Big Data Analytics In Healthcare Market - Forecasts from 2023 to 2028

The big data analytics in the healthcare market is projected to grow at a CAGR of 22.03% over the forecast period to reach US$106.541 billion in 2028 from US$26.44 billion in 2021

Every industry is being transformed by big data analytics. By processing and analyzing massive amounts of data, organizations can gain useful insights and make informed decisions. In sectors like manufacturing, healthcare, finance, and marketing, big data analytics is driving innovation and improving operational efficiency. The big data analytics market size is being driven by the rising demand for predictive analytics and data-driven decision-making. The amount of data, complexity, and personalization of the solution all influence the price of big data analytics solutions. For the most accurate price information tailored to your specific requirements, it is best to speak directly with big data analytics vendors.

Introduction:

The healthcare industry generates massive amounts of data every day, from patient-generated data via wearable devices and social media to electronic health records and medical photographs. The way healthcare organizations handle and use this enormous amount of data is being transformed by Big Data Analytics in Healthcare. It involves collecting, organizing, and analyzing a lot of data to find important insights that can be used to make well-informed decisions, improve patient care, and make operations run more smoothly.

Big Data Analytics in the healthcare market size is rapidly growing to address a variety of issues, including the demand for individualized therapy, complicated illness patterns, rising healthcare costs, and patient safety concerns. Clinicians and researchers in the healthcare industry may be able to discover correlations, patterns, and trends in data that were previously difficult to identify. Big data analytics in healthcare market growth could lead to more precise diagnoses, improved treatment plans, and proactive interventions. This market comprises various segments such as financial analytics, clinical analytics, operational analytics, population health analytics, and research analytics.

Key Players in the Big Data Analytics in Healthcare Market:

• IBM: They offer a wide range of healthcare solutions and are a market leader in Big Data Analytics. Their Watson Health platform uses artificial intelligence (AI) and machine learning (ML) algorithms to analyze enormous amounts of healthcare data.
• Cerner: Big Data Analytics are just a few of the many IT services Cerner provides to the healthcare industry. With their HealtheIntent platform, healthcare organizations are able to collect and analyze operational, financial, and clinical data in order to provide insights and improve outcomes across the entire care continuum.
• SAS Institute: It is a well-known provider of analytics software that has a significant impact on the healthcare sector. Their analytics solutions assist organizations in gaining insights from healthcare data, preventing fraud and abuse, and improving patient outcomes through personalized medicine and clinical research.
• Oracle: Data warehousing, predictive analytics, and real-time analytics are just a few of Oracle's healthcare analytics solutions. Their technology helps healthcare organizations improve patient engagement, operational efficiency, and meaningful insights from massive datasets.

Drivers:

Increasing volume and variety of healthcare data:

Healthcare data is expanding at an exponential rate because of digitized health records, EHR systems, and social media. EHRs keep organized patient data, whereas social media provides insights into attitudes and trends. There are billions of users on platforms like Facebook and Twitter. Advanced analytics are required to extract relevant data for informed healthcare decisions.

Advancements in data storage and processing technologies:

High-level information stockpiling and handling innovations have changed the treatment of medical services information. Large amounts of data can be stored and analyzed on multiple computers thanks to distributed file systems like HDFS. Equal handling for complex examination is given by Apache Flash and disseminated handling systems. Healthcare organizations' data management capabilities have been revolutionized by cloud computing's provision of scalable and secure storage options.

Integration of big data analytics with artificial intelligence and machine learning:

Using AI and machine learning algorithms, healthcare data can be mined for patterns and insights, allowing for early detection and preventative treatment.. Big data analytics are utilized by AI-powered solutions, such as clinical decision support, to improve diagnosis accuracy and care quality. These innovations have the potential to alter patient care and decision-making, leading to improved outcomes and productivity in the healthcare industry.

Increasing need for fraud detection and healthcare cost containment:

By recognizing patterns and anomalies in enormous amounts of healthcare data, Big Data Analytics finds and reduces healthcare fraud and costs. The accuracy with which machine learning algorithms identify fraudulent behaviour gradually increases as they learn from data. Healthcare organizations have saved millions of dollars and improved resource utilization, patient care, and operational efficiency through the use of sophisticated analytics tools.

Growing demand for data-driven decision-making and evidence-based medicine:

Healthcare management says that success depends on making decisions based on data. For healthcare decision-making, Big Data Analytics enables the methodical evaluation of enormous datasets, resulting in evidence-based insights. By adopting data-driven practices, healthcare professionals can improve patient outcomes and make better decisions across the healthcare ecosystem.

The big data analytics in the healthcare market is growing at a steady rate in the forecast period

The market for big analytics in healthcare is segmented by application, end-user, type, deployment, and geography. Deployment is further segmented into teleconsultation, on-premises, and cloud-based. The type is further segmented into public blockchain, private blockchain, and consortium blockchain.

North America is expected to have significant growth in Big Data Analytics in the healthcare market

Due to its modern healthcare infrastructure, significant IT expenditures, and massive healthcare data, North America dominates the Big Data Analytics market share in the healthcare sector. Countries like the United Kingdom, Germany, and France are making investments in healthcare IT and data analytics because Europe is also a significant market. One of the difficulties is maintaining data security and adhering to regulations like HIPAA and GDPR. Healthcare professionals, researchers, and policymakers all need to learn more about data and close the skill gap. Governance structures, ethical standards, and regulatory frameworks are necessary for proper data usage. Through data-driven insights, overcoming these obstacles will lead to improved patient health and healthcare innovation.

Key Developments:

• In July 2023, Amedisys, a prominent provider of home health, hospice, and high-acuity care, received an all-cash offer to merge with Optum, a diversified health services company.
• In November 2022, according to elkintribune, Hugh Chatham Memorial Hospital, a community hospital system in North Carolina, signed a contract with Oracle Cerner to begin a cloud-based EHR implementation. CommunityWorksSM, a cloud-based EHR platform designed to meet the needs of the community, critical access, and speciality hospitals, will be made available to the community healthcare system as part of the agreement.
• In May 2023, the analytics firm SAS has announced a partnership with the European Customer Experience Organization, or ECXO. ECXO is a Customer Experience (CX) organization focused on EMEA. The European Customer Organization, or ECXO, is a free professional business network and community for people and businesses who are interested in customer experience. With an emphasis on European standards, its primary objective is to improve customer experience and related topics not only in Europe but also in the Middle East, Africa, and elsewhere.
• In April 2023, SAS, a global leader in analytics, and Duke Health, a world-renowned university medical center, signed a letter of intent to collaborate on innovative and collaborative solutions that will alter the course of health care through informed data and analytics. Innovative cloud-based and AI-powered technologies for healthcare solutions and services are the goal of the two organizations, with an emphasis on improved care delivery outcomes, company activities, and health services research. 

Key Market Segment:

By Analytics Type

• Descriptive Analytics
• Predictive Analytics
• Prescriptive Analytics 

By Application

• Financial Analytics
• Clinical Analytics
• Operational Analytics
• Population Health Analytics
• Research Analytics
• Others     

By End-User

• Hospitals and Clinics
• Pharmaceutical Companies
• Research Organizations
• Payers (Health Insurance Companies)
• Others 

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Italy
• Spain    
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Taiwan
• Others