Big Data Analytics in Healthcare Market Statistics, 2032
The global big data analytics in healthcare market size was valued at $29.7 billion in 2022, and is projected to reach $134.9 billion by 2032, growing at a CAGR of 16.7% from 2023 to 2032.
Big data analytics in healthcare, also known as health analytics, is the process of deriving insights from patterns and correlations found in healthcare big data and is used to make better healthcare decisions. Big data analytics in healthcare extends beyond data management to finding meaning in real-time or historical data and making predictions to improve the probability of success. The scope of global big data analytics in the healthcare market comprises market segmentation by component, deployment mode, application, end-user, and region. The report includes the study of big data analytics in the healthcare market focusing on various growth prospects and restraints, based on the regional analysis. In addition, the study highlights Porter’s five forces analysis for the market that comprises the impact of suppliers, competitors, new entrants, substitutes, and buyers.
Population health management demands complete patient care with cost-effective medication processes, thereby requiring the integration of clinical and claims data on the same platform for data analysis. The surge in demand for improvement in care management and hospitalization process and early prediction of illness factors are anticipated to fuel the growth of big data analytics in the healthcare market shortly.
However, data security and privacy management are one of the biggest concerns of healthcare organizations. Organizations have to face ethical, legal, and regulatory challenges with data governance, due to complexities in data management. Particularly in the healthcare industry, it is crucial to protect extremely sensitive clinical data to avoid security breaches and protect patient privacy. Thus, end users are hesitant while adopting big data analytics solutions, especially when they are not on-premise solutions. In addition, a lack of skilled and expert staff is restraining big data analytics in healthcare market growth. On the other hand, business organizations from various sectors including retail, government, banking, healthcare, marketing, and others preferred using cloud analytics tools to conventional on-premise business intelligence solutions. Enhanced planning, insightful decision-making, and predictive analysis have become mainstream requirements among business leaders, owing to the rise in the need for client and customer management.
The report focuses on growth prospects, restraints, and trends of big data analytics in healthcare market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as the bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the big data analytics in healthcare market.
Segment Review
The big data analytics in healthcare market is segmented on the basis of component, deployment mode, application, end user, and region. On the basis of the component, the market is divided into software and service. By deployment mode, it is bifurcated into on-premises and cloud. On the basis of the application, the market is categorized into clinical analytics, financial analytics, and operational analytics. By end user, it is divided into hospitals & clinics, finance & insurance agencies, and research organizations. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By deployment, the on-premises segment held the highest big data analytics in healthcare market share in 2022, owing to the on-premise segment continuing to hold significance in healthcare analytics. Factors such as data security concerns, regulatory compliance, and the need for customization drive the demand for on-premise solutions among larger healthcare institutions. However, the cloud segment is projected to manifest the highest CAGR from 2023 to 2032, owing to the direct IT control, internal data delivery & handling, faster data processing, efficient resource utilization, and cost-effectiveness of cloud deployment are some of the advantages offered by this model, which are anticipated to boost the market growth.
By region, North America attained the highest share in the big data analytics in healthcare market owing to the demand for real-time intelligence solutions is driving innovation in automation tools, allowing for quicker decision-making processes and proactive responses to evolving situations. However, the market for big data analytics in healthcare is expected to develop at the fastest rate in the Asia-Pacific region, with the increasing demand for AI-driven solutions across various industries, ranging from finance to healthcare and manufacturing. This demand stems from the region's inclination toward technological advancements and the need to streamline operations for enhanced efficiency.
The market players operating in big data analytics in healthcare market are Cisco Systems, Inc., Dell Inc., EPIC Systems Corporation, Hewlett Packard Enterprise, IBM Corporation, Infosys, Microsoft Corporation, Optum, Inc., Oracle Corporation, SAP SE, and SAS Institute inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the big data analytics in healthcare industry globally.
Competition Analysis
Recent partnerships in the Market
For instance, in December 2022, Illinois-based integrated health system Carle Health partnered with healthcare data and analytics technology company Health Catalyst to advance its analytics capabilities and improve patient care. This five-year agreement will strengthen the existing relationship between the two organizations and provide Carle Health with an all-access technology subscription and managed services in the areas of analytics, data management, reporting, and project management.
Further, in May 2023, IQVIA, a leading global provider of advanced analytics, technology solutions, and clinical research services to the life science industry, had a groundbreaking partnership with (RED), the organization co-founded by Bono and Bobby Shriver to fight AIDS and the injustices that enable pandemics to thrive, to support laboratory system strengthening and save lives.
Recent Collaboration in the Industry
In October 2023, Health Data Analytics Institute (HDAI) an artificial intelligence (AI) company focused on empowering clinicians, optimizing care pathways, and improving patient outcomes collaborated with Houston Methodist on how they are Deploying Clinical AI at Scale, a key advance in unleashing a long-awaited data-driven transformation in medical care.
In January 2023, IQVIA, a leading global provider of advanced analytics, technology solutions and clinical research services to the pharmaceutical and broader life sciences industry, announced the first life sciences industry collaboration with Alibaba Cloud in China. IQVIA and Alibaba Cloud, the digital technology and intelligence backbone of Alibaba Group, will be providing solutions hosted in Mainland China leveraging Salesforce on Alibaba Cloud. This will enable customers with a path to begin using or extending their investments on the best-in-class platform for engaging with their customers.
Recent Product Launches in the Market
In April 2023, Arista Networks Inc. launched new big data analytics in healthcare or NAC service on the opening day of this week’s RSA Conference in San Francisco. The vendor is best known as a high-performance network vendor but moved into the security industry when it acquired Awake Security, which brought network detection and response or NDR. Since then, the company has added wireless intrusion prevention, edge threat management, and other services.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the big data analytics in healthcare market analysis from 2022 to 2032 to identify the prevailing big data analytics in healthcare industry opportunities.
- The report provides a comprehensive analysis of the current market estimations through 2022-2032, which would enable the stakeholders to capitalize on prevailing market opportunities.
- In-depth analysis of big data analytics in healthcare market growth assists in determining the prevailing market opportunities.
- The report includes an analysis of the regional as well as big data analytics in healthcare market share, key players, market segments, application areas, and market growth strategies.
- Major countries are mapped according to their revenue contribution to big data analytics in healthcare market size.
- Identify key players and their strategic moves in the big data analytics in healthcare market forecast.
- Assess and rank the top factors that are expected to affect the growth of the big data analytics in healthcare market outlook.
Big Data Analytics in Healthcare Market Report Highlights
| Aspects | Details |
 Market Size By 2032 | USD 134.9 billion |
 Growth Rate | CAGR of 16.7% |
 Forecast period | 2022 - 2032 |
 Report Pages | 346 |
 By Deployment |
|
 By End User |
|
 By Application |
|
 By Component |
|
 By Region |
|
 Key Market Players | EPIC Systems Corporation, SAP SE, Hewlett Packard Enterprise, Optum, Inc., Cisco System, Inc., Dell Inc., Infosys Limited, Oracle Corporation, IBM Corporation, Microsoft Corporation, SAS Institute Inc |
Analyst Review
In accordance with the insights from CXOs of leading companies, cloud deployment in healthcare big data analytics market has higher potential for growth. Presently, the adoption of cloud deployment is on the rise, due to low costs of deployment and enhanced managed service offerings. In addition, the surge in enterprise mobility and implementation of customized pay-per-usage models have created a potential space for cloud analytics solutions in the industry. Key market players have adopted efficient techniques to develop innovative analytic solutions to cater to various needs such as predictive modeling, value addition, and process optimization.
The threat from new entrants is high in the market, due to supportive government policies and a strong economic base. Key providers of big data analytics solutions account for a significant share of the market. Increase in adoption of big data analytics among several end users such as hospitals, clinics, insurance agencies, and research organizations, which in turn has fueled the market growth in technology-centric regions, including North America, Europe, and Asia-Pacific. In addition, professional and managed service offerings from key vendors are anticipated to augment the market growth in the near future.
North America was the largest market for big data analytics in the healthcare market in 2022, in terms of value, due to advancements in IoT and surge in demand for analytical models on patients’ information for better service delivery in the U.S. Europe and Asia-Pacific are expected to grow at significant growth rates during the forecast period, owing to lucrative opportunities offered by countries such as Switzerland, Sweden, the Netherlands, China, Japan, and Singapore.
Key players are projected to focus on the acquisition or strategic alliance with start-ups and well-established local players to expand their market presence and outperform competitors. For instance, in November 2023, Hewlett Packard Enterprise expanded strategic collaboration with NVIDIA to build an enterprise computing solution for generative AI (GenAI). The co-engineered, pre-configured AI tuning and inferencing solution enables enterprises of any size to quickly customize foundation models using private data and deploy production applications anywhere, from edge to cloud. The joint offering removes the complexity of developing and deploying GenAI infrastructure by deploying a full-stack AI tuning and inferencing solution from HPE and NVIDIA.
The IoT proliferation and high demand for secure endpoint protection solutions, rise in remote work and BYOD trends, and increase in adoption of cloud-based network services contribute toward the growth of the market.
The key growth strategies of big data analytics in healthcare market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
North America is the largest regional market for Big Data Analytics in Healthcare
The big data analytics in healthcare market is projected to reach $ 134,902.9 million by 2032.
The key players profiled in the report include Broadcom, Cisco Systems, Inc., Extreme Networks, Fortinet, Inc., Hewlett Packard Enterprise Development LP, Huawei Technologies Co., Ltd., IBM Corporation, Juniper Networks, Inc., Microsoft Corporation, and VMware, Inc.
Loading Table Of Content...
Loading Research Methodology...
