Healthcare Big Data Analytics Market: Global Market Growth by Type, Application, Component, Deployment Model, End User and Region Forecast (2023 – 2029)

Global Healthcare Big Data Analytics Market expected to hit USD 82.3 Bn by 2029 from USD 22.3 Bn in 2022 at a CAGR of 20.5 % during the forecast period
Healthcare Big Data Analytics Market Overview
The trend of the healthcare system is shifting from hospital centered system to a patient-centered system. Big data is used to manage maximum and complex data, which is impossible to do manually or with traditional software. Growing Healthcare infrastructure along with technical improvements is expected to drive the Healthcare Big Data Analytics Market. High operational costs in the healthcare sector are expected to impede the growth of the market. The benefits of applying big data in healthcare include detailed electronic health records, support in clinical treatment decisions and provide real-time alerts and insights into the patient’s health and improves the speed and accuracy of identifying risks.To know about the Research Methodology :- Request Free Sample Report
Healthcare Big Data Analytics Market Research Methodology
The report provides a detailed analysis of the market through segments such as type, application, component, deployment model and end-user along with their multiple sub-segments. The Healthcare Big Data Analytics Market report includes data regarding mergers and acquisitions, partnerships and collaborations happening in the market. The report involves market share, market size and pricing analysis of the major Healthcare Big Data Analytics Key Players.

The report assists new market entrants by providing business strategies and a competitive landscape of the Healthcare Big Data Analytics Key Competitors in major geographic regions such as North America, Asia Pacific, Europe, Middle East and Africa and South America. The Healthcare Big Data Analytics Market data were collected from primary and secondary research methods. Primary research data were gathered from interviews with market leaders and opinions from senior research analysts. Secondary data were collected from annual reports, white papers from the organizations and paid databases. Collected data were later analyzed by SWOT analysis and PORTER’s five force model.
Healthcare Big Data Analytics Market Dynamics
Drivers:

Big data analytics helps in enhancing patient engagement, clinical outcomes and combines real-time and historical data to improve patient care and reveal meaningful information, which helps professionals. With the changing approach of healthcare companies to reducing spending and increased government initiatives that promote the use of electronic health records, factors like this are expected to drive the Healthcare Big Data Analytics Market.

According to the MMR report, approximately more than 57 percent of healthcare companies have been investing in artificial intelligence (AI) and big data technologies to improve processes and decision-making in determining the right treatments for patients. To get these decisions correctly, clinical and user-generated data have to be collected, processed and integrated correctly. The trend of personalized medicine is expected to create a space for Healthcare Big Data Analytics Market since it focuses on individual patients through their genetic information, lifestyle and environment for safe and cost-effective treatments.

The main feature of big data technology is transforming laborious tasks into simple and manageable tasks. The integration and linking of these heterogeneous data sets help to understand the scope and improve healthcare, which generates new information through predictive analytics. Also, the major key companies focusing on inorganic growth through mergers, partnerships and product launches are expected to drive the Healthcare Big Data Analytics Market.

Healthcare Big Data Analytics Solutions come with a high price of implementation. This is the major factor, which is expected to limit the market growth. Deployment of big data in the healthcare system in developing economies across the world is still a major problem due to the high cost associated with these technologies. The report involves growth drivers, restraining factors and opportunities in the market with a detailed analysis.
Healthcare Big Data Analytics Market Regional Insights
North America held the largest share of the Healthcare Big Data Analytics Market in 2022. Increased expenditure on the healthcare sector by the government and making the sector modern by including cutting-edge technologies in the operations of the healthcare sector has been driving the region’s market growth. The region’s market growth is also supported by the increasing focus on population health management, the implementation of federal mandates that encourage the adoption of HCIT solutions and the increased amount of venture capital investment in the region helped the region to hold the largest share in the market in 2022.

Asia Pacific is expected to grow at the highest CAGR of 18.9 percent in the Healthcare Big Data Analytics Market throughout the forecast period. Asia Pacific is the most populous region in the world and it needs a developed healthcare system with advanced technologies such as big data. Since it is impossible to manage large patient data and offer them safe and cost-effective treatment without the help of technology. These factors are expected to drive the region’s Healthcare Big Data Analytics Market during the forecast period. Developing economies such as India are emerging as the hub for medical tourism due to low-cost and safe treatments and now the adoption of technologies such as artificial intelligence (AI) and big data. This is the major factor in the Asia Pacific Market Growth.



Healthcare Big Data Analytics Market Competitive Landscape

The report provides detailed information about mergers and acquisitions and investments in the Healthcare Big Data Analytics Market by major key companies. ALLSCRIPTS HEALTHCARE LLC., Cerner Corporation, Komodo Health Inc. and others are some of the major Healthcare Big Data Analytics Key Players. On July 30, 2019, Cerner Corporation announced their collaboration with Amazon. With this collaboration, Cerner expects to usher in a new era of health system interoperability and data portability to ensure the best health outcomes across the continuum of care. Cerner clients are expecting a new velocity of advancements while experiencing a lower operational and financial burden.

On May 3, 2022, Komodo Health Announced an end-to-end platform built on a healthcare map of 330M patient journeys, which is expected to enable population insights and analytics modules. Komodo’s platform is helping to drive a paradigm shift in the healthcare industry by reducing the complexities of building accurate and actionable patient-centric insights and applications such as infrastructure, data, analytics, and development.
Healthcare Big Data Analytics Market Segment Analysis:
The services segment is expected to hold the largest share of the Healthcare Big Data Analytics Market during the forecast period (2023-2029). Emergency services such as software upgrades and maintenance are driving the segment to grow in the market. Based on the deployment model, the on-premise segment is expected to hold the largest share of the market during the forecast period. On-premise deployment of Healthcare Big Data Analytics Services allows end users to customize the services as per their needs and hospitals or healthcare organizations can make use of big data technology in healthcare from multiple vendors.

Based on end users, healthcare payers are expected to grow significantly throughout the forecast period in Healthcare Big Data Analytics Market. Private insurance companies, government agencies, employers and private exchangers are considered the payers in the market. The growth of the payers’ segment is directly proportional to the growth of the providers, development in the provider networks and reduced operational cost is expected to drive the segment growth in the market.
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Healthcare Big Data Analytics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
USD 22.3 Bn.


Forecast Period 2023 to 2029 CAGR:
20.5%
Market Size in 2029:
USD 82.3 Bn.


 Segments Covered:
by Type
1. Descriptive Analytics
2. Predictive Analytics
3. Prescriptive Analytics
4. Cognitive Analysis


by Application
1. Financial Analysis
2. Operational & Administrative Analysis
3. Clinical Analysis
4. Population Health Analytics


by Component
1. Hardware
2. Software
3. Service


by Deployment Model
1. On-premise
2. On-Demand


by End User
1. Healthcare Payers
2. Healthcare Providers
3. ACOs, HIEs, MCOs and TPAs



Healthcare Big Data Analytics Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Healthcare Big Data Analytics Market, Key Players are
1. ALLSCRIPTS HEALTHCARE LLC.
2. Cerner Corporation
3. HEALTH CATALYST
4. HMS (VITREOSHEALTH)
5. INTERNATIONAL BUSINESS MACHINES CORPORATION
6. MEDEANALYTICS INC.
7. OPTUM INC.
8. ORACLE CORPORATION
9. SAS INSTITUTE INC.
10. Cotiviti Inc.
11. Citius Tech Inc.
12. Komodo Health Inc.
13. Sema4 OpCo Inc.
14. Evidation Health Inc.
15. Insilico Medicine
16. Exscientia
17. Aetion Inc.
18. Premier
19. McKesson Corporation
20. Gainwell
21. ExlService Holdings Inc.
22. Flatiron
23. Apixio
24. Inovalon
25. Wipro

Frequently Asked Questions:

1] What is the growth rate of the Market?
Ans. The  Market is growing at a CAGR of 20.5% during the forecast period.

2] Which region is expected to dominate the  Market?
Ans. North America is expected to dominate the  Market during the forecast period from 2023 to 2029.

3] What is the expected Market size by 2029?
Ans. The size of the  Market by 2029 is expected to reach USD 82.3 Bn.

4] Who are the top players in the  Market?
Ans. The major key players in the Market are HEALTH CATALYST, Cerner Corporation, ExlService Holdings Inc. and Gainwell.

5] Which factors contributed to the growth of the  Market in 2022?
Ans. The Healthcare Big Data Analytics Market is expected to grow due to increased expenditure in the healthcare sector across the world.