Big data in healthcare market Research Report: Information by Hardware (VPNs, Firewalls, Routers, Data storage, Email servers & access points), By Software (EHR, Revenue cycle management, Workforce management, Practice management), By Service type (Descriptive, Predictive, Prescriptive), By Application (Clinical analysis, Financial analysis, Operational analysis), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030
ID: MRFR/HCIT/0442-CR | 260 Pages | Author: Rahul Gotadki | February 2021
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Global Big Data in Healthcare Market Overview
The big data in healthcare market size was valued at USD 21.3 billion in 2022 and is projected to grow from USD 25.1 Billion in 2023 to USD 81.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 18.2% during the forecast period (2022 - 2030). Big data in healthcare refers to using large data sets to support healthcare organizations in making informed decisions. It involves using predictive, prescriptive, and descriptive analytics to evaluate patient healthcare information, improve effectiveness, and drive business revenue. These are just a few of the market drivers that are driving the market.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Big data in healthcare market Trends
- Demand for Population Health Analytics to Boost Market Growth
The growth of the market for big data in healthcare is expected to increase globally due to the increasing demand for improvements in care management, early sickness prediction, and hospitalization processes. Big data in healthcare is used to predict population health and is also expected to drive the growth of the market. The integration of clinical and claims data into a single platform for analysis is essential for cost-effective patient care and population health management.
Additionally, the growing volume of electronic health records, increasing demand for personalized medicine, and the need for real-time decision-making are driving the market growth of big data in healthcare. The healthcare sector greatly benefits from the advancements in big data analytics, as it helps reduce healthcare costs, improve patient outcomes, and deliver more efficient care.
Big data in healthcare has the potential to revolutionize the industry by enabling healthcare providers to make more informed decisions and deliver personalized care. The integration of clinical and claims data can also lead to improvements in patient outcomes and cost savings for healthcare organizations. The increasing amount of unstructured medical data is driving the market growth of big data in healthcare, and advancements in areas such as genomics and pharmacogenomics are contributing to the growth of this industry. Thus, this factor is driving the market CAGR.
Figure 1: Big data in healthcare analytics
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Big Data in Healthcare Market Segment Insights
Big Data in Healthcare Hardware Insights
The market segmentation of big data in healthcare, based on hardware, includes VPNs, Firewalls, Routers, Data storage, Email servers & access points. The firewall segment held the majority share in 2021 contributing to around ~62% respect to the big data in healthcare market revenue. The need for advanced firewall hardware is growing due to the rise in sophistication of cyber-attacks in healthcare, which is driving demand for stronger security measures. As a result, the edge routers market segment in the big data in healthcare market is expected to grow.
Big Data in Healthcare Software Insights
The big data in healthcare market segmentation, based on type, includes EHR, revenue cycle management, workforce management, and practice management. The EHR segment held the majority share in 2021 in the big data in healthcare market revenue. Big data in healthcare industry refers to a vast amount of health data collected from different sources, which can be analyzed to gain insights into various aspects of healthcare, including patient care, treatment outcomes, and market trends.
This wealth of health data is analyzed using a variety of tools and techniques, including data mining, machine learning, natural language processing, and predictive analytics, to uncover valuable insights that can inform clinical decision-making, improve patient outcomes, reduce costs, and enhance the overall quality of healthcare.
Big Data in Healthcare Service Type Insights
Based on application, the big data in healthcare industry includes descriptive, predictive, and prescriptive. The prescriptive segment held the majority of shares in the market in 2021. Prescriptive analytics uses cutting-edge technology like AI, deep learning, and machine learning to reveal the future effects of enterprises' current activities. This advanced type of analytics helps organizations to make informed and data-driven decisions by providing insights into what actions will lead to optimal outcomes in the future.
Big Data in Healthcare Application Insights
Application have bifurcated the big data in healthcare market data into clinical analysis, financial analysis, and operational analysis. The clinical analysis segment dominated the market in 2021 and is projected to be the faster-growing segment in the market of big data in healthcare during the forecast period, 2022-2030. Clinical data analytics helps to gather and interpret large volumes of medical data to identify and address complex healthcare problems.
Figure 2: Big data in the healthcare market by Application, 2022 & 2030 (USD Billion) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Big Data in Healthcare Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American big data in the healthcare market accounted for USD 9.75 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. North America is expected to be a significant contributor to the market of big data in healthcare, with the US being a major contributor and holding over 55% of the North American market. North America's dominance of big data in the healthcare market is due to the growth of IoT and the increasing demand for analytical models on patient data for improved service delivery and government regulations.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: BIG DATA IN HEALTHCARE MARKET SHARE BY REGION 2022 (%) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe big data in healthcare market accounts for the second-largest market share. The European Union (EU) has implemented several regulations to protect personal data and privacy, such as the General Data Protection Regulation (GDPR), making the region more receptive to the adoption of big data in healthcare industry. The EU is also investing heavily in developing eHealth solutions, providing an enabling environment for the big data in healthcare market's growth. Moreover, UK market of big data in healthcare held the largest market share, and Germany’s market of big data in healthcare was the fastest growing market in the region.
Asia Pacific big data in healthcare Market is expected to grow at the fastest CAGR from 2022 to 2030. The growing popularity of eHealth, telemedicine, and mHealth services, as well as the increasing number of people with chronic diseases, has led to a surge in demand for big data in the healthcare industry in the Asia-Pacific region. In addition, the rise of healthcare IT startups, the increasing number of partnerships between large corporations and tech startups, and the growing investments in R&D have also contributed to the growth of big data in the healthcare market in Asia-Pacific. Further, China market of big data in healthcare held the largest market share, and India’s market of big data in healthcare was the fastest-growing market in the region.
Big Data in Healthcare Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the big data in the healthcare market grow even more. To stay competitive, companies must focus on product innovation, cost-effectiveness, and expanding their customer base. They can develop new and improved products that meet the market's development. Collaborating with other organizations can also help companies expand their market presence and increase their footprint. Mergers and acquisitions can also help companies grow their market share by providing access to new markets, technology, and resources. Overall, strategic initiatives such as these can help companies stay ahead in the highly competitive big data in the healthcare market.
One of the primary business strategies manufacturers adopt in the big data in healthcare industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In recent years, big data in healthcare industry has been a critical need due to the COVID-19 pandemic to provide significant benefits. The big data in the healthcare market major player such as GE Healthcare, Optum Siemens, Philips, and others are working on expanding the market demand by investing in research and development activities.
GE Healthcare is dedicated to improving patient care and outcomes by delivering innovative healthcare solutions and services through technology and data analytics. In June 2020, the company's Edison intelligence platform provides a unified platform for data integration, analytics, and decision support, enabling clinicians to make more informed decisions and improve patient outcomes.
Optum, Inc. is an American company that manages pharmacy benefits and provides healthcare services. It became a part of UnitedHealth Group in 2011 and was created by merging UnitedHealth Group's existing pharmacy and healthcare delivery services under the Optum brand. The brand consists of three main divisions: OptumHealth, OptumInsight, and OptumRx. In April 2022, the deadline for the merger between Optum, a company that offers a range of health services, and Change Healthcare, a leader in healthcare technology, was postponed to December 31, 2022, with both parties agreement.
Key Companies in the Big data in healthcare market include
• Mckesson
• Cognizant
• Epic System Corporation
• Cerner Corporation
• Dell
• GE Healthcare
• Optum
• Siemens
• Philips
• Xerox
Big data in healthcare Industry Developments
March 2022:Azure Health Data Services aims to simplify the management and analysis of PHI, allowing healthcare organizations to gain insights and make informed decisions while maintaining data privacy and security. It provides tools such as Azure API for FHIR, Azure Cognitive Search, and Azure Machine Learning to help healthcare providers, researchers, and other stakeholders in the industry.
November 2020:Change Healthcare's SDoH Analytics is a platform that leverages big data analytics to provide a deeper understanding of the impact of social determinants on health outcomes. This information can be used by healthcare organizations to improve patient care and reduce costs by addressing non-medical factors that contribute to negative health outcomes, such as poverty, lack of access to healthy food, and limited transportation options.
Big data in healthcare market Segmentation
Big Data in Healthcare Hardware Outlook (USD Billion, 2018-2030)
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VPNS
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Firewalls
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Routers
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Data storage
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Email service and access points
Big Data in Healthcare Software Outlook (USD Billion, 2018-2030)
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Revenue cycle management
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Workforce management
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Practice management
Big Data in Healthcare Service Type Outlook (USD Billion, 2018-2030)
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Descriptive
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Predictive
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Prescriptive
Big Data in Healthcare Application Outlook (USD Billion, 2018-2030)
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Clinical analysis
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Financial analysis
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Operational analysis
Big data in Healthcare Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 21.3 billion |
| Market Size 2023 | USD 25.17 billion |
| Market Size 2030 | USD 81.15 billion |
| Compound Annual Growth Rate (CAGR) | 6.6% (2022-2030) |
| Base Year | 2022 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Hardware, Software, Service Type, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the U.K., Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | GE Healthcare, Optum Siemens, Philips, and others |
| Key Market Opportunities | ·        The governmental investments in the Big data in healthcare s |
| Key Market Dynamics | ·        New Product Launches and Technology Developments |
Frequently Asked Questions (FAQ) :
Big data in healthcare has the potential to revolutionize healthcare sector by enabling healthcare providers to make more informed decisions and deliver personalized care.
big data in healthcare involves using predictive, prescriptive, and descriptive analytics to evaluate patient healthcare information and improve effectiveness
big data has been an important component as it helps quickly transfer insightful clinical data
Clinical data analytics helps to gather and interpret large volumes of medical data to identify and address complex healthcare problems.
Big data in healthcare has been able to make enormous strides across the globe with the help of data mining techniques and IT innovations in healthcare
Key Questions Answered
- ✅ Global Market Outlook
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- ✅ To identify opportunities in the market.
- ✅ Analyze the key challenges in the market.
- ✅ Analyze the regional penetration of players, products, and services in the market.
- ✅ Comparison of major players’ financial performance.
- ✅ Evaluate strategies adopted by major players.
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