Meticulous Research®, a globally recognized market research firm, recently published an in-depth report titled, ‘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.’
According to this comprehensive analysis, the global healthcare big data analytics market is forecasted to grow significantly, reaching a value of $95.2 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 13.8%. The market's rapid expansion can be attributed to several key factors, including the increasing adoption of Electronic Medical Records (EMR) and Electronic Health Records (EHR), significant investments in healthcare IT infrastructure, and the industry's transition from volume-based to value-based care. However, some challenges, particularly IT infrastructural limitations in developing countries, may restrain market growth. On the other hand, the rising demand for cloud-based analytics solutions presents a significant growth opportunity. Meanwhile, market growth may be hindered by security concerns and a shortage of skilled data professionals.
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Key Players in the Market
The competitive landscape of the market is shaped by several leading companies that have implemented key growth strategies in recent years. The report identifies prominent players, including GE HealthCare Technologies Inc. (U.S.), Optum, Inc. (U.S.), CSL Limited (Australia), Veradigm LLC (U.S.), Inovalon (U.S.), IBM (U.S.), McKesson Corporation (U.S.), KT Corporation (South Korea), Epic Systems Corporation (U.S.), and Cerner Corporation (U.S.).
Future Outlook of Big Data Analytics in Healthcare
The market is segmented based on several parameters, including Component (Hardware, Software, Services—Descriptive, Prescriptive, Predictive, Diagnostic), Deployment (On-premise, Cloud-based), Application (Clinical, Financial, Operational, Population Health Analysis), and End User (Hospitals & Clinics, Research Organizations, Finance & Insurance Agencies). Furthermore, the report conducts a regional and country-level analysis to evaluate market competitors.
In 2024, the Services Segment is expected to hold the largest market share. Within this segment, prescriptive services are forecasted to lead due to their ability to provide brief data insights and guide optimal future actions, which aids healthcare providers in developing effective treatment plans.
Regarding Deployment Modes, cloud-based solutions are projected to experience the highest growth, attributed to their benefits, such as cost-effectiveness, real-time analytics, flexibility, scalability, and data accessibility.
The Financial Analysis Segment is anticipated to dominate the market in 2024, owing to the increased focus on revenue cycle management, cost control, and claims management within the healthcare sector.
Among End Users, the Hospitals & Clinics Segment is poised for the highest CAGR. This growth is fueled by the rising adoption of big data analytics for decision-making and the increasing prevalence of chronic diseases, which leads to an expanding patient base.
Geographic Insights
The report offers an extensive geographic analysis, covering North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to hold the largest market share, with the U.S. being the leading market due to its advanced technology, ongoing research activities, and the presence of key industry players.
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Key questions answered in the report:
- Which are the high-growth market segments in terms of component, deployment, application, end user, and region/country?
- What was the historical market size for big data analytics in healthcare across the globe?
- What are the market forecasts and estimates for the period 2024–2030?
- What are the major drivers, restraints, and opportunities in the global big data analytics in the healthcare market?
- Who are the major players in the global big data analytics in the healthcare market?
- How is the competitive landscape, and who are the market leaders in the global big data analytics in the healthcare market?
- What are the recent developments in the big data analytics in healthcare market?
- What are the different strategies adopted by the major players in the big data analytics in healthcare market?
- What are the geographical trends and high-growth regions/countries?
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