Big Data Analytics in Healthcare Market Revenue | CAGR Of 19.22%

03 Oct 2024

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Table of Content

1. Big Data Analytics in Healthcare Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Big Data Analytics in Healthcare Market 4. Big Data Analytics in Healthcare Market Trends 5. Regional Insights 6. Big Data Analytics in Healthcare Market Highlights 7. Market News

Big Data Analytics in Healthcare Market Revenue and Trends

The global big data analytics in healthcare market revenue surpassed USD 47.37 billion in 2023 and is predicted to be worth around USD 274.76 billion by 2033, poised to grow at a solid CAGR of 19.22% during the forecast period. The demand for the precise and personalized medicines, advanced technologies, improved analysis patterns for the patient behavior, identifying the problems and improving the efficiency and quality of the patient outcomes contribute for the growth of the big data analytics in healthcare market.

Market Overview

Big data analytics refers to the process of deriving the healthcare data to provide better treatment plans. It also helps in finding real-time data to make better predictions and improve the success rate. Big data analytics allows the implementation of the advanced technologies for both treating the patients and health management. The rising demand for the adoption of big data analytics is due to the shift towards the personalized medicines which helps in the analysis of large and complex data sets and clinical records.

This insight helps the healthcare professionals with improved patient outcomes, better decision plans and improved delivery systems. In addition, predictive analysis in healthcare systems is also expected to boost the big data analytics in healthcare market growth as this technology helps with disease forecast outbreaks, creating personalized treatment plans, managing and handling the data from the electronic health records, clinical trials.

Moreover, advanced AI tools help with managing the data methods, diagnosis, improving the delivery systems and predicting better treatment plans. The utilization of artificial intelligence ensures faster analysis of the large data ultimately improving the decision-making process.

• For instance, on October 2024, Uppaluri K&H Personalized Medical Clinic unveiled its GeneConnectRx which is a Artificial Intelligence Platform with personalized medicine treatment empowering the healthcare providers with customized treatment plans on individual genetic makeup.

Report Highlights of the Big Data Analytics in Healthcare Market

• By spender insights the healthcare payer segment dominated the market for the big data analytics in 2023 as many companies and governments use these tools for evaluating the risk, improving the treatment plans and identifying the frauds.
• Based on tool type the predictive analysis segment accounted for the largest share in 2023 as it helps in predicting the future outbreaks based on the previous data and statistical tools which help the healthcare professionals with proper patient treatment. Furthermore, the use of advanced AI tools in predictive analysis helps with efficient data outcome.
• By application type, the access clinical information segment dominated the big data analytics in healthcare market in 2023, as it helps the healthcare providers with patient records, past history, treatment options by enhancing proper decision-making. Also the use of data like HER and wearable’s enables and enhances the efficiency of the treatment and patient care.

Big Data Analytics in Healthcare Market Trends

Implementation of Electronic Health Records:

• The increasing adoption of the HER in healthcare increases the demand for the use of big data analytics as it capable of generating large volume of data sets of patient information that enhances the treatment outcomes and operations.
  
  
• For instance, Avo launched its first-of-its-kind Ask Avo customizable AI tool that integrates into the Electronic Health Records (EHR) systems. It helps clinicians with generating responses from recent and relevant content and provides them with full visibility to identify the potential gaps.

Regulatory Policies and Public health Initiatives:

• Many governments are implementing rules and regulations to improve the disease surveillance, prevention of disease outbreak and managing the health. Big data analytics helps with real-time data analysis and provides proper decision-making.

Utilization of wearable devices:

• The utilization of wearable devices generates opportunities for many players for the implementation of the big data analytics. Many people now-a-days tend towards fitness and tracking their heart rate, oxygen level, activity levels through smart watches that creates a large amount of data of all times.

Regional Insights

North America dominated the big data analytics in healthcare market in 2023 as advanced technologies, improved healthcare infrastructure and major key players boost the market. The US healthcare systems enhance the patient care and performance through various organizations.  For instance, on August 2024, Ministry of Health with US government launched the digital health record program that will enhance the capacity and improve the service delivery within health sectors. According to the data as of 2021, nearly 9 of 10 of U.S. office-based physicians adopted for any electronic health records and nearly 4 of 5 had adopted a certified electronic health record and since 2008 the adoption of the EHRs has doubled from 42% to 88%.

Big Data Analytics in Healthcare Market Highlights

Market News

• On October 2023, Microsoft launched ne AI solutions that integrates multiple technologies and provides a means for collecting the data across various segments ranging from electronic health records to claim management systems, devices.
• On May 2024, mPulse launched its new predictive analysis and engagement solutions establishing new category within the digital health ecosystem and also benefited from cross-sell success and expansion into white space opportunities across five core digital health experience product lines.

Market Segmentation

By Spender

• Healthcare Provider
• Healthcare Payer

By Tool

• Financial Analytics
• Data Warehouse Analytics
• CRM Analytics
• Production Reporting
• Visual Analytics
• Predictive Analytics
• Supply Chain Analytics
• Risk Management Analytics
• Test Analytics
• Others

By Application

• Access Clinical Information
• Access Transactional Data
• Access Operational Information
• Others

By Deployment

• On-premises
• Cloud-based

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