The global Big Data Analytics in Healthcare market was valued at USD 32.2 Billion in 2022 and is projected to reach USD 90.45 Billion by 2030, registering a CAGR of 15.91 % for the forecast period 2023-2030.
Market Definition
The healthcare industry is currently experiencing a revolution because of big data analytics. By using a wide range of data sources, healthcare providers are able to make better decisions, improve patient care, and enhance the overall efficiency of the healthcare system. Every day, the healthcare sector generates a massive amount of data through electronic health records (EHRs), medical images, patient histories, clinical notes, and more. Big data analytics, which is characterized by its volume, variety, velocity, and veracity, allows healthcare providers to gain useful insights from this data. This data-focused approach has many benefits, including disease prevention, early diagnosis, treatment optimization, and resource allocation. Big data analytics plays a vital role in population health management in healthcare. It provides healthcare organizations with a complete picture of the overall health of a population, facilitating the identification of public health trends and targeted interventions.
For instance, in March 2023 Cleveland Clinic and IBM introduced first quantum computer for healthcare research. These two have partnered for building this system in order to support health care sector for identification of new medicinal products and treatments quickly.
Market Size:
- 2022: USD 32.2 billion
- 2030: USD 90.45 billion
- CAGR (2023-2030): 15.91%
Big Data Analytics in Healthcare Market Dynamics
Drivers: Rising use of AI in healthcare to drive the market
The market for big data analytics in healthcare is driven by several factors. The big data analytics market has been significantly boosted by the emergence of artificial intelligence and machine learning. These technologies work together with big data to discover hidden patterns and predict insights for organizations. To gain a competitive advantage, automate decision-making processes, and improve customer experiences, companies are progressively investing in AI and machine learning algorithms into their analytics solutions. Big data analytics is becoming more popular due to its widespread use in various industries such as finance, healthcare, retail, and manufacturing. The healthcare industry uses big data analytics for tasks like patient care, drug discovery, and population health management, while retail companies use it for inventory optimization, customer segmentation, and personalized marketing. As these industries continue to see the advantages of big data analytics, the market for it grows to accommodate their specific needs.
For instance, in July 2023 AWS announced a new generative AI-powered service ‘AWS HealthScribe’ that uses speech recognition and generative AI to save clinicians time by generating clinical documentation.
Recent Developments
In October 2023, Harman a subsidiary of Samsung electronics Co. Ltd with focused on connected technologies for automotive, consumer and enterprise market launched large language model (LLM) for healthcare sector for solving problems and deep understanding, adaptability and continuous learning.
Restraint: Data privacy and security to restrain the market for big data analytics in healthcare
Big data analytics in healthcare with numerous factors contributing to its growth also has several restraining factors. One primary concern or factor is the data privacy and security. Big data comes in variety of formats and may have issues with accuracy and completeness. The frequency of data breaches and cyberattacks, along with strict data protection regulations, has made organizations more cautious about handling sensitive customer information. Safeguarding data and complying with regulations like GDPR and CCPA is a challenging task, adding complexity to big data analytics implementations. The other factors restraining the market, is the lack of skilled workers for designing, implementation of these systems. High initial costs associated with the implementations of these big data systems that includes data storages, processing infrastructures, and software licenses.
Challenges: Inaccuracy & complexity in the data to put forth challenges for the market
The big data analytics in healthcare market is facing several significant challenges that affect its adoption and expansion that includes data privacy and security concerns, inconsistent and inaccurate data sources, scalability, skills gap, cost and ROI concerns, and regulatory compliance complexities. One of the biggest problems is making sure that data is kept private and secure. This means that organizations have to be really careful about protecting important information and following a lot of rules, especially when there's a risk of data breaches and cyberattacks. Getting data that's not consistent and might have mistakes in it is another big issue. Also, organizations have trouble making their computer systems grow to handle more and more data. It's tough to find people with the right skills to work with big data, and sometimes, organizations worry about spending too much money on it. There are lots of rules to follow about how data is used, and sometimes, data isn't in the same format, making things harder. Plus, some people don't like changing how they do things, and that can make things tricky.
Opportunities: Advancement in technology to offer varied opportunities to grow
The big data analytics in healthcare market is full of potential for growth and progress, driven by evolving healthcare trends and technological advancements. One of the most significant opportunities is the abundance of patient data, which comes from electronic health records (EHRs), wearable devices, and telemedicine, provides a golden opportunity for predictive analytics, disease management, personalized medicine, and population health management. With an increasing demand for advanced healthcare solutions, big data analytics has the potential to revolutionize disease prevention, drug discovery, and patient care. Big data analytics is being adopted in industry-specific applications. Retailers use it for demand forecasting and personalized marketing. Financial institutions rely on it for fraud detection and risk assessment. In manufacturing, it is crucial for predictive maintenance and quality control. This trend of tailored analytics solutions is expected to continue as organizations recognize the importance of addressing industry-specific challenges and leveraging the power of data in their respective fields.
Snapshot:
| Attributes | Details |
| Market Size in 2022 | USD 32.2 Billion |
| Market Forecast in 2030 | USD 90.45 Billion |
| Compound Annual Growth Rate (CAGR) | 15.91 % |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Component, By Deployment, By Analytics Type, By Application, By End-User & By Region |
| By Component |
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| By Deployment |
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| By Analytics Type |
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| By Application |
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| By End-User |
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| By Region |
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| Base Year | 2022 |
| Historical Year | 2018 - 2022 |
| Forecast Year | 2023 - 2030 |
Segment Analysis of the Big Data Analytics in Healthcare Market
The big data analytics in healthcare market is segmented by component, by deployment, by analytics type, by application, by end-user & by region.
By Deployment
The cloud segment is expected to grow at high growth rate during the forecasted period: Based on the deployment segment the market for big data analytics in healthcare is classified into on-premises and cloud. The cloud deployment segment is expected to grow at high growth rate during the forecasted period. Cloud deployment is the process of deploying applications and data on to the cloud it can be done using various models such as public cloud, private cloud, and hybrid cloud. These cloud deployments offer various benefits to organizations by reducing the complexity in the operations, improve agility, and increases the innovation by providing platform for developing and testing quickly and easily are the factors contributing to the segment’s growth.
On the other hand, on-premises is the process of deploying applications and data to servers and other hardware located within the organization’s premises. It offers benefits such as control, performance, customization and compliance.
By Application
The big data analytics in healthcare market based on the segment application is classified into clinical analytics, financial analytics, operational analytics and others. The financial analytics segment to hold the major share in 2022 for the big data analytics in healthcare market. A growing focus on reducing the burden on patients and healthcare businesses, as well as the rise of personalized medicine and treatment, and the shift from volume to value-based care, are the factors contributing to the growth of the segment. In addition, financial analytics is providing an effective course of treatment and more accurate health insurance rates, which is contributing to an overall improved patient experience, also contributing to the largest share of the segment
Regional Analysis
North America has gained the largest market share in 2022: Region wise the market for big data analytics in healthcare sector is analyzed across North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The North America region held the largest market share in the big data analytics market in healthcare, mainly due to the widespread adoption of big data solutions by healthcare organizations in the region. The presence of a large number of vendors offering big data analytics solutions for the healthcare industry is also contributing to the market's growth in North America.
The market in Asia-Pacific region is experiencing significant growth due to the rising demand for big data analytics solutions from healthcare organizations in emerging countries like China and India. Furthermore, the increasing government investments in the healthcare sector in the region are also contributing to the market's growth.
Competition Analysis
- Hewlett Packard Enterprise (Hpe)
- Oracle Corporation
- Optum, Inc.
- International Business Machines Corporation (Ibm)
- Epic Systems Corporation
- Ge Healthcare
- Microsoft Corporation
- Cerner Corporation
- Allscripts
- Dell Emc
- Kt Corporation
Segmentation Analysis of the Big Data Analytics in Healthcare Market
By component
- Software
- Services
- On-Premise
- Cloud
- Descriptive Analytics
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic Analytics
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Others
- Hospitals & Clinics
- Finance & Insurance Agencies
- Research Organizations
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Impact of the COVID-19 Pandemic on the Big Data Analytics in Healthcare Market:
The big data analytics in healthcare market has been significantly impacted by the COVID-19 pandemic, with both short-term and long-term implications. The pandemic has increased the need for data analytics and digital transformation. Real-time analytics and predictive modeling are in high demand as businesses and healthcare systems adjust to rapidly changing conditions. Healthcare institutions rely on data for patient management, while e-commerce and streaming services use it to adapt their strategies to increased online activity.
COVID-19 has accelerated the digital transformation making the adoption more essential for the healthcare facilities. Companies are expected to focus on investing in big data analytics to prepare for future disruptions and take advantage of new opportunities. The pandemic has highlighted the significance of making decisions based on data, and this trend can lead to continuous growth in the big data analytics industry.
