Market Overview:
The Big Data Healthcare Market consists of technologies and tools that collect and analyze large, complex datasets from different areas of healthcare to gain useful insights. This includes data generated from patients’ electronic health records, medical imaging scans, medical devices, genomic data, health-related social media and more. Big data holds potential in revolutionizing personalized medicine and improving diagnosis of diseases. It allows establishing correlations between data sets, which can help healthcare providers in delivering more proactive and preventive care.
Market key trends:
One of the major trends in the big data healthcare market is the growing adoption of cloud-based solutions. Cloud deployment facilitates storage and processing of large datasets while offering accessibility, scalability and reduced costs. This is encouraging more healthcare organizations to shift from on-premise to cloud infrastructure. Another notable trend is the increasing integration of artificial intelligence and machine learning algorithms with big data analytics solutions. This is helping derive valuable insights from complex unstructured healthcare data which was previously difficult to analyze. AI is finding increased usage for clinical decision support, population health management, precision medicine and drug discovery.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as Big Data Healthcare Market requires high level of R&D investment and expertise. Established players have significant brand value and customer loyalty.
Bargaining power of buyers: The bargaining power of buyers is high as the market has large number of players providing similar products and services. Buyers can easily switch to substitutes if prices are increased.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as switching costs from one supplier to another are low. However, suppliers have differentiated products and domain expertise.
Threat of new substitutes: The threat of substitutes is moderate as other adjacent technologies like cloud, analytics can be used instead of Big Data in healthcare to some extent.
Competitive rivalry: The competition in the market is high as the key players continuously invest in new technologies to gain a competitive advantage.
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.
Key Takeaways
The global Big Data Healthcare Market is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period 2023 to 2030, due to increasing demand for data driven healthcare services.
Regional analysis: North America dominates the global Big Data Healthcare Market owing to significant investments by key players in big data analytics, technological advancements, and presence of well-established healthcare infrastructure. Asia Pacific is expected to grow at the highest CAGR during the forecast period with increasing healthcare expenditure and developing healthcare systems across emerging countries.
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. These players are focusing on new product launches and partnerships with healthcare organizations to gain competitive advantage.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
