Market Overview:
Big data in healthcare refers to techniques and technologies that require advanced data processing capabilities to manage and analyze vast amounts of diverse structured and unstructured healthcare data. It helps generate insights that improve patient outcomes, quality of care, operational efficiency, and lowers the overall costs of healthcare delivery.
Market key trends:
One of the major trends in the big data healthcare market is the increasing adoption of cloud computing services. The healthcare industry generates huge amounts of data on a daily basis and storing this data on-premises hardware can become very expensive in the long run. Cloud computing offers healthcare providers flexible and cost-effective data storage solutions with advanced analytics capabilities.
This allows providers to focus more on patient care while leveraging big data insights for better decision making, without needing to make heavy capital investments. As healthcare moves increasingly online post-pandemic, cloud adoption in the industry is expected to rise significantly over the forecast period.
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.
Segment Analysis
The big data healthcare market is segmented by component into hardware, software, and professional services. The software segment is expected to dominate the market, owing to growing adoption of big data analytics software such as machine learning platforms, streaming analytics, SQL databases, data visualization tools, and Hadoop for analyzing large and complex healthcare data generated across hospitals, pharmaceutical companies, and medical devices manufacturers. The software allows easy and effective collection, storage, processing, and analysis of both structured and unstructured healthcare data to gain insights for clinical and business decisions.
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 demand for improved patient outcomes, enhanced financial performance, and reduced healthcare costs.
Regional analysis:
North America is expected to dominate the global big data healthcare market, owing to rapid adoption of advanced big data technologies by healthcare organizations, presence of major healthcare IT companies, and stringent regulations promoting precision medicine and meaningful use of EHR systems.
Key players:
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 (GE Company), Cerner Corporation, Allscripts Healthcare Solutions Inc., and International Business Machines Corporation (IBM), among others. Innovaccer Inc. offers a data activation platform for healthcare which combines machine learning, edge processing, and open APIs to make care data useful and usable.
