Big Data in Healthcare Market is expected to record a positive CAGR of ~21.59% during the forecast period (2023-2028)
Updated · Jun 27, 2023
Published Via 11Press : According to HTF MI, the global Big data in healthcare Market is expected to see a growth rate of 21.59% and may see a market size of USD 81.1 Billion by 2028, currently pegged at USD 25.1 Billion.
What is Big Data in Healthcare?
Big data in healthcare refers to the gathering, storing, and processing of enormous volumes of data pertaining to healthcare in order to gain insightful knowledge and improve patient care. The ultimate users of Big Data in healthcare include healthcare professionals, researchers, pharmaceutical companies, insurance companies, and policymakers. The growth of data analytics tools, the demand for evidence-based decision-making, and the increasing accessibility of electronic health information are the reasons behind the use of big data in healthcare. However, obstacles including interoperability, data quality, and data privacy and security prevent its wider application. Opportunities exist for better patient outcomes, individualized care, predictive analytics, and cost reduction. The challenges include managing the complexity of data integration, ethical issues, and the need for qualified data analysts. Big data analysis using machine learning and artificial intelligence algorithms is gaining popularity. The people who will gain from big data in healthcare include healthcare practitioners, researchers, data analysts, legislators, and healthcare IT professionals.
|Market Current Size Values (2023)||USD 25.1 Billion|
|Market Forecast Values (2028)||USD 81.1 Billion|
|Key Companies Profiled||IBM Watson Health (United States) Google Health (United States) Cerner Corporation (United States) Allscripts Healthcare Solutions, Inc. (United States) Optum (United States) Microsoft Healthcare (United States) Amazon Web Services (United States) Oracle Corporation (United States) SAS Institute Inc. (United States) Siemens Healthineers (Germany) Philips Healthcare (Netherlands) General Electric (GE) Healthcare (United States)|
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HTF MI’s research analyst believes that during the forecasted period, American companies will contribute most significantly to the global big data in healthcare market’s growth. As participants in the market for big data in healthcare adopt new strategies, the rivalry is predicted to get even more fierce in the upcoming years. Big Data in Healthcare research study gives a thorough analysis of the competition and includes details on the product/service landscape of top firms to assist customers in increasing their revenue shares in the sector. In order to capitalize on development prospects to the fullest, this Big Data in Healthcare market study also identifies critical areas for players to concentrate on and offers techniques they can employ.
The Report Offers Major Leading Players:
- IBM Watson Health (United States)
- Google Health (United States)
- Cerner Corporation (United States)
- Allscripts Healthcare Solutions Inc. (United States)
- Optum (United States)
- Microsoft Healthcare (United States)
- Amazon Web Services (United States)
- Oracle Corporation (United States)
- SAS Institute Inc. (United States)
- Siemens Healthineers (Germany)
- Philips Healthcare (Netherlands)
- General Electric (GE) Healthcare (United States)
Big Data in Healthcare Market Key Business Segments
- Financial Analytics
- Operational Analytics
- Population Health Analytics
- Clinical Data Analytics
- One important trend is the increasing application of artificial intelligence (AI) and machine learning (ML) algorithms to the analysis and comprehension of healthcare data.
- Analytics-driven by AI can improve clinical decision support systems by predicting the course of diseases and optimizing treatment methods. A further new development is the incorporation of real-time data from wearable and IoT devices, enabling continuous monitoring and individualized healthcare actions. Interoperability and standardization of data, which enable the smooth integration of data from multiple healthcare systems and sources, are becoming increasingly important.
- Blockchain technology is also becoming more and more popular as a tool for enhancing data security, privacy, and interoperability. With the help of big data analytics, individualized treatment choices based on a person’s genetic profile are now possible in precision medicine and genomics.
Market Growth Drivers:
- The increased accessibility and digitization of healthcare data, including those found in electronic health records (EHRs), medical image files, and wearable device data, is a key motivator. The enormous amount of data generated offers the opportunity to gain insightful knowledge and enhance patient treatment. The need for evidence-based decision-making and individualized medicine serves as another drive.
- Big Data analytics can help with pattern recognition, result prediction, and the development of patient-specific treatment plans. Large-scale healthcare statistics may now be stored, handled, and analyzed more easily thanks to technological advancements like cloud computing and artificial intelligence. The adoption of Big Data in healthcare is also fueled by the prospect of cost savings, operational enhancements, and better patient outcomes.
- Data privacy and security are crucial factors in the healthcare industry because it deals with sensitive and private information. Critical concerns include preserving patient privacy and upholding data protection regulations. Healthcare data is usually compartmentalized in many systems and formats, which adds to the difficulty of data integration and interoperability.
- Data quality and accuracy are also major issues because incomplete or erroneous data might result in false findings. Realizing Big Data’s full potential in the healthcare industry is challenging due to a lack of skilled data analysts and scientists. The use of Big Data must also be governed by defined ethical frameworks and standards that address issues like bias, transparency, and informed permission.
- The sensitive and private information contained in healthcare data makes data privacy and security issues very difficult. Key considerations include patient confidentiality, adherence to data protection regulations, and protection against online dangers. The integration of numerous data sources and the compatibility of various data systems are further restrictions.
- Data completeness and accuracy are also important issues since inaccurate or incomplete data might produce false findings. Lack of competent individuals who can successfully analyze and understand big data in healthcare is another barrier. For certain healthcare companies, the cost of infrastructure, technological investments, and data management may be too high.
- It is a significant possibility that we will be able to draw out information that will improve patient care and outcomes from huge databases. Big Data analytics can elucidate previously undetectable trends, patterns, and correlations, enabling the early diagnosis of diseases, the development of specialized treatment plans, and the implementation of preventative measures.
- Another opportunity exists in population health management, where Big Data can support the identification of at-risk populations, the forecasting of disease outbreaks, and the development of specialized public health interventions. Big Data also helps with resource allocation, fraud detection, and improved operational efficiency, all of which can save expenses.
- Remote monitoring, telemedicine, and individualized health tracking are made possible through the integration of real-time data from wearable and IoT devices.
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Frequently Asked Question
Q1: What is the current market size for the Big Data in Healthcare Market?
A: According to HTF Mi, the Big Data in Healthcare Market Currently valued at USD 25.1 billion in 2023 and is expected to reach USD 81.1 billion by 2028, growing at a CAGR of 21,59 % during the forecast period.
Q2: What are the key segments of the Big Data in Healthcare Market?
A: The Big Data in Healthcare Market can be segmented based on Application (Financial Analytics, Operational Analytics, Population Health Analytics, Clinical Data Analytics) by Type (On-premise, Cloud-based) by End-User (Hospitals, Finance & Insurance Agencies, Research Organizations, Clinics) by Component (Software, Services) and by Geography (North America, South America, Europe, Asia Pacific, MEA).
Q3: Who are the key players in the Big Data in Healthcare Market?
A: Some of the key players in the Big Data in Healthcare Market includes are IBM Watson Health (United States) Google Health (United States) Cerner Corporation (United States) Allscripts Healthcare Solutions, Inc. (United States) Optum (United States) Microsoft Healthcare (United States) Amazon Web Services (United States) Oracle Corporation (United States) SAS Institute Inc. (United States) Siemens Healthineers (Germany) Philips Healthcare (Netherlands) General Electric (GE) Healthcare (United States)
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