Market Overview:

The Big Data Analytics in Healthcare Market size is estimated to reach $67.38  billion by 2030, growing at a CAGR of 9.3% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Big Data Analytics in Healthcare Market – By Analytics Type (Investigative/Diagnostic, Descriptive, Prescriptive, and Analytical/Predictive), By Deployment (Cloud and On-Premise), By Application (Supply chain analytics, Transactional data assessment, Risk management analytics, Clinical data analytics, financial analytics, Operational Analytics, and others), By End User (Clinics, Hospitals, Insurance agencies, Research Facilities, and Other medical facilities), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Advances in machine learning and artificial intelligence technologies and Increasing adoption of wearable devices and health monitoring tools are the main drivers of market expansion and are fueling the growth of the Big Data Analytics in Healthcare industry during the forecast period.

North America Dominated the Market in 2023:

North America accounted for the largest share of 37% of the Big Data Analytics in Healthcare Market in 2023 followed by Europe and Latin America. According to the McKinsey estimates in 2024, that big data analytics can save $300 billion annually in U.S. healthcare, equating to 8% of national expenditures. These savings stem from enhanced diagnostics, fraud reduction, and improved patient outcomes. As the adoption of advanced analytics grows, the healthcare sector is poised for substantial efficiency and effectiveness gains. 

Big Data Analytics in Healthcare Market: Key Takeaways


Growing Demand for Personalized Medicine and Treatment Plans:

The growing demand for personalized medicine and treatment plans in healthcare is driven by advancements in big data analytics. This technology enables the analysis of patient-specific data, allowing healthcare providers to develop tailored treatment strategies that enhance patient outcomes. Additionally, integrating AI and machine learning facilitates identifying patterns and correlations in large datasets, improving medical intervention precision. According to the Precision Medicine Industry Association of Taiwan (PMIA), Taiwan's aging population is expected to exceed 30% by 2039, significantly increasing healthcare costs. Leveraging precision health can optimize medical resource allocation and improve access to precision medicine, thereby enhancing public health. These trends underscore the critical role of big data analytics in driving healthcare efficiency and effectiveness.

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Rising healthcare costs driving the need for efficiency and cost reduction in the Big Data Analytics in Healthcare Industry:

Rising healthcare costs are driving the need for efficiency and cost reduction through big data analytics. According to federal data in 2023, U.S. healthcare spending surged by 7.5% to $4.8 trillion, surpassing the 6.1% GDP growth rate. Advanced analytics help providers optimize resource use, streamline operations, and enhance patient care. Predictive analytics reduce unnecessary procedures and improve diagnostic accuracy, while big data aids in fraud detection, curbing financial losses. Consequently, big data analytics is crucial for healthcare organizations striving to balance financial sustainability with high-quality care. The increasing integration of these technologies is expected to drive significant market growth. 

Scope of the Report: 

Report Metric

Details

Base Year Considered

2023

Forecast Period

2024–2030

CAGR

9.3%

Market Size in 2030

$67.38 billion

Segments Covered

By Analytics Type, By Deployment, By Application, By End User, and By Region

Geographies Covered

North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa).

Key Market Players

  1. GE Healthcare

  2. Dell EMC

  3. IBM Technology Company

  4. Epic System Corporation

  5. Hewlett Packard Enterprise

  6. Microsoft Corporation

  7. Optum Inc

  8. Allscripts Healthcare Solutions, Inc.

  9. Oracle Corporation

  10. Stryker Corporation

  11. SAS Institute Inc.

  12. SAP SE

  13. Cisco System, Inc.

  14. Infosys Limited

  15. Cognizant Technology Solutions


Recent Developments:
  • The launch of Microsoft Fabric and Azure AI’s new healthcare solutions in October 2023, addresses the challenge of managing and analyzing vast amounts of healthcare data. By integrating and analyzing siloed data sources, these tools enhance care delivery and operational efficiency. 
  • Arista Networks’ growth into network security is highlighted by the launch of CV AGNI at RSA Conference in April 2023, a Network Access Control service that uses AI to simplify identity management and integrate with third-party platforms.
Big Data Analytics in Healthcare Market: Competitive Landscape

Key companies profiled in the Big Data Analytics in Healthcare Market are GE Healthcare, Dell EMC, IBM Technology Company, Epic System Corporation, Hewlett Packard Enterprise, Microsoft Corporation, Optum Inc, Allscripts Healthcare Solutions, Inc., Oracle Corporation, Stryker Corporation, SAS Institute Inc., SAP SE, Cisco System, Inc., Infosys Limited, Cognizant Technology Solutions and others.

About IndustryARC™:

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IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.

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