Global big data in the healthcare market
DUBLIN, April 15, 2024 (Globe Newswire) — “Global Big Data in Healthcare Market, Trends and Forecasts to 2035: Distribution by Components, Hardware Types, Software Types, Service Types , Deployment Options, Application Segments, and Healthcare Sectors, End Users, Economics, Geography, and Key Players reports have been added. ResearchAndMarkets.com Recruitment.
The global big data in healthcare market size is estimated to grow from USD 67 billion in 2023 to USD 540 billion by 2035, representing a CAGR of 19.06% during the forecast period 2023-2035. Masu.
This research study consists of current big data in Healthcare market trends, detailed analysis of competitors, key market insights, market impact analysis, market forecast and opportunity analysis. The growth of big data analytics in the healthcare market size over the next decade will be a result of the expected increased adoption of AI-enabled solutions and increased demand for personalized medicine.
One of the key objectives of this market report was to estimate the current market size, opportunity, and future growth potential for Big Data in Healthcare market during the forecast period. Analysts have provided informed estimates about the evolution of the market during the forecast period 2023-2035 based on multiple parameters, likely adoption trends, and primary verification.
Big data in healthcare refers to data obtained from various sources such as medical research/journals, biometric data, electronic medical records, Internet of Medical Things (IoMT), social media, payer records, omics research, data banks, etc. Refers to large amounts of unstructured data. . Integrating this diverse and complex unstructured data into traditional databases poses significant challenges in terms of data structuring and standardization, which ensures compatibility and enables effective analysis. essential for.
However, recent advances in big data analytics tools, artificial intelligence, and machine learning have revolutionized the transformation of big data into valuable and actionable information in healthcare. These technological advances are revolutionizing many aspects of healthcare, enabling data-driven decision-making, improving diagnosis, facilitating personalized treatment approaches, and providing patients with self-service options (online portals , mobile applications, and wearable devices).
Currently, nearly 60% of the market opportunity is driven by the demand for big data analytics solutions in North America. This can be attributed to strong government support for big data analytics, particularly in the United States, which has accelerated adoption rates in various sectors, including healthcare.
Additionally, the All of Us Research program, a biobank initiative focused on precision medicine research, is further driving demand for big data analytics solutions in North America. These big data trends in the healthcare market strengthen expectations that North America will maintain its position as the leading market for big data analytics services during the forecast period, growing at a CAGR of 18.52%.
In addition, big data analysis tools play an important role in pharmaceutical research and development by speeding up the drug discovery and development process. Owing to the rising demand for business intelligence solutions, proliferation of unstructured data, and rising focus on developing personalized medicine, the global market for big data in healthcare is poised to witness sustained market growth during the forecast period. It's in place.
Benefits of big data analytics in healthcare market
Emerging applications of big data analytics in the healthcare market are transforming the way healthcare is delivered, bringing numerous benefits and opportunities. By harnessing the power of big data, healthcare professionals can gain valuable insights and improve many aspects of patient care. Big data analytics tools facilitate the development of personalized medicine by analyzing patient data to identify patterns and make accurate diagnoses. Predictive analytics will also enable disease prevention and early intervention, helping to reduce risks and improve population health. Additionally, big data analytics solutions play a key role in optimizing healthcare operations, allocating resources, and improving patient outcomes.
Competitive environment for big data analysis services
The current market environment includes more than 405 companies offering a variety of big data analytics services, ranging from consulting, implementation, data management and storage to technical support and component maintenance services. Overall, big data analytics in the healthcare market appears to be quite fragmented, with very small companies with the necessary expertise to provide big data services across various healthcare sectors, such as: It is characterized by the presence of small, medium, large, and very large companies. Pharmaceuticals, medical devices, healthcare services, and other fields. It is worth mentioning that around 65% of players providing big data analytics services are based in North America.
Key drivers of big data in the healthcare market
Several factors, including the growing need to store, process, and analyze large amounts of medical data, have led to the adoption of big data analytics solutions in the healthcare industry. With the advent of digital solutions such as electronic health records and wearable devices, healthcare organizations are generating large amounts of data every day. In fact, on average a hospital can generate approximately 50 petabytes of patient and operational data per day. Furthermore, the amount of data generated by the healthcare industry is expected to increase exponentially with a CAGR of more than 35% by 2025. The ability to effectively analyze and derive insights from this vast amount of unstructured data is essential to improving the healthcare industry. Operational efficiency and decision making in the healthcare industry.
The focus on population health management is also a driver of big data in the healthcare market. As healthcare moves from a fee-for-service model to a value-based care model, there has been a greater emphasis on preventive care and public health. This shift highlights the importance of leveraging big data in healthcare to analyze demographic data, generate insights, and drive positive outcomes for patients. Additionally, big data analytics plays a key role in optimizing care management and addressing the complex issues of social determinants of health. All these factors and increasing adoption of artificial intelligence-enabled healthcare solutions are expected to drive big data in the growth of the healthcare market during the forecast period.
North America holds largest share of big data in healthcare market
Currently, nearly 60% of the market opportunity is driven by the demand for big data analytics solutions in North America. This can be attributed to strong government support for big data analytics, particularly in the United States, which has accelerated adoption rates in various sectors, including healthcare.
Additionally, the All of Us Research program, a biobank initiative focused on precision medicine research, is further driving demand for big data analytics solutions in North America. These big data trends in the healthcare market strengthen expectations that North America will maintain its position as the leading market for big data analytics services during the forecast period, growing at a CAGR of 18.52%.
Market share insights
The Healthcare Big Data Market research report presents an in-depth analysis of different companies engaged in Global Big Data in Healthcare industry across different segments as defined below:
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Historical trends: 2018-2022
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Base year: 2022
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Forecast period: 2023-2035
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Market size in 2023: $67 billion
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CAGR: 19.06%
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PowerPoint presentation (free)
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Customization scope: 15% free customization
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component
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Hardware (storage devices, servers, network infrastructure)
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Software (electronic medical records, practice management software, revenue cycle management software, and workforce management software)
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Services (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, Prescriptive Analytics)
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Deployment options
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Application areas
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Healthcare field
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healthcare services
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Medical equipment
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pharmaceuticals
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Other industries
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economic situation
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End-user
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geography
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Excel data pack (free)
Leading Big Data Companies in Healthcare Market: Complete list of over 405 companies and organizations is available in the report
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Accenture
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ACCA Technologies
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altamira.ai
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Amazon Web Services.Athena Global Technologies
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Atom Consulting Services (ACS)
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Avenga
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happy mind
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Indata Lab
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transfer
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Kelton
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Cayrus
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Lutech
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microsoft
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Nagaro
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Nous Infosystems
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NTT data
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oracle
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orange mantra
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oxagile
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scale focus
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soft web solution
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Solix Technologies
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spindox
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Tata Elksi
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Teradata
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Trianz (formerly CBIG Consulting)
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Trijin Technologies
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xenon stack
This report includes detailed transcripts of interviews with the following industry participants:
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Chief Executive Officer and Founder of an Indian Midsize Company
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Chief Executive Officer and Co-Founder of a Mid-sized Company in India
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Chief People Officer and Co-Founder of U.S. Small Business
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Vice President of a large American company
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Business Manager, Mid-sized Company in India
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India, SME, Senior IT Inside Sales Lead
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Senior manager, mid-sized US company
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Delivery manager, medium-sized company in the US
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Strategy, Research and Analyst Relationship Manager, Large Corporate, India
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Business Development Manager, US Midsize Company
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Business Development Associate, Midsize Company, USA
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Business development specialist advisor, large US company
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Business Development Executive, Small Business, Armenia
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Business consultant, mid-sized company, India
For more information on this report, please visit https://www.researchandmarkets.com/r/qvw9mm.
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