What Has Been the Track Record in the Big Data Healthcare Market Growth?
The Big Data Healthcare Market has undergone massive escalation in recent years.
• In 2024, the market size was reported at $28.39 billion, forecasted to increase to $34.04 billion by 2025, reflecting a significant CAGR of 19.9%.
The key driving factors behind this growth can be attributed to amplified adoption of electronic health records (EHRs), increased generation of health data, the demand for data-driven insights, a shift towards value-based care, and the early success stories from adopters.
What Is the Anticipated Market Size and Expansion Rate for the Big Data Healthcare Market?
Predictions show continued exponential growth in the big data healthcare market in the forthcoming years.
• By 2029, the market size is expected to reach a staggering $76.1 billion, growing at a robust CAGR of 22.3%.
Key growth drivers include improved regulations and compliance, better healthcare delivery and operational efficiency, global expansion, market penetration, and initiatives related to value-based care and population health management. Significant trends include the rise of health data volume, advancements in analytics and AI, demand for predictive and preventative healthcare, and a push for personalized medicine.
What Are the Prime Factors Fueling the Growth of The Big Data Healthcare Market?
The expansion of the big data healthcare market is majorly driven by the adoption of healthcare information systems. This system manages healthcare data, including that from operational management of hospitals to systems that support healthcare policy formulation. Moreover, patient electronic medical records (EMR) are analyzed using big data in healthcare to decrease healthcare expenditures and aid in population health management. The examination of healthcare data can then enhance patient care. For instance, from 2020 to 2022, patient portal usage surged, with a 50% increase in the number of patients accessing their portals. By 2022, over half of people nationwide reported using an app or patient portal provided by their healthcare provider or insurer to access their health information online.
What Are the Key Segments in the Big Data Healthcare Market?
The big data healthcare market is primarily segmented into –
1) By Component: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Analytics Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
4) By Application: Financial Analytics, Clinical Data Analytics, Operational Analytics, Population Health Analytics
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Which Noteworthy Trends Are Shaping the Big Data Healthcare Market?
Technological advancements are becoming increasingly popular in the big data healthcare market. Several companies in the field are developing innovative products or technologies to maintain their market position. For instance, Microsoft Corporation, a US-based technology company, launched Azure Health Data Services in March 2022. This service unifies healthcare data management, allowing organizations to upload, store, manage, and analyze healthcare data using open standards like FHIR and DICOM.
Who Are the Key Players Driving the Big Data Healthcare Market Growth?
Notable players in the big data healthcare market include:
• McKesson Corporation
• Cognizant
• Epic Systems Corporation
• Cerner Corporation
• Dell Inc.
• International Business Machines Corporation
• Oracle Corporation
• SAP SE
• Splunk Inc.,
• Alteryx Inc
What Are the Key Geographic Insights in the Big Data Healthcare Market?
In 2024, North America held the most significant share in the big data healthcare market. Asia-Pacific is projected to be the fastest-growing region in the coming years. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
