD 38.25 billion in 2023 and is predicted to grow to around USD 145.03 billion by 2032 with a compound annual growth rate (CAGR) of roughly 15.96% between 2024 and 2032.

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Big data in healthcare refers to the abundant healthcare data collected from various sources including genomic pay or records, electronic health records (EHRs), wearable, medical imaging, pharmaceutical research, medical devices, and others. Big data in healthcare and medicine refers to these diverse large and complex data, which is difficult to analyze and manage with traditional software or hardware. Big data analytics covers the amalgamation of heterogeneous data, analysis, modeling, data quality control, interpretation, and validation. Big data implies huge quantities of information created by digitization of each and everything that gets merged and analyzed by specific technologies. With respect to healthcare, big data analytics will be used for a particular health data of a population and possibly help to cure disease, avoid epidemics, and cut down costs.

Big Data Analytics in Healthcare Market Growth Analysis

The big data analytics in the healthcare market is growing at the fastest growth rate due to the escalating demand for financial analytics in healthcare sector coupled with decreasing costs and availability of big data software and services. Additionally, the increase in demand for structured and unstructured data available in the healthcare industry has resulted in the growing need for big data analytics in the healthcare market. Also, increased and easy acceptance of new technologies is likely to drive the big data analytics in the healthcare market in the coming years. However, the underdeveloped IT infrastructure in developing countries, lack of reimbursement policies, and usage of refurbished equipment can impede the growth of the big data analytics in the healthcare market. Whereas, improvement in IT infrastructure and growing preference towards cloud-based analytics solutions in developing countries is expected to create opportunities for big data analytics in the healthcare market in the coming years.

In order to give the users of this report a comprehensive view of big data analytics in the healthcare market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein product type, application, and end-user segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The report provides a company market share analysis in order to give a broader overview of the key players in big data analytics in the healthcare market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in big data analytics in healthcare market on the global and regional basis. 

Big Data Analytics in Healthcare Market: Report Scope

The big data analytics in the healthcare market is segmented on the basis of the component, deployment type, analytics type, application, and region.

On the basis of the component, the big data analytics in the healthcare market is divided into the software, hardware, and services. Software segment is further divided into electronic health record software, practice management, and workforce management. The hardware segment is further divided into data storage, firewalls, routers, e-mail servers, virtual private networks, and others.

On the basis of the deployment type, the market is segmented as On-demand and on-premise.

On the basis of the analytics type, the market is segmented into descriptive, predictive, and prescriptive.

On the basis of the application, the big data analytics in the healthcare market is segmented into financial analytics, clinical data analytics, and others. Financial analytics segment is further sub-segmented as claim processing, risk adjustment & assessment, revenue cycle management, and others. And clinical data analytics segment is further sub-segmented into quality control, clinical decision support, reporting and compliance, population health management, and precision health. Application segment was the largest revenue generating segment in big data analytics in the healthcare market for the year 2023. Among all applications, financial analytics was the major application of big data analytics in the healthcare market for the year 2023. 

Big Data Analytics in Healthcare Market Regional Analysis

By geography, North America dominates the big data analytics in healthcare market due to early acceptance of the technology in this region. Emerging regions in the Asia Pacific are experiencing major growth in the big data analytics in the healthcare market. The growth can be attributed to advancement in big data technologies, ever-increasing digitalization, intensifying data analytics software industry, and high adoption rate of big data is increasing.

Also, the adoption of big data analytics services by a number of healthcare providers is on rising across the region and this will further contribute towards the regional growth. Furthermore, various initiatives undertaken by the government to integrate big data in the healthcare industry for making healthcare services more refined and cost-effective is projected to drive the market growth in the region over the years ahead. The Middle East and Africa market are anticipated to witness a significant growth during the forecast period.

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa with it further divided into major countries including the U.S. Canada, Germany, France, the UK, China, Japan, India, and Brazil. This segmentation includes the demand for big data analytics in healthcare tools based on individual segments and applications in all regions and countries.

Big Data Analytics in Healthcare Market: Competitive Analysis

The global big data analytics in healthcare market is dominated by players like:

• Cerner Corporation
• Dell
• McKesson Corporation
• Hewlett-Packard Co.
• GE Healthcare
• Mckesson
• Koninklijke Philips N.V.
• Epic System Corporation
• Optum
• Opera Solutions
• Philips
• Xerox
• Teradata Corporation
• Siemens Healthcare Gmbh
• Mu Sigma
• Splunk Inc.
• Cloudera
• EMC
• IBM
• Cognizant Technology Solutions
• Calpont Corporation
• Oracle Corporation

This report segments the global big data analytics in healthcare market as follows:

Global Big Data Analytics in Healthcare Market: by Component

• Software 

  • Electronic Health Record Software
  • Practice Management
  • Workforce Management
• Hardware 
  • Data Storage
  • Routers
  • Firewalls
  • Virtual Private Networks
  • E-Mail Servers
  • Others
• Services

Global Big Data Analytics in Healthcare Market: by Deployment Type

• On-Demand
• On-Premise

Global Big Data Analytics in Healthcare Market: by Analytics Type

• Descriptive
• Predictive
• Prescriptive

Global Big Data Analytics in Healthcare Market: by Application

• Financial Analytics 
  • Claim Processing
  • Revenue Cycle Management
  • Risk Adjustment & Assessment
  • Others
• Clinical Data Analytics
  • Quality Control
  • Population Health Management
  • Clinical Decision Support
  • Reporting and Compliance
  • Precision Health 
• Others

Global Big Data Analytics in Healthcare Market: by Region

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa