Meticulous Research®, a prominent global market research firm, has recently released a comprehensive research report titled “Big Data Analytics in Healthcare Market by Component (Software, Hardware, Services [Descriptive, Prescriptive, Diagnostic]), Deployment (On-premise, Cloud), Application (Clinical, Financial, Operational, Population Health), and End User – Global Forecast to 2030.” According to this latest publication, the big data analytics in healthcare market is poised to achieve a market size of $95.2 billion by 2030, with a projected compound annual growth rate (CAGR) of 13.8% during the forecast period.
Key drivers propelling this growth include the increasing adoption of Electronic Medical Records (EMR) and Electronic Health Records (EHR), substantial investments in healthcare IT infrastructure, and a shift towards value-based care models. However, challenges such as IT infrastructure limitations in developing nations may impede market expansion.
The report also highlights significant opportunities, notably the rising preference for cloud-based analytics solutions among healthcare providers. Conversely, challenges such as heightened security concerns and the scarcity of skilled data professionals are expected to influence market dynamics.
In essence, while the big data analytics in healthcare sector shows robust growth prospects driven by technological advancements and evolving healthcare paradigms, it faces substantial challenges that necessitate strategic considerations by stakeholders.
Big Data Analytics in Healthcare Market: Future Outlook
The market is segmented based on Component [Hardware, Software, Services (Prescriptive, Descriptive, Predictive, and Diagnostic)], Deployment (On-premise, Cloud-based), Application (Clinical, Financial, Operational, Population Health Analysis, Other Applications), End User (Hospitals & Clinics, Research Organizations, Finance & Insurance Agencies), and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
- Components: In 2023, the services segment is expected to have the largest share in the big data analytics in healthcare market. The services segment is further divided into descriptive, prescriptive, predictive, and diagnostic. The prescriptive services segment is expected to account for the largest share, driven by their use in providing actionable insights for optimal outcomes.
- Deployment: Cloud-based deployment is expected to grow at the highest CAGR during the forecast period, attributed to benefits like cost-effectiveness, real-time analysis capabilities, and scalability.
- Applications: In 2023, the financial analysis segment is expected to have the largest share in the market, driven by the increasing focus on revenue cycle management, cost management, and claims management.
- End Users: The hospitals & clinics segment is expected to grow at the highest CAGR during the forecast period due to the wide adoption of big data analytics for quick decision-making and the rising prevalence of chronic diseases.
Geographic Review
The report provides a comprehensive analysis of the market across major geographies, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
- North America: Expected to account for the largest share of the big data analytics in healthcare market, driven by advanced technology, numerous research studies, and the presence of key players.
- S.: The largest shareholding market in North America in 2023, attributed to its advanced technology infrastructure and significant healthcare IT investments.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market players in recent years. The key players profiled in the big data analytics in healthcare market report are:
GE HealthCare Technologies Inc. (U.S.), Optum, Inc. (U.S.), CSL Limited (Australia), Veradigm LLC (U.S.), Inovalon (U.S.), The International Business Machines Corporation (U.S.), McKesson Corporation (U.S.), KT Corporation (South Korea), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.)
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of component, deployment, application, end user, and region/country?
- What was the historical market size for big data analytics in healthcare globally?
- What are the market forecasts and estimates for 2023–2030?
- What are the major drivers, restraints, and opportunities in the global market?
- Who are the major players in the global market?
- How is the competitive landscape, and who are the market leaders?
- What are the recent developments in the market?
- What strategies are adopted by the major players?
- What are the geographical trends and high-growth regions/countries?
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This comprehensive report provides valuable insights and detailed analyses to help stakeholders understand the market dynamics and make informed decisions.
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