Big data healthcare involves collection and analysis of large, diverse datasets generated during research, clinical practice, administrative, and financial transactions associated with healthcare to improve health outcomes. The global rise of chronic and complex medical conditions such as cancer, diabetes, and cardiovascular diseases has increased the use of personalized medicine approaches requiring integration and analysis of large datasets. Precision medicine utilizes a patient’s genomics, lifestyle, and environmental exposure information to develop targeted prevention and treatment strategies. This has propelled demand for big data analytics in healthcare to identify biomarkers, develop predictive models, and discover new drug therapies tailored for individual patients.
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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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Market key trends:
One of the major trends in the big data healthcare market is the integration of artificial intelligence and machine learning capabilities. AI algorithms can analyze huge medical datasets and detect complex patterns to predict disease outbreaks, recommend personalized treatment plans, and identify better health outcomes. This is helping researchers and healthcare providers gain deeper insights into population health management, clinical research, and drug discovery. Another key trend is the increasing adoption of cloud-based big data analytics solutions. The cloud offers scalability, flexibility, and cost-efficiency for healthcare organizations to collect, store, and analyze large and diverse clinical databases. This is allowing small practices and hospitals to leverage big data capabilities without significant infrastructural investments. Rising investments by pharmaceutical companies in real-world evidence generation using real-time healthcare datasets is another notable trend in the market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the big data healthcare market is medium. Developing expertise in big data technologies like AI and machine learning requires high investment and skill, posing barriers for new players. However, established IT companies can enter this space easily with their existing expertise and resources.
Bargaining power of buyers: The bargaining power of buyers in the big data healthcare market is high. Buyers have many alternatives in the market due to the presence of numerous players. They can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is medium. While key technology providers like cloud companies hold some power, suppliers of big data tools, analytics and other IT services are many.
Threat of new substitutes: The threat of substitutes is low. There are no close substitutes for big data solutions in the healthcare sector currently that can provide similar advanced analytics and insights.
Competitive rivalry: The competitive rivalry in the market is high owing to the presence of numerous global and regional players competing based on technologies, services and pricing.
Key Takeaways
The global big data healthcare market is expected to witness high growth over the forecast period supported by growing healthcare digitization and need for improved patient outcomes. 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% over the forecast period 2023 to 2030.
North America currently dominates the market owing to advanced healthcare infrastructure and early adoption of big data technologies by key players in the region. This is attributed to increasing investments by pharmaceutical companies, research institutes and government bodies in big data capabilities. Meanwhile, Asia Pacific is likely to witness the highest growth fueled by rapidly expanding healthcare sectors, growing medical tourism and focus of regional players on enhancing healthcare solutions.
Key players: 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. Innovaccer is one of the leading players focusing on data activation to support various areas like population health and precision medicine.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it