Healthcare Big Data Analytics Market Analysis

 Healthcare Big Data Analytics Market Overview

The healthcare big data analytics market size was valued at USD 173.6 billion in 2022 and is projected to grow from USD 215.71 Billion in 2023 to USD 1226.10 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 24.3% during the forecast period (2024 - 2032). The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are the key market drivers enhancing the market growth.

Source Secondary Research, MRFR Database, Primary Research, and Analyst Review

Big data analytics within the healthcare sector is the difficult process of sifting through enormous amounts of data to uncover information, such as hidden linkages, market trends, consumer preferences, and patterns, assisting businesses in making wise clinical or business decisions. In the healthcare sector, big data analytics is a challenging process that involves sorting through enormous amounts of data to find information like cryptic patterns, emerging markets, undiscovered relationships, and customer preferences. Organizations can use this to make informed clinical and commercial decisions. The market is expected to expand due to the growing need for big data solutions for the health of the population management and business intelligence to improve the administration of healthcare and strategy.

The discipline of healthcare analytics is vast and encompasses a variety of topics, including clinical delivery, personalized medication, and operational efficiency. Big data analytics also improves population health and process-oriented expenses in the healthcare sector by fusing performance modeling with economic and predictive care monitoring. The market is expected to grow due to the rising need for information technology for better health administration and tactics, the demand for analytics services for population health management, and the rapid uptake of big data in the healthcare sector. The growing use of electronic medical records (EHR) is a significant factor propelling the healthcare analytics industry. 

Healthcare organizations and providers are increasingly adopting electronic health records (EHRs) as they look to use the data, they hold to enhance patient care and cut costs. It is projected that increasing compliance with regulations in the healthcare industry, rising big data solution demand for population health management, and rising business intelligence demand to improve healthcare management and strategy will propel market expansion. EHRs have become indispensable tools for healthcare professionals thanks to their capacity to store and manage massive volumes of data and grant access to numerous stakeholders.

News:Carle Health, an integrated health system with headquarters in Illinois, has teamed with medical information and analytics technology firm Health Catalyst to strengthen its analytics abilities and enhance patient care. The five-year contract will solidify the already-existing partnership between the two businesses and give Carle Health access to managed services in data management, reporting, analytics, and management of projects.

Healthcare Big Data Analytics Market Trends

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  EHR adoption is increasing in both developing and developed countries to boost the market growth

  
  

The increasing adoption of Electronic Health Records (EHR) is a major driver of the healthcare analytics market. EHR adoption has been steadily increasing in developing, and developed countries as healthcare providers and organizations seek to leverage the data contained to improve patient care and reduce costs. The ability of EHRs to store and manage large volumes of data and provide access to various stakeholders has made them invaluable tools for healthcare providers. With EHR adoption increasing, the amount of data available for analysis is growing exponentially, creating a need for analytics solutions to make sense of this data. This is driving the growth of the healthcare analytics market, as providers and organizations seek to leverage healthcare analytics to gain insights into care quality, efficiency, and cost has enhanced the market CAGR of healthcare big data analytics across the globe in recent years.

Moreover, using analytics in precision and personalized medicine creates a huge market opportunity for healthcare analytics. Precision medicine is an emerging field that focuses on the individual patient, considering their characteristics such as genetics, lifestyle, environment, and history. By doing so, precision medicine can tailor treatments to individual patients and provide them with more effective and safer treatments. This leads to improved outcomes for patients and costs savings for healthcare providers. Healthcare analytics is used to understand the patient's data to inform precision and personalized medicine. By leveraging the massive amounts of data collected from medical records, EMRs, and other sources, healthcare analytics can provide insights into patient populations, identify patterns and trends, and help inform precision and personalized medicine decisions. This provides more effective and safer treatments for patients and can also reduce healthcare providers' costs. The growing demand for precision and personalized medicine drives the growth of the healthcare big data analytics market revenue.

Healthcare Big Data Analytics Market Segment Insights

Healthcare Big Data Analytics Type Insights

The market segments of healthcare big data analytics, based on type, includes descriptive analytics, predictive analytics, prescriptive analytics, and others. The descriptive analytics segment held the majority share in 2022, contributing to the healthcare big data analytics market revenue. Descriptive analytics has proved to be a valuable tool for understanding what happened by accessing historical data and turning it into actionable insights. Hospitals are also using it to monitor the performance of insurance claims by detecting irregularities and errors in the claims. However, predictive analytics is the fastest-growing category over the forecast period because it uses data sets created by using descriptive analytics by analyzing data for actionable future insights.

Healthcare Big Data Analytics Product Insights

The healthcare big data analytics market segmentation, based on product, includes hardware, software, and service. The service segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032. The healthcare industry has been investing a substantial amount of capital in the IT industry to develop platforms and digitize data for analytics. Hence, the growth of data analytics companies offers companies a complete set of services. The increase in services offered by data analytics companies has positively impacted market growth. However, the software is the fastest-growing category over the forecast period due to the increase in the patient load in the health industry, increase in disease prevalence, etc. has resulted in massive amounts of clinical data generated, the insurmountable pressure on the industry to give better care, better results and cost-effective treatments to patients.

Healthcare Big Data Analytics Application Insights

The healthcare big data analytics market data has been bifurcated by application into financial, clinical, operational, administrative, population health analytics, and others. The financial analytics segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2030. Healthcare institutions and organizations continually strive to minimize the cost of treatment yet deliver better care to patients. However, clinical analytics is the fastest-growing category over the forecast period. Healthcare institutions incur costs in the form of insurance claims which can also be fraudulent. To mitigate such risks and minimize occurrences, healthcare organizations deploy analytical tools for predictive and descriptive analysis to deliver better patient care, reduce overall operations costs, and minimize fraud in insurance claims.

Figure 1 Healthcare Big Data Analytics Market, by Application, 2023 & 2030 (USD Million)

Source Secondary Research, MRFR Database, Primary Research, and Analyst Review

Healthcare Big Data Analytics Mode of Delivery Insights

Based on the mode of delivery, the healthcare big data analytics industry has been segmented into on-premise and cloud-based models. On-premise model hospitals held the largest segment share in 2022. Most institutions are installing software and tools to store data at their premises due to ease of access and security, resulting in a large market share of this type of delivery. However, the cloud-based model is the fastest-growing category due to ease of storage, less capital investment, and increased flexibility and efficiency, these factors also add up to continuous growth in this delivery mode.

News:India has been very explicit about healthcare being one of its main priorities while holding the G20 chair. In an earlier meeting, the health minister underlined the need for an inclusive, receptive, and flexible structure to address health emergencies like COVID-19 effectively. India will change its emphasis from a "data-driven" approach to a "data-first" approach, where "data for development" will play a key role in promoting such a framework. In a sector where millions of precious pieces of patient data are continually being sent from one end to the other, the value of data has become priceless. Big Data technology has made it feasible to turn this data into information that can be used to provide improved services.

Healthcare Big Data Analytics Regional Insights

By Region, the study delivers market insights into North America, Europe, Asia-Pacific, and Rest of the World. North America healthcare big data analytics market accounted for USD 79.51 billion in 2022 and is expected to exhibit a significant CAGR growth over the study period. This is attributed to the rising burden of chronic ailments, and the increasing geriatric population has also created a need for hospitals and other organizations to adopt analytics tools. Further, the US market of healthcare big data analytics held the largest market share, and the Canada market of healthcare big data analytics was the fastest-growing market in the North America region.

Further, the prominent countries studied in the market report are The U.S, Canada, Germany, UK, Italy, Spain, France, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 HEALTHCARE BIG DATA ANALYTICS MARKET SHARE BY REGION 2023 (%)

Source Secondary Research, MRFR Database, Primary Research, and Analyst Review

Europe healthcare big data analytics market accounts for the second-largest market share due to the presence of key players in the market has also been a factor in the large share of the revenue. Further, the Germany market of healthcare big data analytics held the largest market share, and the UK healthcare big data analytics market was the fastest-growing market in the European region.

The Asia-Pacific healthcare big data analytics market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to the rise in advancements in the internet of things (IoT) and the demand for analytical patient information models for better service delivery and government policies promoting telemedicine and EHRs. Moreover, China market of healthcare big data analytics held the largest market share, and the India market of healthcare big data analytics was the fastest-growing market in the Asia-Pacific region.

Healthcare Big Data Analytics Key Market Players & Competitive Insights

Major market players are spending a huge amount of money on R&D to enhance their product lines, which will assist the healthcare big data analytics market to grow even more. Market players are also taking several strategic initiatives to grow their footprint ly, with key market developments such as new product establishment, contractual agreements, mergers and acquisitions, enhanced investments, and collaboration with other organizations. Competitors in the healthcare big data analytics industry must provide cost-effective items to enhance and survive in an increasingly competitive and improved market environment.

Manufacturing locally to reduce operating costs is one of the major business strategies manufacturers adopt in the  healthcare big data analytics industry to benefit clients and expand the market sector. In the healthcare, big data analytics market, major players such as Allscripts Healthcare Solutions, Cerner, Cotiviti (Verscend Technologies), Citiustech, Health Catalyst, and others are working on enhancing the market demand by investing in R&D activities.

Microsoft Corporation is an American international technology corporation headquartered in Redmond, Washington, US. Microsoft's best-known software developments are the Windows operating system, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Its flagship hardware developments are the Xbox video game consoles and the Microsoft Surface lineup of individual touchscreen computers. In March 2022, Microsoft established Azure Health Data Services in the United States. It is a platform as a service offering designed exclusively to support protected health information (PHI) in the cloud.

Also, Oracle Corporation is an American multinational computer technology corporation headquartered in Austin, Texas. In 2020, Oracle was the third-largest software firm in the globe by revenue and market capitalization. In December 2021, Oracle acquired Cerner for USD 28.3 billion in transactions. The two companies aim to enhance cloud, AI, and MI applications for Cerner's healthcare clients.

Key Companies in the market of Healthcare Big Data Analytics include

• Allscripts Healthcare solution


• Cerner Corporation


• Health Analyst


• Epic System Corporation


• IBM Corporation


• McKesson Corporation


• Mede Analytics


• SAS Institute INC


• Verscend technologies


• Tableau Software, among others

Healthcare Big Data Analytics Industry Developments

March 2022 The government of Thailand launched a big data portal for healthcare facilities. The National Reforms Committee on Public Health recently joined hands with 12 government agencies to improve the quality of healthcare services by implementing digital technologies.

Healthcare Big Data Analytics Market Segmentation

Healthcare Big Data Analytics Type Outlook

• Descriptive Analytics


• Predictive Analytics


• Prescriptive Analytics


• Others

Healthcare Big Data Analytics Product Outlook

• Hardware


• Software


• Service

Healthcare Big Data Analytics Application Outlook

• Financial Analytics


• Clinical Analytics


• Operational


• Administrative Analytics


• Population Health Analytics


• Others

Healthcare Big Data Analytics Mode of Delivery Outlook

• On-Premise Model


• Cloud-Based Model

Healthcare Big Data Analytics Regional Outlook

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  Middle East
  
  


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  Africa
  
  


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  Latin America