July 24, 2024
Big Data Healthcare Market

Healthcare Big Data Is The Largest Segment Driving The Growth Of Big Data Healthcare Market

Market Overview:

Big data healthcare refers to systems and techniques that analyze large and complex medical data sets, including electronic health records, vital sign monitoring information from wearable and implantable devices, medical imaging records, and more. Big data analytics in healthcare helps to extract insights from data, which can potentially help guide healthcare systems and providers to become more proactive in care delivery.

Market key trends:

One of the major trends in the big data healthcare market is the adoption of cloud-based analytics. The cloud-based analytics platform is gaining wide acceptance among healthcare providers as it offers capabilities like reduced costs, quick deployment, easy integration, scalability, and flexibility. This has stimulated the need to migrate applications and databases to the cloud to gain real-time insights from large volumes of patient data for better clinical outcomes. The growing focus on value-based care is also driving the adoption of cloud-based big data analytics for its ability to gain actionable insights from patient data to enhance clinical decisions and reduce healthcare costs.

The Big Data Healthcare market is witnessing increased adoption of cloud-based big data analytics solutions. As healthcare data such as patients’ medical histories, clinical notes, diagnostic images are getting digitized at a rapid pace, cloud-based big data analytics solutions are helping healthcare organizations gain real-time insights to improve clinical outcomes, facilitate personalized care, enhance operational efficiency. Healthcare providers are using big data to better understand population health, predict diseases, monitor public health threats.

The global Big Data Healthcare Market Demand is estimated to be valued at US$ 5,049.7 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

Strengths: Big data analytics helps reduce healthcare costs and enable value-based care through better resource utilization and preventive care. It also aids in clinical research & development through improved data access and quality.
Weaknesses: Concerns around data privacy and security. Integration of disparate healthcare big data is also challenging.
Opportunities: Scope for big data analytics in precision medicine, drug discovery, and remote & personalized healthcare. The growing adoption of AI/ML technologies also presents opportunities.
Threats: Dependency on third party vendors and concerns around data localization. Lack of a skilled workforce is also a challenge.

Key Takeaways:

The global Big Data Healthcare market is expected to witness high growth, exhibiting a CAGR of 6.5% over the forecast period, due to increasing government funding for big data projects.

Regional analysis: North America dominates the big data healthcare market currently owing to rapid technological adoption and presence of major players in the US. However, Asia Pacific is poised to grow at the fastest pace during the forecast period with increasing healthcare expenditure and improving regulatory scenario in countries such as China and India.

Key players: 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), are some of the prominent players operating in the big data healthcare market.

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