Healthcare Big Data Analytics Market

Global Healthcare Big Data Analytics Market Size (2023 to 2028)

The global market size for healthcare big data analytics is forecasted to be growing at a CAGR of 27.8% from 2023 to 2028 and will be worth USD 129.9 billion by 2028 from USD 38.1 billion in 2023.

Impact of COVID-19 on the global healthcare big data analytics market:

The COVID-19 pandemic significantly affected global economies, healthcare, and many institutes; however, the emergence of the COVID-19 pandemic has positively impacted the healthcare big data analytics market growth. Implementation of strict lockdown measures and social distancing norms to restrict the spread of the pandemic. During the initial stages of the pandemic, many manufacturing facilities were shut down. Small and medium-scale companies are important for key players to market growth, but they saw a sharp decline in 2020. Hence, market players faced numerous challenges for the lack of supply chain management. Many organizations focus on enhancing healthcare data analytics and artificial intelligence to provide precise results and cost-effective treatments. Big data also plays a vital role in COVID-19 for data analysis, as it helps control the spread of COVID-19 by helping key decision-makers provide mathematical modeling and data visualization. Due to the need for digital solutions and better analytics tools to manage the patient load in the healthcare industry, the COVID-19 pandemic saw significant growth in the industry. The amount of data generated during the pandemic needs management, and with the help of analytics tools and platforms, researchers and professionals can predict better outcomes.

MARKET DRIVERS:

The growing database usage in the healthcare sector and early detection of diseases are majorly boosting the global healthcare big data analytics market.

The growing usage of databases in the healthcare sector is increasing nowadays. Such databases include patients’ medical records, prescription information, information collected by healthcare testing equipment, hospital records, family medical history, personal ID, and insurance details. Virtual assistants like Amazon Alexa, Apple’s Siri, and Google Assistants provide massive amounts of data. Electronic health records (EHR) are used more in the healthcare department for analyzing patient history. Doctors and medical professionals use big data analysis to make efficient decisions regarding treatment and services. Per the Health Research Institute (HRI) 2019 survey, the annual cost of treating patients increased by 5.8% in 2019 compared to 2018. Analytics are also being used more frequently in the health sector because of a growing trend to use the historical and real-time data that is now available.

Benefits of healthcare analytics include early identification of diseases, decreased unnecessary doctor visits, and accurate patient test results while enabling healthcare facilities to be well prepared for disease management and providing sufficient service. It helps to reduce the spread and treat diseases while lowering overall costs.

An increase in complexity in the management of big data analytics, an increase in analytics services, the accessibility of inexpensive big data solutions and services to end-users, technological advancements, increasing internet of things (IoT), favorable government initiatives, increased internet usage, rising 5G network adoption in healthcare, were used to understand the patient's position for the treatment are the factors influencing the market growth. Furthermore, the growing role of big data analytics in developing predictive models of care in the healthcare industry will provide new opportunities for the market players.

MARKET RESTRAINTS:

The lack of skilled professionals in the healthcare sector to operate healthcare analytical solutions, stringent data integrity, compliance regulation, and growing incidents of data loss or cyberattacks on stored client data in industries are the factors restraining the growth of the healthcare big data analytics market. In addition, the market is challenged with the issues such as a lack of better patient care, increasing treatment costs, and less patient commitment and involvement.

REPORT COVERAGE:

This research report on the global healthcare big data analytics market has been segmented and sub-segmented based on component, deployment, application, end-user, and region.

Healthcare Big Data Analytics Market - By Component:

• Software
• Services

Based on the component, the services segment had the highest global healthcare significant data analytics market share in 2022. The healthcare industry has been investing the required amount in the IT industry to develop platforms and digitize data for analytics. However, most companies do not have a data analytics component, so they are adopting services that are helpful for the company's growth. Because of this, the number of data analytics companies is increasing and offering businesses a wide range of services. As a result, expanding the services obtained from data analytics has driven this market.

Healthcare Big Data Analytics Market - By Deployment:

• On-premises
• Cloud

Based on the deployment, the on-premises segment held the largest share in 2022 due to the convenience of access and security; most institutions are currently installing software and instruments to store data on their premises, leading to market share growth. Current technologies are useful in small businesses, and they can make data management for large amounts of data. This needs financial investments for data security and storage.

Healthcare Big Data Analytics Market - By Application:

• Financial Analytics
• Clinical Data Analytics
• Operational Analytics
• Population Health Analytics

Based on the application, the financial analytics segment had the highest market share in 2022 and is likely to grow significantly during the forecast period. The expansion of this segment is due to healthcare institutions' cost of treatment and providing better treatment. As a result, financial segments help to operate more profitable segments.

Healthcare Big Data Analytics Market - By End User:

• Hospitals & Clinics
• Finance & Insurance Agencies
• Research Organizations

Over the forecast period, the hospital sector held the lion's share in the global healthcare big data analytics market in 2022. Using patient data to enhance health outcomes, analyze regional population health, analyze clinical data to further medical research, and acquire operational insights have led to rising acceptance rates for healthcare analytics systems in hospitals.

Healthcare Big Data Analytics Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region dominated the healthcare big data analytics market worldwide in 2022. The regional market growth is attributed to advancements in IoT and increased demand for analytical models on patient information for better service delivery, improving patient quality care, and data-driven techniques for healthcare decision-making. In addition, increasing government policies, growing demand for tools delivering advanced, favorable government initiatives, and offering funds for consumer experience applications. As a result, the US will likely witness a significant share in North America during the forecast period.  The factors such as technological advancements in healthcare and high infrastructure development in the country are boosting market growth.

The Europe market holds the second position in the market share due to increased government support and increased healthcare research & development in this region.

The Asia Pacific is expected to have a staggering share in coming years owing to the improving database across different industries in India and China, the developing region. The segment's growth is expanding social media platforms, increasing access to the internet and smartphone, advancements in communication technologies, and digitalization. Emerging countries like India, China, and Japan contribute to the APAC regional market growth. However, China holds the highest share of the market during the forecast period.

KEY MARKET PLAYERS:

Numerous companies are leading the global Healthcare big data analytics market. Some of the prominent players are MedeAnalytics (U.S.), SCIO Health Analytics (U.S.), Cerner (U.S.), IBM (U.S.), Oracle (U.S.), Wipro (India), Inovalon (U.S.), Cotiviti (formerly Verscend Technologies) (U.S.), SAS Institute (U.S.), Alteryx, SAP SE, Denodo Technologies Inc., Microsoft Corp, and Infosys.

RECENT MARKET DEVELOPMENTS:

• In 2020, GE Healthcare launched advanced computing technology, Edison HealthLink, explicitly designed for healthcare providers' needs, allowing clinicians to collect, analyze and act upon critical data closer to its source.
• In 2020, Inovalon, a leading provider of cloud-based platforms allowing data-driven healthcare, announced the launch of the Inovalon DataStream API. It is used to access patient-specific data and analytical derivations on-demand and in real time.