Healthcare Big Data Analytics Market Size Worth USD 794.08 Billion by 2030 at 24.26% CAGR – Report by Market Research Future (MRFR)

New York, USA, June 14, 2023 (GLOBE NEWSWIRE) — Healthcare Big Data Analytics Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Healthcare Big Data Analytics Market Information By Type, Product, Application, Mode of Delivery, And Region – Forecast till 2030“, the market  is projected to grow from USD 215.71 Billion in 2023 to USD 794.08 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 24.26% during the forecast period (2023 – 2030).

Market Scope

Big Data Analytics has become a method for managing, integrating, and analyzing large data. The client preferences, market trends, undiscovered correlations, and concealed trends are discovered during the data analysis process to collect information, and these findings help improve business decisions. Big data analytics in the healthcare industry is the complex process of sifting through vast amounts of data to glean information such as sequences, market trends, unrecognized links, and consumer preferences. Organizations can use this to make smart clinical and commercial decisions. Market expansion is anticipated to be fueled by increasing demands for big data solutions for managing population health and increased demand for business intelligence to optimize healthcare operations and strategy.

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One of the main drivers of the market’s expansion now is increasing requirements for big data analytics regarding the management of people’s health globally. Additionally, a positive market outlook is being provided by the rising preference for analytics delivered via the cloud in the healthcare sector due to its effectiveness and efficiency. The business intelligence (BI) requirement to enhance healthcare management and strategy is also growing globally. Big data analytics enhance predictive care tracking and sophisticated process-oriented spending in the healthcare industry. Clinical shipment, personalized medicine, and increasing operational effectiveness all use it.

Report Scope:

Healthcare Big Data Analytics Market Competitive Landscape:

• McKesson Corporation
• Mede Analytics
• SAS Institute INC
• Allscripts Healthcare solution
• Cerner Corporation
• Health Analyst
• Epic System Corporation
• IBM Corporation
• Verscend technologies
• Tableau Software

Healthcare Big Data Analytics Market Trends:

Market Drivers:

The healthcare challenges encountered during the pandemic regarding the analysis of huge information amounts and predicting the propagation of the coronavirus led to the need to introduce big data in the healthcare industry for disease pattern and analysis forecasting in recent years. The market is expected to grow due to factors such as the rising need for information technology for maximizing medical operations and strategy, the rise in customer appetite for analytics services for managing population health, and the rapid uptake of big data in the medical industry. Since healthcare settings are increasingly going digital, the marketplace has been maintaining in recent years, and this trend is expected to continue during the forecast period.

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The market for big data analytics in healthcare has been expanding steadily. One of the key factors propelling the market for healthcare big data analytics now is the increasing demand for continuous data monitoring. The system helps identify a patient’s critical condition by analyzing sensor data and sending an alert immediately to medical professionals and hospital staff in charge. Additionally, any mistake in the healthcare system can be found immediately, allowing for resolving the operational issue. Additionally, the market is positively impacted by the growing use of big data analytics in the medical field due to its improved data handling capacity. Additionally, the market is expanding due to the increasing use of advanced analytics such as prescriptive, predictive, and descriptive analytics. The rising demand for increased workflow efficiency in medical offices, hospitals, and other healthcare facilities also supports market growth.  

Restraints

The security issues surrounding private patient medical information and the high implementation and deployment costs will likely stymie market expansion.

COVID 19 Analysis

COVID-19 significantly impacted the study’s market because it created a pressing need for innovative technology in public health, pharmaceuticals, and wellness, increasing the usefulness of big data solutions for healthcare. Many businesses use big data to examine patient information and results to comprehend diagnoses and treatment options. Therefore, during the pandemic, such initiatives increased the requirement for big data in the medical sector and significantly impacted the market.

Healthcare Big Data Analytics Market Segmentation

By product, the market includes hardware, software, and service. By type, the market includes descriptive analytics, predictive analytics, and prescriptive analytics. By application, the market includes financial analytics, clinical analytics, operational, administrative analytics, and population health analytics. By mode of delivery, the market includes on-premise and cloud-based models.

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Healthcare Big Data Analytics Market Regional Insights

Due to the development of the Internet of Things (IoT), the rise in demand for patient data analytics models for better service delivery, and government initiatives to support telemedicine and EHRs, North America is predicted to dominate the global big data healthcare market. Due to the region’s well-established healthcare infrastructure, there is a vast array of patient information. A wide variety of patient information is available in the area. Drug manufacturers have compiled years of study and development information into medical databases to facilitate analysis, and providers and payers have digitized patient records over the past ten years.

Due to the presence of major players in the market, which has also contributed to the large share of revenue, the healthcare big data analytics market in Europe holds the second-largest market share. The healthcare big data analytics market in Germany had the largest market share, and the market in the UK had the fastest expansion rate in Europe.

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