Big data in healthcare involves collection and analysis of large and complex datasets from various sources including electronic health records, diagnostic reports, medical imagery, and others for clinical decision support, cost assessment, predictive analytics, compliance and reporting. Big data healthcare solutions provide useful insights from patient health information and enhance healthcare outcomes and quality of care.
The global Big Data Healthcare Market is estimated to be valued at US$ 52,629.8 Mn in 2023 and is expected to exhibit a CAGR of 25.30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for data-driven healthcare solutions is propelling the big data healthcare market growth. Healthcare organizations are increasingly adopting big data analytics to gain actionable insights from patient health records and medical devices for improved clinical decision making, personalized care, disease management, and drug discovery. Big data analytics helps in predictive modeling of population health, risk assessment, resource allocation, and reduces healthcare costs significantly. Healthcare providers are leveraging big data solutions to enhance operational efficiency, support value-based reimbursements, and improve the overall patient experience.
SWOT Analysis
Strength: The big data healthcare market possesses strengths such as early diagnosis and preventive healthcare. It helps healthcare providers offer personalized treatment plans based on a patient’s medical history, symptoms, and genomics.
Weakness: Lack of skilled talent and data security & privacy concerns are weaknesses. Healthcare organizations face difficulties finding data scientists proficient in medical domains. Privacy breaches can compromise sensitive patient information.
Opportunity: Opportunities lie in remote patient monitoring and AI/machine learning. Remote monitoring allows continuous supervision of patients through wearable devices and apps to identify health changes early. AI can discover patterns in big datasets to diagnose diseases more accurately.
Threats: Interoperability issues and high infrastructure costs threaten the market. Integrating systems from various healthcare facilities is challenging due to non-standard data formats. Setting up advanced IT systems requires heavy capital investments.
Key Takeaways
The global big data healthcare market is expected to witness high growth at a CAGR of 25.30% during the forecast period of 2023-2030 to reach a market size of US$ 52,629.8 Mn by 2023.
North America accounts for the largest share of the global big data healthcare market owing to presence of advanced healthcare systems, high disposable incomes, and key market players in the region. However, Asia-Pacific is expected to witness the highest growth during the forecast period attributed to improving national-level digital infrastructures, growing medical tourism, and rising investments by market players in emerging 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, Cerner Corporation, Allscripts Healthcare Solutions Inc., and International Business Machines Corporation (IBM), among others. These players are focusing on partnerships, new product launches, and investments in healthcare start-ups to strengthen their market positions. For instance, Innovaccer collaborated with GE Healthcare and several insurers to develop new solutions integrating clinical and financial data.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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