Meticulous Research®—a leading global market research company, published a research 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.'
According to this latest publication from Meticulous Research®, the big data analytics in healthcare market is projected to reach $95.2 billion by 2030, at a CAGR of 13.8% during the forecast period. The rising adoption of EMR & EHR, increasing investments in the healthcare IT sector, and a shift from volume to value-based care are driving the growth of the big data analytics in healthcare market. However, IT infrastructural constraints in developing countries are expected to restrain the growth of this market. Growing preference for cloud-based analytics solutions is expected to offer significant growth opportunities for the big data analytics in healthcare market. Growing security concerns and a lack of skilled data professionals are challenging the market growth.
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Big Data Analytics in Healthcare Market: Future Outlook
The big data analytics in healthcare market is segmented based on Component [Hardware, Software, Services (Prescriptive, Descriptive, Predictive, and Diagnostic)], Deployment (On-premise, Cloud-based), Application (Clinical, Financial, Operational, Population Health Analysis, Other Applications), End User (Hospitals & Clinics, Research Organizations, Finance & Insurance Agencies), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
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Among all the components studied in the report, in 2023, the services segment is expected to have the largest share in the big data analytics in healthcare market. The services segment is further divided into descriptive, prescriptive, predictive, and diagnostic. In 2023, the prescriptive services segment is expected to account for the largest share of the big data analytics in healthcare services market. Prescriptive services are used mainly for brief data information, thereby providing proper insights so as to take actions that provide optimal outcomes in the future. Healthcare providers are increasingly adopting prescriptive services to provide effective courses of treatment to patients.
Among all the deployment modes studied in this report, cloud-based deployment is expected to grow at the highest CAGR during the forecast period. The highest CAGR of this segment is attributed to the benefits offered by cloud/web-based deployments, such as cost-effectiveness, real-time analysis capabilities, easy access to data, internal and external data sharing, flexibility, and scalability.
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Among all the applications studied in this report, in 2023, the financial analysis segment is expected to have the largest share in the big data analytics in healthcare market. The largest share of the segment is attributed to the increasing focus of the healthcare industry on revenue cycle management, cost management, and claims management.
Among all the end users studied in this report, the hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period. The increasing growth of this segment is attributed to the wide adoption of big data analytics for data analysis & quick decision compared to other end users and the rising number of hospitals & patient pools due to the high prevalence of chronic diseases.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America) and the Middle East & Africa.
Among all the geographies studied in this report, North America is expected to account for the largest share of the big data analytics in healthcare market, followed by Europe and Asia-Pacific. Furthermore, in 2023, the U.S. is expected to be the largest shareholding market in North America. The largest share of the U.S. is attributed to advanced technology, a growing number of research studies, and the presence of key players.
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Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players in the past few years. The key players profiled in the big data analytics in healthcare market report are GE HealthCare Technologies Inc. (U.S.), Optum, Inc. (U.S.), CSL Limited (Australia), Veradigm LLC (U.S.), Inovalon (U.S.), The International Business Machines Corporation (U.S.), McKesson Corporation (U.S.), KT Corporation (South Korea), Epic Systems Corporation (U.S.), and Cerner Corporation (U.S.).