Big Data Analytics in Healthcare Market by Component (Software, Hardware, Services [Descriptive, Prescriptive, Diagnostic]), Deployment (On-premise, Cloud), Application (Clinical, Financial, Operational, Population Health), and End User - Global Forecast to 2030

The Big Data Analytics in Healthcare Market is projected to reach $95.2 billion by 2030, at a CAGR of 13.8% from 2024 to 2030. The healthcare industry includes the majority of patient & other medical data. Big data helps to recognize the importance of this data and improve outcomes. This analyzes patterns in patient behavior, provides future health trends, and identifies potential problems early. This helps in reducing risk and improves the efficiency and quality of care delivery.

Rising adoption of EMR & EHR, increasing investments in the healthcare IT sector, and a shift from volume to value-based care are driving the growth of the big data analytics in healthcare market. However, IT infrastructural constraints in developing countries are expected to restrain the growth of this market. Growing preference for cloud-based analytics solutions is expected to offer significant growth opportunities for the big data analytics in healthcare market. Growing security concerns and a lack of skilled data professionals are challenging the market growth.

Rising Adoption of EMR & EHR

The government's support for the adoption of EHR solutions due to their advantages over traditional paper-based health records is a factor that has led to the widespread implementation of EHR. Both patients and ambulatory practice benefit from EHR adoption due to improved patient treatment, improved care coordination and faster access to records, greater efficiency in practice and cost savings through decreased paperwork, increased patient participation and transparency, and improved diagnostic and patient outcomes as a result of accurate prescribing. As per the data published by the Journal of Global Health Science in December 2022, EHR has since been adopted worldwide in 66% of developed countries, 52% of upper-middle-income countries, 35% of lower-income countries, and 15% of low-income countries. For instance,

• Belgium coordinated an interoperable health record for all citizens, which came to full implementation in 2019, called MijnGezondheid. Any physician can now see patient records in any hospital in the country.

• In March 2019, the Digital Information Security in Healthcare Act (DISHA) was introduced by the Indian government to protect and legalize digital healthcare data. DISHA aims to regulate the generation, collection, storage, analysis, transmission, and ownership of patient health data and personally identifiable information.
•  In the U.S., in 2021, approximately 96% of non-federal acute care hospitals and 78% of office-based physicians adopted a certified HER (Source: HealthIT.gov). Moreover, North America's per capita health expenditure reached USD 11,119.1 in 2021, increasing at a CAGR of 3.8% from 2017–2021 (source: The World Bank Group). This, in turn, supports the adoption of EHR solutions by healthcare providers.
• Europe launched The General Data Protection Regulations (GDPR) in April 2016, a set of compliance requirements that came into effect in May 2018 and applied to any organization that deals with data provided by citizens of the European Union. This assured people about the safety & security of their information across all businesses and facilities, including healthcare. Thus, high security helps in adopting EMR/EHR solutions.

Thus, supportive government initiatives for the adoption of EHR drives the big data analytics market for healthcare for better patient outcome, staff efficiency, and reduction in business costs.

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Need to Reduce Healthcare Costs Drive the Market

Many hospitals and health systems are currently dealing with escalating operational costs. Healthcare analytics are known to improve medical practice efficiency. The operational costs can be reduced by lowering transcription costs, reducing time spent on documentation, improving documentation for billing, and limiting or eliminating chart pull, storage, improving patient outcome & treatment. Implementation of this reportedly leads to significant cost savings.

Hospitals and practices that use analytical software can curb excess and wasteful spending. In addition, studies have reported that medical errors can cost billions of dollars, such as additional costs for patient care who need treatment to recover from medical mistakes and the high cost of malpractice lawsuits. Implementation of predictive analytics reduces the risk of disease in the future and can provide better treatment for patients. Therefore, the rising need to reduce operational costs in the healthcare industry is expected to factor in the growth of the healthcare analytics market.

Key Findings in the Big Data Analytics in Healthcare Market Study:

Among the Component, in 2024, the Services Segment is Expected to Account for the Largest Share of the Market

Based on component, the big data analytics in healthcare market is segmented into hardware, software, and services. In 2024, the services segment is expected to account for the largest share of the big data analytics in healthcare market. The services segment is divided into descriptive, prescriptive, predictive, and diagnostic. Healthcare organizations are increasingly using big data analytics services for the data analysis of drug utilization, purchasing patterns, and checking inventory levels. Additionally, the services also improve the supply chain management of end users. The availability of a number of service providers, coupled with developments in data analytics, supports the largest share of the market.

The Cloud Based Segment Is Projected to Register the Highest CAGR During the Forecast Period

Based on deployment mode, the global big data analytics in healthcare market is segmented into on-premises based and cloud based/web-based. The cloud-based segment is expected to grow at the highest CAGR during the forecast period. Cloud-based models are rapidly gaining traction in the market. Using cloud-based systems does not involve hardware installation and maintenance costs and does not require maintaining in-house IT maintenance and support teams. Thus, the cost-effectiveness of cloud-based deployment makes it a viable option, even for small and medium-sized research organizations.

Among the Applications, in 2024, The Financial Analytics Segment is Expected to Account for the Largest Share of Big Data Analytics in Healthcare Market

Based on application, the global big data analytics in healthcare market is segmented into clinical analysis, financial analysis, operational analysis, population health analysis, and other applications. In 2024, the financial analytics segment is expected to account for the largest share of the big data analytics in healthcare market. Growing focus on reducing the burden on patient & healthcare business, rising personalized medicine & treatment, and shift from volume to value-based are contributing to the largest share of the segment. Additionally, financial analytics provides an effective course of treatment and a more accurate health insurance rate, thus contributing to the overall improved patient experience contributing to the largest share of the segment.

Based On End User, the Hospital & Clinics Segment is Projected to Register the Highest CAGR Of the Big Data Analytics in Healthcare Market During the Forecast Period

Based on end user, the global big data analytics in the healthcare market is segmented into hospitals & clinics, research organizations, and finance & insurance agencies. The hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the growing patient pool and rising focus on value-based diagnosis, supporting the share in the market. Additionally, the use of big data analytics in hospital & clinics considerably reduces the burden on healthcare providers, provides better quality of healthcare service, and supports patients suffering from chronic diseases.

Asia-Pacific: Fastest-growing Regional Market

The growth of this regional market is attributed to the increasing investments in healthcare IT in developing countries such as China and India, the rising adoption of healthcare analytical tools for effective treatment & patient outcomes, and the growing preference for value-based care are driving the growth of the big data analytics in healthcare market in Asia-Pacific.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players in the past few years. The key players profiled in the big data analytics in healthcare market report are GE HealthCare Technologies Inc. (U.S.), Optum, Inc. (U.S.), CSL Limited (Australia), Veradigm LLC (U.S.), Inovalon (U.S.), The International Business Machines Corporation (U.S.), McKesson Corporation (U.S.), KT Corporation (South Korea), Epic Systems Corporation (U.S.), and Cerner Corporation (U.S.).

Scope of the Report:

Big Data Analytics in Healthcare Market, by Component

• Hardware
• Software
• Services
  • Descriptive
  • Prescriptive
  • Predictive
  • Diagnostic               

Big Data Analytics in Healthcare Market, by Deployment Mode

• On-premise
• Cloud-based

Big Data Analytics in Healthcare Market, by Application

• Clinical Analysis
• Financial Analysis
• Operational Analysis
• Population Health Analysis
• Others
  (Note: Other applications include product analytics, risk analytics, and real-time analytics.)

Big Data Analytics in Healthcare Market, by End User

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

Big Data Analytics in Healthcare Market, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • U.K.
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

Key questions answered in the report: