Healthcare Big Data Analytics Market Research Report Information By Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Others), By Product (Hardware, Software, and Service), By Application (Financial Analytics, Clinical Analytics, Operational, Administrative Analytics, Population Health Analytics, and Others), By Mode of Delivery (On-Premise Model, and Cloud-Based Model), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030.

Global Healthcare Big Data Analytics Market Overview

The healthcare big data analytics market size was valued at USD 173.6 billion in 2022. The healthcare big data analytics industry 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). The increase in capital investments by the healthcare industry in the IT sector for better management and cost-effective patient care are the key market drivers enhancing the market growth.

Source Secondary Research, MRFR Database, Primary Research, and Analyst Review

Healthcare Big Data Analytics Market Trends

• EHR adoption is increasing in both developing and developed countries to boost the market growth

The increasing adoption of Electronic Health Records (EHR) is a major driver of the healthcare analytics market. EHR adoption has been steadily increasing in developing, and developed countries as healthcare providers and organizations seek to leverage the data contained to improve patient care and reduce costs. The ability of EHRs to store and manage large volumes of data and provide access to various stakeholders has made them invaluable tools for healthcare providers. With EHR adoption increasing, the amount of data available for analysis is growing exponentially, creating a need for analytics solutions to make sense of this data. This is driving the growth of the healthcare analytics market, as providers and organizations seek to leverage healthcare analytics to gain insights into care quality, efficiency, and cost has enhanced the healthcare big data analytics market CAGR across the globe in recent years.

Moreover, using analytics in precision and personalized medicine creates a huge market opportunity for healthcare analytics. Precision medicine is an emerging field that focuses on the individual patient, considering their characteristics such as genetics, lifestyle, environment, and history. By doing so, precision medicine can tailor treatments to individual patients and provide them with more effective and safer treatments. This leads to improved outcomes for patients and costs savings for healthcare providers. Healthcare analytics is used to understand the patient's data to inform precision and personalized medicine. By leveraging the massive amounts of data collected from medical records, EMRs, and other sources, healthcare analytics can provide insights into patient populations, identify patterns and trends, and help inform precision and personalized medicine decisions. This provides more effective and safer treatments for patients and can also reduce healthcare providers' costs. The growing demand for precision and personalized medicine drives the growth of the healthcare big data analytics market revenue.

Healthcare Big Data Analytics Market Segment Insights

Healthcare Big Data Analytics Type Insights

The healthcare big data analytics market segmentation, based on type, includes descriptive analytics, predictive analytics, prescriptive analytics, and others. The descriptive analytics segment held the majority share in 2022, contributing to the healthcare big data analytics market revenue. Descriptive analytics has proved to be a valuable tool for understanding what happened by accessing historical data and turning it into actionable insights. Hospitals are also using it to monitor the performance of insurance claims by detecting irregularities and errors in the claims. However, predictive analytics is the fastest-growing category over the forecast period because it uses data sets created by using descriptive analytics by analyzing data for actionable future insights.

Healthcare Big Data Analytics Product Insights

The healthcare big data analytics market segmentation, based on product, includes hardware, software, and service. The service segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The healthcare industry has been investing a substantial amount of capital in the IT industry to develop platforms and digitize data for analytics. Hence, the growth of data analytics companies offers companies a complete set of services. The increase in services offered by data analytics companies has positively impacted market growth. However, the software is the fastest-growing category over the forecast period due to the increase in the patient load in the health industry, increase in disease prevalence, etc. has resulted in massive amounts of clinical data generated, the insurmountable pressure on the industry to give better care, better results and cost-effective treatments to patients.

Healthcare Big Data Analytics Application Insights

The healthcare big data analytics market data has been bifurcated by application into financial, clinical, operational, administrative, population health analytics, and others. The financial analytics segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Healthcare institutions and organizations continually strive to minimize the cost of treatment yet deliver better care to patients. However, clinical analytics is the fastest-growing category over the forecast period. Healthcare institutions incur costs in the form of insurance claims which can also be fraudulent. To mitigate such risks and minimize occurrences, healthcare organizations deploy analytical tools for predictive and descriptive analysis to deliver better patient care, reduce overall operations costs, and minimize fraud in insurance claims.

Figure 1 Healthcare Big Data Analytics Market, by Application, 2022 & 2030 (USD Million)

Source Secondary Research, MRFR Database, Primary Research, and Analyst Review

Healthcare Big Data Analytics Mode of Delivery Insights

Based on the mode of delivery, the healthcare big data analytics industry has been segmented into on-premise and cloud-based models. On-premise model hospitals held the largest segment share in 2022. Most institutions are installing software and tools to store data at their premises due to ease of access and security, resulting in a large market share of this type of delivery. However, the cloud-based model is the fastest-growing category due to ease of storage, less capital investment, and increased flexibility and efficiency, these factors also add up to continuous growth in this delivery mode.

Healthcare Big Data Analytics Regional Insights

By Region, the study delivers market insights into North America, Europe, Asia-Pacific, and Rest of the World. North America healthcare big data analytics market accounted for USD 79.51 billion in 2022 and is expected to exhibit a significant CAGR growth over the study period. This is attributed to the rising burden of chronic ailments, and the increasing geriatric population has also created a need for hospitals and other organizations to adopt analytics tools. Further, the US healthcare big data analytics market held the largest market share, and the Canada healthcare big data analytics market was the fastest-growing market in the North America region.

Further, the prominent countries studied in the market report are The U.S, Canada, Germany, UK, Italy, Spain, France, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2 HEALTHCARE BIG DATA ANALYTICS MARKET SHARE BY REGION 2022 (%)

Source Secondary Research, MRFR Database, Primary Research, and Analyst Review

Europe healthcare big data analytics market accounts for the second-largest market share due to the presence of key players in the market has also been a factor in the large share of the revenue. Further, the Germany healthcare big data analytics market held the largest market share, and the UK healthcare big data analytics market was the fastest-growing market in the European region.

The Asia-Pacific healthcare big data analytics market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the rise in advancements in the internet of things (IoT) and the demand for analytical patient information models for better service delivery and government policies promoting telemedicine and EHRs. Moreover, China healthcare big data analytics market held the largest market share, and the India healthcare big data analytics market was the fastest-growing market in the Asia-Pacific region.

Healthcare Big Data Analytics Key Market Players & Competitive Insights

Major market players are spending a huge amount of money on R&D to enhance their product lines, which will assist the healthcare big data analytics market to grow even more. Market players are also taking several strategic initiatives to grow their footprint ly, with key market developments such as new product establishment, contractual agreements, mergers and acquisitions, enhanced investments, and collaboration with other organizations. Competitors in the healthcare big data analytics industry must provide cost-effective items to enhance and survive in an increasingly competitive and improved market environment.

Manufacturing locally to reduce operating costs is one of the major business strategies manufacturers adopt in the  healthcare big data analytics industry to benefit clients and expand the market sector. In the healthcare, big data analytics market, major players such as Allscripts Healthcare Solutions, Cerner, Cotiviti (Verscend Technologies), Citiustech, Health Catalyst, and others are working on enhancing the market demand by investing in R&D activities.

Microsoft Corporation is an American international technology corporation headquartered in Redmond, Washington, US. Microsoft's best-known software developments are the Windows operating system, the Microsoft Office suite, and the Internet Explorer and Edge web browsers. Its flagship hardware developments are the Xbox video game consoles and the Microsoft Surface lineup of individual touchscreen computers. In March 2022, Microsoft established Azure Health Data Services in the United States. It is a platform as a service offering designed exclusively to support protected health information (PHI) in the cloud.

Also, Oracle Corporation is an American multinational computer technology corporation headquartered in Austin, Texas. In 2020, Oracle was the third-largest software firm in the globe by revenue and market capitalization. In December 2021, Oracle acquired Cerner for USD 28.3 billion in transactions. The two companies aim to enhance cloud, AI, and MI applications for Cerner's healthcare clients.

Key Companies in the Healthcare Big Data Analytics market include

• Allscripts Healthcare solution


• Cerner Corporation


• Health Analyst


• Epic System Corporation


• IBM Corporation


• McKesson Corporation


• Mede Analytics


• SAS Institute INC


• Verscend technologies


• Tableau Software, among others

Healthcare Big Data Analytics Industry Developments

March 2022 The government of Thailand launched a big data portal for healthcare facilities. The National Reforms Committee on Public Health recently joined hands with 12 government agencies to improve the quality of healthcare services by implementing digital technologies.

Healthcare Big Data Analytics Market Segmentation

Healthcare Big Data Analytics Type Outlook

• Descriptive Analytics


• Predictive Analytics


• Prescriptive Analytics


• Others

Healthcare Big Data Analytics Product Outlook

• Hardware


• Software


• Service

Healthcare Big Data Analytics Application Outlook

• Financial Analytics


• Clinical Analytics


• Operational


• Administrative Analytics


• Population Health Analytics


• Others

Healthcare Big Data Analytics Mode of Delivery Outlook

• On-Premise Model


• Cloud-Based Model

Healthcare Big Data Analytics Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America