In its latest publication, Meticulous Research® presents a detailed analysis of the healthcare big data analytics market in the report titled, ‘Big Data Analytics in Healthcare Market by Component (Software, Hardware, Services [Descriptive, Prescriptive, Diagnostic]), Deployment (On-premise, Cloud), Application (Clinical, Financial, Operational, Population Health), and End User - Global Forecast to 2030.’

The report predicts that the market will expand to $95.2 billion by 2030, registering a CAGR of 13.8%. Key factors fueling this growth include the increasing adoption of EMR and EHR systems, rising investments in healthcare IT, and the industry’s transition from volume-based to value-based care models. However, market growth may face obstacles due to IT infrastructural limitations in developing countries. Conversely, the growing preference for cloud-based analytics solutions is creating new growth opportunities. The market also faces challenges from security concerns and a shortage of skilled professionals.

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Key Market Players

The competitive landscape is shaped by a number of key players, including GE HealthCare Technologies Inc. (U.S.), Optum, Inc. (U.S.), CSL Limited (Australia), Veradigm LLC (U.S.), Inovalon (U.S.), IBM (U.S.), McKesson Corporation (U.S.), KT Corporation (South Korea), Epic Systems Corporation (U.S.), and Cerner Corporation (U.S.).

Market Segmentation and Future Trends

The report breaks down the market into segments based on Component (Hardware, Software, Services—Descriptive, Prescriptive, Predictive, Diagnostic), Deployment (On-premise, Cloud-based), Application (Clinical, Financial, Operational, Population Health Analysis), and End User (Hospitals & Clinics, Research Organizations, Finance & Insurance Agencies).

In 2024, the Services Segment is expected to account for the largest share of the market. Within this segment, prescriptive services are forecasted to dominate due to their capability to provide brief, actionable insights that assist healthcare providers in making effective treatment decisions.

Cloud-Based Deployment is projected to grow at the highest CAGR during the forecast period. This growth is driven by the numerous advantages of cloud-based solutions, including cost savings, real-time analysis, ease of data access, and scalability.

The Financial Analysis Segment is anticipated to lead the market in 2024, attributed to the growing focus on revenue management, cost control, and claims management in the healthcare sector.

Hospitals & Clinics are expected to be the fastest-growing end users, propelled by the adoption of big data analytics for efficient decision-making and the increasing number of hospitals and patients due to the prevalence of chronic diseases.

Geographical Insights

The report provides a comprehensive geographical analysis of major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the market, with the U.S. leading the region in 2024 due to its advanced technology, research initiatives, and the presence of major market players.

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Key questions answered in the report:

Which are the high-growth market segments in terms of component, deployment, application, end user, and region/country?
What was the historical market size for big data analytics in healthcare across the globe?
What are the market forecasts and estimates for the period 2024–2030?
What are the major drivers, restraints, and opportunities in the global big data analytics in the healthcare market?
Who are the major players in the global big data analytics in the healthcare market?
How is the competitive landscape, and who are the market leaders in the global big data analytics in the healthcare market?
What are the recent developments in the big data analytics in healthcare market?
What are the different strategies adopted by the major players in the big data analytics in healthcare market?
What are the geographical trends and high-growth regions/countries?

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