Global Big Data & Analytics Healthcare Market - 2024-2031

Overview

The global big data & analytics healthcare market reached US$ 33.60 billion in 2023 and is expected to reach US$ 110.99 billion by 2031, growing at a CAGR of 16.2% during the forecast period 2024-2031.

Big data & analytics healthcare refers to the systematic collection, integration and analysis of large and diverse datasets generated by healthcare systems, devices and patients to improve clinical and operational decision-making. This field leverages advanced technologies, such as machine learning, artificial intelligence (AI) and predictive modeling, to derive actionable insights aimed at enhancing patient care, optimizing healthcare operations and driving medical innovation. Big data analytics transforms healthcare by enabling precision medicine, reducing costs, improving patient outcomes and addressing global health challenges, such as chronic disease management and resource allocation during pandemics.

The demand for big data and analytics healthcare market is growing rapidly, driven by advancements in technology, increasing adoption of electronic health records (EHRs) and the need for more efficient healthcare management. For instance, according to the National Institute of Health, it was recorded that an 80% increase in big data is due to cloud sources, big data analytics, mobile technology and social media technologies. This growth reflects the rising reliance on analytics for improving patient outcomes, reducing costs and optimizing operational efficiency in healthcare settings.

Market Dynamics: Drivers & Restraints

Rising volume of healthcare data

The rising volume of healthcare data is significantly driving the growth of the big data & analytics healthcare market and is expected to drive the market over the forecast period. As healthcare systems digitize and adopt more advanced technologies, the amount of data generated across various platforms has surged. This growing volume of data creates a significant demand for sophisticated analytics tools capable of extracting valuable insights to improve patient care, optimize operations and reduce costs. For instance, according to the University of Delaware, in a 2020 report, the American Hospital Association noted that the healthcare field generates approximately 2,314 exabytes of data annually.

The global adoption of EHRs has become a key contributor to data growth. According to the National Coordinator for Health Information Technology, as of 2021, nearly 9 in 10 (88%) of U.S. office-based physicians adopted any electronic health record (EHR) and nearly 4 in 5 (78%) had adopted a certified HER, leading to a massive increase in patient data being stored and accessed digitally. This data, including patient history, diagnoses, treatments and medications, serves as the foundation for Big Data analytics tools, which help healthcare providers to deliver personalized care and improve clinical outcomes.

Additionally, data-driven insights are critical for improving healthcare efficiency. Predictive analytics, which relies on large datasets, can forecast patient admissions, prevent readmissions and optimize resource allocation. For instance, hospital readmissions are a significant cost to the healthcare system. Big data tools are being employed to reduce these readmissions through predictive models that identify high-risk patients.

Complexity of data management

The complexity of data management significantly hampers the growth of the big data & analytics healthcare market due to challenges in handling, integrating and analyzing vast, diverse datasets from multiple sources. This complexity leads to inefficiencies, data silos and increased costs, slowing market adoption.

Healthcare data is generated from EHRs, wearables, medical imaging and IoT devices, but integrating structured and unstructured data remains a significant challenge. For instance, according to the National Institute of Health (NIH), over 80% of digital data in healthcare is available as unstructured data, requiring new forms of data processing and standardizing that prove challenging to health researchers. This limits actionable insights and delays decision-making.

Healthcare organizations prioritize patient data security due to regulations like HIPAA in the U.S. and GDPR in Europe, making data sharing and management more complex. Breaches further erode trust, discouraging organizations from fully adopting analytics tools.

For instance, according to the HIPAA Journal, in August 2023, 23 million breached healthcare records are noticed. Over the past 12 months, an average of 9,989,003 healthcare records were breached each month. Additionally, a Colorado-based pathology laboratory is notifying more than 1.8 million patients that their sensitive information was compromised one of the largest breaches reported by a medical testing lab to US federal regulators, making the healthcare industry especially vulnerable to hackers.

Segment Analysis

The global big data & analytics healthcare market is segmented based on component, analytics type, deployment mode, application, end-user and region.

Analytics Type:

The predictive analytics segment is expected to dominate the global big data & analytics healthcare market share

The predictive analytics segment is expected to dominate the big data & analytics healthcare market share over the forecast period due to its transformative ability to anticipate future trends, risks and health outcomes. Predictive analytics uses historical and real-time data combined with machine learning algorithms to forecast potential health events, improve patient care, optimize operations and reduce costs.

For instance, in October 2024, Clarify Health launched the industry's first AI-powered predictive analytics, Clarify Performance IQ Suite, that spans cost, quality and utilization assessment to deliver opportunity analytics. Leveraging advanced machine learning and natural language processing, the Performance IQ Suite empowers health plans and others with unparalleled insights to contain costs, improve care quality and gain a competitive edge.

Predicting readmissions is one of the most common applications. Hospitals use predictive models to assess the likelihood of a patient being readmitted within 30 days of discharge. These models use factors like age, medical history and current health status to predict readmission risks. For instance, Corewell Health care coordinators shared that a recent initiative, which uses predictive analytics to forecast risk and reduce readmissions, has kept 200 patients from being readmitted and resulted in a $5 million cost savings.

North America is expected to hold a significant position in the global Big Data & Analytics healthcare market

North America region is expected to hold the largest market share over the forecast period. North America, especially the United States boasts one of the most sophisticated healthcare systems in the world, with widespread adoption of Electronic Health Records (EHRs), telemedicine and health data management systems. For instance, according to Oxford Academic, the study found that basic EHR adoption in the US surged from 6.6% to 81.2, creating a vast pool of structured and unstructured healthcare data that drives demand for analytics tools.

North America is home to many of the world's leading technology companies offering big data & analytics solutions in healthcare. Key players like IBM Watson Health and other local key players in the United States have been at the forefront of developing analytics tools for healthcare.

For instance, in November 2023, Cercle.ai, Inc., a new AI company focused on advancing healthcare for women, launched out of stealth. Leveraging AI, the Cercle Biomedical Graph platform collects billions of de-identified biomedical and genomics data points drawn securely from healthcare clinics and research labs around the world. It then converts often unstructured, fragmented clinical data into insights for researchers and providers.

Asia Pacific is growing at the fastest pace in the Big Data & Analytics healthcare market

The Asia Pacific region is experiencing the fastest growth in the big data & analytics healthcare market. Many Asia Pacific countries are undergoing a digital transformation in healthcare, with governments pushing for digitization of healthcare records, telemedicine adoption and smart health initiatives. Countries like China, India and Singapore have implemented national strategies to boost healthcare IT infrastructure and integrate advanced technologies, including big data analytics.

For instance, in China, the government's Healthy China 2030 initiative is driving the use of health data analytics, including the integration of electronic health records (EHRs) and wearable devices across hospitals.

The APAC region is seeing an expansion in healthcare IT infrastructure, including the adoption of cloud computing, AI, machine learning and IoT devices. These technologies generate large volumes of data that can be analyzed to improve healthcare services.

For instance, in January 2024, GenepoweRx launched an AI platform GeneConnectRx, for big data analytics and drug discovery. This revolutionary step in personalized medicine marks a paradigm shift, empowering healthcare providers to customize treatments based on individual genetic makeup. GeneConnectRx integrates internal data, global resources, and cutting-edge models to forecast potential molecules for revolutionary drug discovery.

Competitive Landscape

The major global players in the big data & analytics healthcare market include IBM, Koninklijke Philips N.V., Optum, Inc., FLATIRON HEALTH, Health Catalyst, Microsoft, Oracle, Google, Wipro, Cisco Systems, Inc. and among others.

Why Purchase the Report?

• Pipeline & Innovations: Reviews ongoing clinical trials, product pipelines, and forecasts upcoming advancements in medical devices and pharmaceuticals.
• Product Performance & Market Positioning: Analyzes product performance, market positioning, and growth potential to optimize strategies.
• Real-World Evidence: Integrates patient feedback and data into product development for improved outcomes.
• Physician Preferences & Health System Impact: Examines healthcare provider behaviors and the impact of health system mergers on adoption strategies.
• Market Updates & Industry Changes: Covers recent regulatory changes, new policies, and emerging technologies.
• Competitive Strategies: Analyzes competitor strategies, market share, and emerging players.
• Pricing & Market Access: Reviews pricing models, reimbursement trends, and market access strategies.
• Market Entry & Expansion: Identifies optimal strategies for entering new markets and partnerships.
• Regional Growth & Investment: Highlights high-growth regions and investment opportunities.
• Supply Chain Optimization: Assesses supply chain risks and distribution strategies for efficient product delivery.
• Sustainability & Regulatory Impact: Focuses on eco-friendly practices and evolving regulations in healthcare.
• Post-market Surveillance: Uses post-market data to enhance product safety and access.
• Pharmacoeconomics & Value-Based Pricing: Analyzes the shift to value-based pricing and data-driven decision-making in R&D.

The global big data & analytics healthcare market report delivers a detailed analysis with 60+ key tables, more than 50 visually impactful figures, and 176 pages of expert insights, providing a complete view of the market landscape.

Target Audience 2023

• Manufacturers: Pharmaceutical, Medical Device, Biotech Companies, Contract Manufacturers, Distributors, Hospitals.
• Regulatory & Policy: Compliance Officers, Government, Health Economists, Market Access Specialists
• Technology & Innovation: AI/Robotics Providers, R&D Professionals, Clinical Trial Managers, Pharmacovigilance Experts.
• Investors: Healthcare Investors, Venture Fund Investors, Pharma Marketing & Sales.
• Consulting & Advisory: Healthcare Consultants, Industry Associations, Analysts.
• Supply Chain: Distribution and Supply Chain Managers.
• Consumers & Advocacy: Patients, Advocacy Groups, Insurance Companies.
• Academic & Research: Academic Institutions.