Global Big Data Healthcare Market Size to Reach USD 42.7 Billion by 2024

The COVID-19 outbreak has substantially accelerated the global demand for predictive and prescriptive healthcare analytics to make data-driven decisions and improve patient outcomes. 

According to TechSci Research report, “Global Big Data in Healthcare Market By Component, By Deployment, By Analytics Type, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2024”, global big data in healthcare market is expected to grow at a robust CAGR of 19.55% through 2024, owing to increasing venture capital investments, evolving technology, and propelling the need for optimizing healthcare solutions. 

The adoption of big data in healthcare is driven by the rising demand for analyzing and storing patient records and medical data, implementation of Employee Health Records (EHRs), prevention of cyber frauds, enhancing overall patient experience, real-time monitoring, and improving operational efficiency. Moreover, the development and usage of wearable and real-time health monitoring devices have been instrumental in promoting big data in healthcare. Furthermore, progressing healthcare infrastructure, economic developments along with government compliance with electronic health records have been bolstering the rate of adoption of big data in healthcare. The outbreak of COVID-19 also prompted nations to implement healthcare analytics integrating IoT and AI for taking advantage of the opportunities that big data analytics has to offer.

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Predictive global big data healthcare analysis provides the answer for what the future holds with statistical tools and multiple algorithms. Cloud computing in big data eliminates the need of setting and maintaining data as it creates a scalable pool of data that can be utilized for making accurate analysis. Analyzing the patient medical history, the healthcare industry can use big data for minimizing errors, providing precise treatments, and delivering telemedicine.

Some of the challenges that might hinder the development of big data in healthcare industry can be attributed to the storage of large volume data, restricted knowledge about machine learning, huge costs, multiple data sources, security issues, data discrepancies, altered data quality, and misrepresentation of pre-existing data.

The segmentation of global big data in the healthcare market is based upon component, software, deployment, analytics, application, end-user, region, and company. Based on components, the big data can be categorized into services and software. Among these, the software segment is projected to register exponential growth due to technological advancements and increasing requirement of business analytics. Based on deployment, the big data can be segregated into cloud and on-premise models. Among these, the cloud model is expected to grow significantly and hold a market share of 64.54% by 2024 owing to its greater mobility, real-time feature, faster deployment, and comprehensive approach.

Based on analytics, the big data market can be classified into three segments, descriptive analysis, predictive analysis, and prescriptive analysis. Out of these, predictive analysis is expected to register the highest CAGR through 2019-2024 due to its inherent nature to predict outcomes. Based on application, the big data market can be fragmented into financial analytics, clinical data analytics, and operational analytics. Out of the three, clinical data analysis is expected to account for the highest growth due to the use of healthcare analytics by physicians and hospitals to improve the patient experience. 

In terms of region, the global big data healthcare market can be categorized into North America, South America, Middle-east & Africa, Europe, and Asia-Pacific. Among these, Asia-Pacific is anticipated to witness the fastest growth due to improving IT and healthcare infrastructure, growing adoption of EHRs, and personalized medicines in the region. Based on the company, Optum Inc., Cerner Corporation, Allscripts Healthcare Solutions, Premier Inc., McKesson Corp., Microsoft Corp., General Electric Healthcare, Hewlett Packard Enterprise Development LP, Oracle Corp., and IBM Corp. are expected to emerge as the top players in global big data healthcare market.

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“The Asia-Pacific big data healthcare market is witnessing a substantial CAGR of 22.21%. Expanding healthcare sector, digital initiatives, advance IT infrastructure, and the growing prevalence of chronic diseases in the Asia-Pacific region are some of the factors that has increased the usage of big data to improve the efficiency of medical operations, and implement data-driven decisions. Thus, the Asia-Pacific region is a lucrative market for companies operating in big data for healthcare across the globe and offers tremendous growth opportunities.”, said Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Big Data in Healthcare Market By Component, By Deployment, By Analytics Type, By Application, By End User, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global big data in healthcare market and provides statistics and information on market structure, size and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities in India Preschool market.

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