Global Big Data in Healthcare Market 2024

Global Big Data in Healthcare Market 2024

The Big Data in Healthcare market is an emerging sector that utilizes clinical data analytics, on-premises and cloud-based deployment models, analytics services, and big data technology to improve healthcare delivery. Clinical data analytics extracts data from Electronic Health Records (EHRs) and health information exchange to analyze patient populations and provide proactive quality care. The clinical data analytics segment market is estimated to grow from USD 18.2 billion in 2023 to USD 49.3 billion by 2029, with a CAGR of 15.3% during the forecast period.

On-premises deployment refers to the model built natively into EHRs of hospitals and other professional healthcare facilities. The on-premises segment market is estimated to grow from USD 36.3 billion in 2023 to USD 63.5 billion by 2029, with a CAGR of 8.3% during the forecast period. However, cloud- and web-based deployment models are registering a higher CAGR due to technological advancements in cloud technology leading to improved data security.

Analytics services segment provides present business situation analysis and future trend estimation. Big data analytics helps healthcare organizations minimize costs and improve the quality of care by detecting diseases at earlier stages and healthcare fraud rapidly. Analytics services market was valued at $20.7 billion in 2023 and is expected to reach $55.7 billion by 2029, registering a CAGR of 15.2% during the forecast period 2024-2029.

The finance and insurance agencies segment market is estimated to grow from USD 15.4 billion in 2023 to USD 36.9 billion by 2029, with a CAGR of 13.3% during the forecast period. Shifts towards digital platforms have led to the adoption of big data in healthcare insurance companies, resulting in better access to insurance services, cost savings, and higher fraud detection rates.

The North America Big Data in Healthcare segment market is estimated to grow from USD 22.5 billion in 2023 to USD 47.3 billion by 2029, with a CAGR of 11.2% during the forecast period. The U.S. dominates the North American market with its well-developed healthcare infrastructure and healthcare reforms such as the Affordable Care Act (ACA) and HITECH Act. Incentive-based programs launched by the U.S. government encourage providers and payers to implement information technology, shifting the market toward a value-based care model.

This comprehensive industry report provides market estimates and forecasts, accompanied by a detailed examination of the component, deployment, use case, end user, and region aspects. It delivers a quantitative analysis of the market, empowering stakeholders to leverage existing market opportunities. Furthermore, the report identifies key segments for potential opportunities and strategies, drawing insights from market trends and the approaches of leading competitors.

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The global market for big data in healthcare can be segmented by component: hardware, software, analytics service. Analytics service held the largest share in the global big data in healthcare market, accounting for 44.5% of the market in 2023. Moreover, the segment is anticipated to grow at the highest CAGR in the coming years.

Big data in healthcare market is further segmented by deployment: cloud- and web-based, on-premises. On-premises held the highest share in the global big data in healthcare market. However, the cloud- and web-based segment is forecast to register the highest CAGR during the forecast period 2024 - 2030.

Based on use case, the big data in healthcare market is segmented into: clinical data analytics, financial analytics, operational analytics. Clinical data analytics held the largest share in the global big data in healthcare market, accounting for 39.1% of the market in 2023. Moreover, the segment is anticipated to grow at the highest CAGR in the coming years.

On the basis of end user, the big data in healthcare market also can be divided into: professional healthcare settings, healthcare companies, government, finance and insurance agencies, institutes, others. Finance and insurance agencies held the highest share in the global big data in healthcare market. However, the professional healthcare settings segment is forecast to register the highest CAGR during the forecast period 2024 - 2030.

Big data in healthcare market by region is categorized into: North America, Europe, Asia-Pacific, MEA (Middle East and Africa), Latin America. North America held the highest share in the global big data in healthcare market. However, Asia-Pacific is forecast to register the highest CAGR during the forecast period 2024 - 2030.

The market research report covers the analysis of key stake holders of the global big data in healthcare market. Some of the leading players profiled in the report include McKesson Corporation, Epic Systems Corporation, Cerner Corporation, Oracle Corporation, Tableau Software, Inc., SAP SE, IBM Corporation, Veradigm, Inc., eClinicalWorks, LLC, General Electric Company, Siemens Healthineers AG, ConcertAI LLC, Clarify Health Solutions, Inc., Datavant, Inc., LynxCare Inc., among others. In this report, key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.

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Market Segments Covered in Global Big Data in Healthcare Industry Analysis:

i.) Component

• Hardware
• Software
• Analytics service

ii.) Deployment

• Cloud- and web-based
• On-premises

iii.) Use case

• Clinical data analytics
• Financial analytics
• Operational analytics

iv.) End user

• Professional healthcare settings
• Healthcare companies
• Government
• Finance and insurance agencies
• Institutes
• Others

v.) Region

• North America
• Europe
• Asia-Pacific
• MEA (Middle East and Africa)
• Latin America