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The global big data in healthcare market size was valued at USD 34 billion in 2023, driven by the increasing geriatric population and integration of technological advancements in the healthcare sector. The market size is anticipated to grow at a CAGR of 14% during the forecast period of 2024-2032 to achieve a value of USD 110.4 billion by 2032.
Big data in healthcare refers to the practice of collecting and processing large amounts of data. Big data has wide applications in healthcare, including large amounts of data such as patient records, treatment history, allergies, and treatment progress, among others. The focus of the modern healthcare system is to prioritize the patient's needs and consider the physician as a partner in achieving successful therapeutic outcomes. To achieve this goal, Electronic Health Records (EHRs) and other digital patient data are collected in large quantities every day. Analyzing such a massive amount of data requires the assistance of technology, especially advancements in big data analysis. Big data refers to the vast amount of information that comes from various sources, such as EHRs, pharmaceutical research, medical devices, and wearables.
Big data has a significant impact on the healthcare industry and offers numerous growth opportunities. The rise in demand for analytics solutions for patient health management, the need for big data to optimize health administration and strategy, and the increasing adoption of big data in healthcare are among the various driving factors for market growth. The rising geriatric population and preference for personalized treatment among people is propelling the market growth. Additionally, the increasing interest of market players is involved in strategic initiatives like product launches, partnerships, and research and development investment, which are also contributing to the global big data in healthcare market growth. The increasing advancements in technology, coupled with increased adaptation, are further expected to drive the market growth in the forecast period.
Integration of Smart Technologies and Tools
Healthcare, just like all the other industries, is a full-fledged industry integrated with advanced technologies such as big data, AI, machine learning, among others. The increased adoption of these technologies is a major factor influencing market growth. For instance, Epic, a software company announced the integration of Abridge’s clinical documentation tool into its EHR workflow. Abridge's AI tool listens to patient visits and generates an instant summary that follows a typical structure that a physician follows while noting it down.
Abridge, a Pittsburgh-based startup, is automating clinical documentation in healthcare. Helping them focus more on the patient rather than on documenting or transcribing the conversation later to make notes. Such advancements and their convenience and increased adaptation by healthcare facilities are expected to further contribute to the global big data in healthcare market share.
Increasing Fundings to Significantly Support the Market Growth
The market growth is expected to be influenced by the increased funding events among key players. For instance, in February 2023, ShiftMed, a mobile app that connects healthcare workers and providers, confirmed USD 200 million in fresh funding to fuel growth as investors continue to invest more in healthcare staffing companies . Such investments are expected to influence the market growth in the forecast period as these software apps use advanced technologies such as big data to process all the data of every worker they are employing and process it regularly. These approaches are anticipated to boost market growth in the forecast period.
Strategic Acquisitions to Play a Pivotal Role
The market is highly influenced by the increasing interest, investments, and adaptation of advanced technologies in the healthcare sector, bolstering the global big data in healthcare market growth. For instance, In November 2023, Thoma Bravo, a leading software investment firm acquired NextGen Healthcare, Inc. ("NextGen Healthcare" or the "Company"), a leading provider of innovative, cloud-based healthcare technology solutions, for USD 1.8 billion. With the completion of the transaction, NextGen Healthcare shareholders are entitled to receive USD 23.95 per share in cash. This investment by Thoma Bravo may enable NextGen Healthcare to share resources and develop better software solutions in healthcare such as enhancing data analytics capabilities within their platforms and leveraging big data to drive insights and improvements in patient care, operational efficiency, and decision-making.
Market Breakup by Components
Market Breakup by Mode of Deployment
Market Breakup by Analytics Type
Market Breakup by Applications
Market Breakup by End User
Market Breakup by Region
Geographically, North America is expected to dominate the big data healthcare market due to the rise in advancements in the Internet of Things (IoT). The market is further driven by the increase in demand for analytical models on patient information for better service delivery and government policies on the use of telemedicine and EHRs. The regional market is expected to keep an upward trajectory in the forecast period driven by the presence of an advanced and robust healthcare system, convenient in the adoption of advanced technologies such as big data and artificial intelligence AI.
Market players are investing heavily in technologically advanced healthcare solution companies, which is likely to drive the big data in healthcare market size further. In February 2023, Valant, a Seattle, WA-based provider of a cloud-based EHR for behavioral health practices, received an investment from Resurgens Technology Partners. The amount of the deal was not disclosed. The company intends to use the funds to expand how serves its customers and accelerate its new client acquisition in support of its purpose.
In September 2023, Oracle rolled out a press release about introducing new healthcare-specific capabilities to Oracle Fusion Cloud Applications Suite to help healthcare organizations increase financial visibility, build more resilient supply chains, and improve patient care. The new capabilities will enable healthcare organizations to increase productivity, reduce costs, embrace new business models, enhance decision making, and better serve patient needs.
The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:
Please note that this only represents a partial list of companies, and the complete list has been provided in the report.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2017-2023 |
Forecast Period | 2024-2032 |
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Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Components |
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Breakup by Mode of Deployment |
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Breakup by Analytics Type |
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Breakup by Applications |
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Breakup by End User |
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Breakup by Region |
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Big Data in Healthcare Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market attained a value of about USD 34 billion in 2023, driven by increased advancements.
The market is anticipated to grow at a CAGR of 14% during the forecast period of 2024-2032 and is likely to reach a market value of USD 110.4 billion by 2032.
The rising demand for analytics solutions for patient health management, the need for big data to optimize health administration and strategy, the increasing adoption of big data in healthcare, the rising geriatric population, the preference for personalized treatment, product launches, increasing technological advancement in the healthcare sector is a major factor driving the market growth.
The increasing acquisitions between market players, such as Thoma Bravo acquiring NextGen Healthcare, is a major trend influencing the market growth.
The major regions of the market include North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is currently leading the global market.
The components include software such as electronic health record software, practice management, workforce management, and services.
There are two modes of deployment on-premises and cloud.
Types of analytics include descriptive, predictive, and prescriptive.
Big data in healthcare finds wide applications in clinical data analytics, financial analytics, and operational analytics.
End users in the market include hospitals, clinics, finance and insurance agencies, and research organizations, among others.
Key players involved in the market include Allscripts Healthcare Solutions, Inc., Cerner Corp., Optum Inc., Premier, Inc., McKesson Corporation, Hewlett Packard Enterprise (HPE), International Business Machines Corporation (IBM), Microsoft Corporation, Oracle Corp., GE Healthcare.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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