Global Big Data in Healthcare Market 2023-2030

Global Big Data in Healthcare Market 2023-2030

Global Big Data in Healthcare Market Size, Share & Trends Analysis Report, by Portal (Integrated Big data in healthcare and Standalone Big data in healthcare), Deployment Mode (Cloud-based and Web-based), and by End-User (Hospitals and Clinics, Pharmacies), Forecast Period (2023-2030)

The global big data in healthcare market is anticipated to grow at a significant CAGR of 15.5% during the forecast period. The rise in the number of healthcare facilities adopting big data in healthcare to generate revenues has driven the global market. Moreover, the increasing demand for Electronic Health Records (EHR) and mandatory federal norms are responsible for the increased usage of big data analytics in healthcares. The increasing demands for big data solutions for managing population health and increased demand for business intelligence to optimize healthcare operations and strategy have been contributing to the market expansion.

In August 2023, A survey conducted by the Healthcare Information and Management Systems Society (HIMSS) and healthcare data analytics company Arcadia about the current state of healthcare analytics platforms demonstrates that less than 60 percent of health systems’ data is used to inform intelligent business decisions, but stakeholders underscore the importance of data access. Every facet of patient care and operational management in the healthcare industry can benefit from the use of data analytics. Its usage can offer better clinical care, enhance illness prevention, and measure the efficacy of various treatment choices.

A healthcare services and technology provider in the market for risk-adjustment services might analyze claims data and e-health records to create patient-level risk profiles and then combine SDoH and behavioral-health data to create even more comprehensive risk profiles for individual patients. In case of payment or financial integrity issues, many providers look into the claims process for payment issues. Integrating medical data analytics in healthcare to a payer's claims stream in this assessment entails translating physician advice to detect ineffective therapies or incorrect prescription doses. The high application of big data analytics at different stages of treatment and post treatment has driven its adoption across the globe. The security issues regarding private patient medical information and the high implementation and deployment costs to restrain the market growth.

Segmental Outlook

The global big data in healthcare market is segmented based on portal, deployment mode, and end-user. Based on portal, the market is segmented into standalone and integrated. Based on deployment mode, the market is segmented into clod-based and web based. Based on end-user, the market is segmented into hospitals & clinics, and pharmacies.

Cloud-based To Exhibit Significant Growth

The cloud-based is anticipated to register the fastest CAGR during the forecast period. The ease of storage, economic, and increased flexibility and efficiency of this deployment mode is a key factor driving its market growth. Cloud based storage can also be on-premises, but the issue of scalability comes into picture, even though public cloud storage solutions are a key factor for the growth of cloud-based storage solutions becoming the fastest growing segment. However, the limitations of the cloud based model including less privacy, more security concerns regarding loss of data are restraining its market growth.

Regional Outlook

The global big data in healthcare market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America).

North America Held Major Share in the Global Big Data in Healthcare Market

North America held major share in the global market. The US held major share in the North American market. The regional market is driven the high adoption of big data analytics in healthcare across the region. According to HealthIT.Gov, as of 2021, nearly 4 in 5 office-based physicians (78%) and nearly all non-federal acute care hospitals (96%) adopted a certified EHR. This marks substantial 10-year progress since 2016 when 96% of hospitals and 78% of physicians had adopted an EHR. Owing to EHR adoption, the market for big data is witnessing high growth in the US.

Market Players Outlook

The major companies serving the global big data in healthcare market include Allscripts Healthcare, LLC, IBM Corp., General Electric Company (GE Healthcare), Epic Systems Corp., and Oracle (Cerner Corp.) among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

For instance, in March 2023, Fifth Third Bancorp., announced a definitive agreement to acquire Big Data Healthcare, a technology solutions provider for healthcare payments and remittance. This transaction adds national healthcare revenue cycle capabilities, addressing the complex and complicated needs of clients, while building on Fifth Third’s legacy of digital innovation and focus on the healthcare sector

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global big data in healthcare market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.