Published May 26, 2023
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Big Data in Healthcare Market – Components and Services (hardware (data servers and storage, servers, and networking), software (electronic health records, practice management software, revenue cycle management software, and workforce management software), and analytical services (descriptive analytics, prescriptive analytics, and predictive analytics)), Application (clinical data analytics (quality care, clinical decision support, population health management, precision medicine, and reporting compliance), financial analytics (claims processing, revenue cycle management software, and risk assessment), and operational analytics (workforce analytics and supply chain analytics)), Trends, Industry Competition Analysis, Revenue and Forecast To 2030.”
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According to the latest research by InsightAce Analytics, the global big data in the healthcare market is valued at US$ 25.23 billion in 2022, and it is expected to reach US$ 98.64 billion by 2031, with a CAGR of 16.20% during the forecast period of 2023-2031.
Modern technologies are necessary to find solutions for disease treatment and enhance clinical knowledge. Big data techniques for healthcare examine extensive clinical databases and help organizations make clinical and business decisions. Adopting different big data solutions can make healthcare data analysis and management faster and easier.
Multiple factors such as the increasing government initiatives to develop healthcare facilities, advancements in medical and digital technologies, adoption of mobile healthcare applications, rising prevalence of chronic diseases are projected to propel the market growth during the estimated timeframe. Moreover, growing healthcare expenditure, increasing use of cloud-based healthcare applications, and the rising government funding for technological implementations in the healthcare sector is expected to witness lucrative opportunities during the forecast period. Healthcare organizations started implementing digital, cloud-based solutions to improve the management, understanding and analysis of clinical and life science data, likely to boost the demand for big data in healthcare market growth in the forthcoming years. On the other side, the expensive big data techniques, lack of skilled labour, and data privacy and security concerns may restrain the market development over the forecast years.
Regionally, North America held a significant market share in 2021 and is expected to lead the big data in healthcare market in the upcoming year (2022-2030), owing to the increasing healthcare expenditure and rapid adoption of digital technologies by healthcare companies. Asia-Pacific is anticipated to register considerable growth over the forecast years due to the rising demand for medical data management tools and growing innovations of cloud-based, AI-based tools and platforms for healthcare data management by the pharma and IT companies.
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Key market players operating in the big data in healthcare market include Allscripts Healthcare Solutions, Inc., Cognization Technology Solutions Corporation, Cerner Corporation, Computer Programs and Systems, Aetna, Inc., DELL, Epic Systems, eClinicalWorks, GE Healthcare, Health Catalyst, IBM Corporation, Siemens Healthineers, Xerox Holdings Corporation, Oracle Corporation, McKesson Corporation, MedeAnalytics, Inc., Optum, Philips Healthcare, Tableau Software, Inc., Premier, Inc., SAP ERP, SAS, among others.
Key developments in the market:
- In January 2022, PINC AI, the technology and services platform of Premier, Inc, launched INsights, an enhanced self-service healthcare solution to create customized, on-demand analytics.
- In December 2021, Oracle Corp. acquired medical-records systems provider Cerner Corp. for about $28.3 billion to add a broad customer base in the healthcare industry to bolster the software maker’s cloud-computing and database businesses.
- In July 2021, Royal Philips, a global leader in health technology, collaborated with Cognizant, a world-leading professional services firm, to develop end-to-end digital health solutions. This collaboration enables healthcare organizations and life sciences companies to improve patient care and accelerate clinical trials.
- In March 2021, Health Catalyst, Inc., a provider of data and analytics technology and services to healthcare organizations, launched the new Healthcare.AI. It was created to deliver augmented intelligence (AI) products and services to the healthcare industry.
- In January 2018, Allscripts acquired Practice Fusion, a health IT vendor offering cloud-based EHR and data analytics tools for life science companies.
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Global Big Data in Healthcare Market Analysis, by Components and Services 2023-2031(Value US$ Mn)
o Data and Storage
o Electronic Health Records
o Practice Management Software
o Revenue Cycle Management Software
o Workforce Management Software
• Analytics Services
o Descriptive Analytics
o Predictive Analytics
o Prescriptive Analytics
Global Big Data in Healthcare Market Analysis, by Application, 2023-2031(Value US$ Mn)
• Clinical Data Analytics
o Quality Care
o Population Health Management
o Clinical Decision Support
o Precision Medicine
o Reporting Compliance
• Financial Analytics
o Claims Processing
o Revenue Cycle Management Software
o Risk Assessment
• Operational Analytics
o Workforce Analytics
o Supply Chain Analytics
Global Big Data in Healthcare Market Analysis, by Delivery Model, 2023-2031(Value US$ Mn)
Global Big Data in Healthcare Market Analysis, by Healthcare Vertical, 2023-2031(Value US$ Mn)
• Medical Devices
• Healthcare Services
• Other Verticals
Global Big Data in Healthcare Market Analysis, by Region, 2023-2031(Value US$ Mn)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
North America Big Data in Healthcare Market Analysis, by Country, 2023-2031(Value US$ Mn)
Europe Big Data in Healthcare Market Analysis, by Country, 2023-2031(Value US$ Mn)
• Rest of Europe
Asia Pacific Big Data in Healthcare Market, by Country, 2023-2031(Value US$ Mn)
• South Korea
• Australia & New Zealand
Latin America Big Data in Healthcare Market Analysis, by Country, 2023-2031(Value US$ Mn)
• Rest of Latin America
Middle East & Africa Big Data in Healthcare Market Analysis, by Country, 2023-2031(Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive analysis for the global big data in healthcare market
- To receive an industry key insights and future trends of the big data in healthcare market
- To analyze the big data in healthcare industry drivers and challenges
- To get information on the big data in healthcare market size (Value US$ Mn) forecast to 2030
- Significant investments, mergers & acquisitions in the big data in healthcare market industry
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