Big data in healthcare refers to datasets that are too large and complex for traditional data processing applications to adequately deal with. By deploying appropriate analytical tools, big data helps identify connections and patterns that were previously unseen. This facilitates preventative healthcare, personalized treatment and improved care quality at lower costs. For instance, analyzing patient data can help identify at-risk populations, predict disease outbreaks, determine best treatment practices and allocate resources efficiently.
Market key trends:
One of the major trends driving the big data healthcare market growth is the increased adoption of AI, machine learning and analytics by healthcare organizations. By leveraging advanced analytics, these technologies help gain meaningful insights from large and diverse healthcare data sets. This helps improve clinical outcomes while reducing costs. For instance, AI can efficiently detect diseases, predict readmissions and personalize treatment plans. Similarly, machine learning powered tools can automate various clinical workflows, streamline operations and enhance care delivery. Additionally, growing investments by pharmaceutical companies and government support for digitization of healthcare infrastructure also contribute to big data adoption globally. Widespread availability of EHR/EMR data coupled with rising chronic disease prevalence further accelerates uptake of big data solutions.
The global Big Data Healthcare Market Demand is estimated to be valued at US$ 5,049.7 Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Threat of new entrants: The threat of new entrants in the big data healthcare market is low due to the capital intensive nature of developing robust big data analytics infrastructure and capabilities. Bargaining power of buyers: The bargaining power of buyers is moderate owing to the presence of many solution providers in the market. However, distinct needs of healthcare organizations gives buyers some bargaining power. Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitutes. Threat of new substitutes: The threat from substitutes is low as there are few alternatives that can provide integrated data management and analytics capabilities. Competitive rivalry: High due to the presence of many solution providers competing on the basis of product differentiation and pricing.
Strengths: Big data solutions help improve patient outcomes and optimize healthcare costs. It also enables value-based care delivery and precision medicine. Weaknesses: Lack of skilled workforce and data integration challenges. Significant initial investment requirement is also a weakness. Opportunities: Growth in digital health technologies and rising focus on EHR will create opportunities. Partnerships between players will further expand opportunities. Threats: Data security and privacy concerns restrict market growth. Interoperability issues also pose threats.
The global big data healthcare market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand for value-based healthcare delivery and rising investments by pharma/biotech companies in big data and analytics. The North America big data healthcare market is expected to dominate the global market, owing to the presence of advanced healthcare infrastructure and rising investments by pharma companies in the region on big data technologies. Asia Pacific is anticipated to exhibit the fastest growth rate, due to growing healthcare expenditures, increasing geriatric population, rising prevalence of chronic diseases, and focus of pharmaceutical and biotech companies in developing countries.
Key players operating in the big data healthcare market are Innovaccer Inc., SAS Institute Inc., Optum Inc., Oracle Corporation, Dell Technologies Inc., Epic Systems Corporation, GE Healthcare (GE Company), Cerner Corporation, Allscripts Healthcare Solutions Inc., and International Business Machines Corporation (IBM), among others.