Big Data Healthcare Global Market Report 2024

Big data healthcare refers to big data analytics solutions for the healthcare industry, which helps organizations to make informed decisions and optimize healthcare management by use of big data solutions. Big data analytics allows for examining massive datasets from thousands of patients, identifying clusters and correlations across datasets, and developing predictive models using data mining techniques. In the healthcare market, big data analytics combines research from various fields, including bioinformatics, medical imaging, sensor informatics, medical informatics, and health informatics.

The main components in the big data healthcare market are software and services. Software refers to the use of big data by healthcare practitioners to make prescriptive decisions that influence patient outcomes and operational efficiencies. The big data healthcare is deployed on-premise and cloud. The big data healthcare uses analytics types such as descriptive analytics, predictive analytics, and prescriptive analytics and have applications in financial analytics, clinical data analytics, operational analytics, and population health analytics. The end users of big data healthcare are hospitals and clinics, finance and insurance agents, and a research organization.

The big data healthcare market research report is one of a series of new reports that provides big data healthcare market statistics, including big data healthcare industry global market size, regional shares, competitors with a big data healthcare market share, detailed big data healthcare market segments, market trends and opportunities, and any further data you may need to thrive in the big data healthcare industry. This big data healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The big data healthcare market size has grown exponentially in recent years. It will grow from $23.93 billion in 2023 to $28.98 billion in 2024 at a compound annual growth rate (CAGR) of 21.1%. The growth in the historic period can be attributed to increased adoption of electronic health records (ehrs), rise in health data generation, demand for data-driven insights, shift towards value-based care, early adopters and success stories.

The big data healthcare market size is expected to see exponential growth in the next few years. It will grow to $61.91 billion in 2028 at a compound annual growth rate (CAGR) of 20.9%. The growth in the forecast period can be attributed to regulatory frameworks and compliance, improved healthcare delivery and operational efficiency, global expansion and market penetration, value-based care and population health management initiatives. Major trends in the forecast period include increasing health data volume, advancements in analytics and ai, demand for predictive and preventive healthcare, value-based care and population health management, rise of personalized medicine.

The adoption of healthcare information systems is expected to drive the growth of the big data healthcare market. A healthcare information system refers to a system that manages healthcare data. This comprises the operational administration of a hospital or a system that supports the formulation of healthcare policy, systems that gather, store, manage, and transmit a patient's electronic medical record (EMR). These electronic records are analyzed using big data in healthcare to save healthcare expenditures and aid in population health management. The examination of healthcare data can then enhance patient care. According to a survey by the American Hospital Association, a US-based health care industry trade group, as of 2021, 78% of office-based physicians and 96% of all non-federal acute care hospitals adopted a certified EHR. Increasing the adoption of healthcare information systems will drive the need for big data in healthcare market growth.

The growing adoption of electronic health records (EHR) is significantly contributing to the growth of big data healthcare market going forward. Electronic Health Records (EHRs) are digital patient's traditional paper chart. It provide real-time, patient-focused records, ensuring that information is accessible promptly and securely to authorized users. The widespread adoption of EHR systems has created vast repositories of patient data, making it easier to access and analyze medical information and to adopt big data for healthcare. For instance, in December 2021, according to the data released by the Office of the National Coordinator for Health Information Technology a US-based government agency responsible for collecting healthcare data, as of 2021, nearly 4 in 5 office-based physicians (78%) and nearly all non-federal acute care hospitals (96%) adopted a certified her. Therefore, the growing adoption of electronic health recordherEHR) will drive the big data healthcare market.

Technological advancements are a key trend gaining popularity in the big data healthcare market. Many companies operating in big data healthcare are developing new products or technologies to strengthen their position in the market. For instance, in March 2021, Health Catalyst Inc., a US-based provider of data and analytics technology and services to healthcare businesses, launched the Healthcare. AI. Healthcare. AI was developed to solve cost, revenue, and quality related concerns in the healthcare industry. The Healthcare. AI suit of augmented intelligence (AI) package of goods and services will increase the applications of AI in healthcare.

Major companies operating in the big data healthcare market are focusing on strategic partnerships and collaborations to improve their big data healthcare offerings. Big data healthcare companies are partnering with each other to develop advanced platforms for accessing big data for healthcare. For instance, in September 2023, LifePoint Health, a US-based provider of diversified healthcare delivery network partnered with Google, a US-based technology and data analytics company, to develop Healthcare Data Engine (HDE) to enhance data interoperability, patient monitoring, and virtual care. This help healthcare providers provide better treatment, HDE compiles and organizes data from clinical trials, research, and other sources.

In August 2021, Beamtree, an Australia-based healthcare technology company announced the acquisition of Potential (x) for A$19.6 million ($14 million). With this deal, Beamtree' aims to become Australia's largest health analytics and decision support platforms and target new global markets and adjacent sectors, also adding value and market access for its solutions and software. Potential(x) is an Australia-based health and human data analytics firm.

Major companies operating in the in the big data healthcare market report are McKesson Corporation, Cognizant, Epic Systems Corporation, Cerner Corporation, Dell Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Splunk Inc., Alteryx Inc., BigPanda Inc., Health Catalyst Inc., Optum Inc., Koninklijke Philips N. V., SAS Institute Inc., Allscripts Healthcare Solutions Inc., General Electric Company, Hewlett Packard Enterprise Company LP, Microsoft Corporation, Siemens Healthineers, Teradata, Amazon Web Services Inc., Cloudera Inc., Hortonworks Inc., MapR Technologies Inc., MongoDB Inc., Palantir Technologies Inc., QlikTech International AB, Tableau Software Inc., Talend Inc., TIBCO Software Inc.

North America was the largest region in the big data healthcare market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the big data healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the big data healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The big data healthcare market includes revenues earned by entities by providing analytics solutions for understanding of clinical facts and helping the formulation of well-informed decisions regarding the diagnosis and treatment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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