April 20, 2024

Big Data Healthcare Market Poised to Grow Exponentially by Increased Adoption of Digital healthcare

The global big data healthcare market involves collection, storage, and analysis of significant amounts of health care data and medical records to discover insights for improved patient care and preventive medicine. Key application areas include population health management, precision medicine, clinical decision support, genomic profiling, predictive analytics for patient stratification, as well as development of personalized treatments. With healthcare providers increasingly adopting digital platforms to enhance care delivery while also gaining operational efficiencies, big data analytics has emerged as a promising solution to streamline workflows and provide better quality of care.

The global big data healthcare market is estimated to be valued at US$ 52,629.8 Mn in 2023 and is expected to exhibit a CAGR of 25.30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics
Increased adoption of digital healthcare across various regions around the world is one of the major drivers boosting the big data healthcare market growth. Digital transformation initiatives by healthcare systems to modernize infrastructure and optimize costs are supplementing demand for big data analytics. For instance, increased focus on development of integrated digital platforms to enhance care coordination, and introduction of telehealth and remote patient monitoring services are opening new opportunities for big data applications.

Moreover, rising focus on precision medicine and personalized treatment approaches fueled by influx of patient health data is another key factor propelling the market development. Big data enables analysis of genomic and other omics data of large patient population groups to develop individualized therapies. This is helping research organizations as well as pharmaceutical companies gain deep insights into disease susceptibility and drug responses of different individuals.

Segment Analysis
The big data healthcare market is segmented by component, analytics type, deployment model, application and end user. The services segment is dominating the big data healthcare market owing to the growing demand for assistance related to the collection of huge volumes of data, predictive analytics, visual analytics, data warehousing management and others by healthcare organizations.

PEST Analysis
Political: Government initiatives to increase EHR adoption and healthcare digitization are propelling the big data healthcare market growth. Security and privacy regulations are key challenges.
Economic: Rising healthcare costs and focus on value-based care are increasing investments in big data analytics. However, high costs associated with big data solutions restrict market growth.
Social: Increasing elderly population and growing healthcare needs generate massive healthcare data. Consumerization and digitalization drive demand for big data analytics.
Technological: Advancements in data mining, analytics, and cloud computing enable cost-effective big data deployment and insights. However, lack of data integration and optimization remain bottlenecks.

Key Takeaways
The global big data healthcare market is expected to witness high growth. The global Big Data Healthcare Market is estimated to be valued at US$ 52,629.8 Mn in 2023 and is expected to exhibit a CAGR of 25.30% over the forecast period 2023-2030.

North America dominates the market owing to rising government funding for big data projects and presence of key players. The Asia Pacific region is expected to grow at the fastest pace during the forecast period owing to increasing healthcare expenditures, government initiatives for EHR adoption, and rising medical tourism.

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. Key players focus on product launches and partnerships to strengthen their market presence. For instance, in 2023, GE Healthcare launched a new AI-powered imaging solution catering to chest X-rays, leveraging big data.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it