Big Data in Healthcare Market Size & Share to Surpass USD 540 Billion by 2035 | Roots Analysis

According to a recently published report by Roots Analysis, the growing preference for advanced data analytical tools for data management, resource utilization, storage, and real-time analytics for drug validation and development is driving the market. 

LONDON, Jan. 16, 2024 /PRNewswire/ --

Global Big Data in Healthcare Market Overview

The global big data in healthcare market is growing exponentially; it is estimated to be worth USD 67 billion in 2023 and is anticipated to reach USD 540 billion by 2035. It is expected to grow at a compounded annual growth rate (CAGR) of 19.06% during the forecast period from 2023 to 2035.

Big data in healthcare refers to the collection of large amounts of data obtained from various sources, such as biometric data, medical research, the internet of medical things, and electronic medical records. The data collected from different resources helps make standardized treatment decisions to improve patient outcomes. Advances in technologies such as artificial intelligence, big data analytical tools, and machine learning play a significant role in disease diagnosing, drug discovery, and facilitating personalized treatment. Integrating big data analytic tools in drug development helps streamline the manufacturing process and allows faster production with real-time data analysis. Driven by the significance of big data in the healthcare market, several industrial leaders have begun to incorporate data analytic tools to develop tailored drugs and therapies to treat patients suffering from a broad range of diseases. The growing demand for big data analytical tools and increasing focus on R&D processes are anticipated to drive the market during the forecast period.

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Big Data in Healthcare Market Report Scope:

 

Market Drivers

Several market drivers propelling big data in the healthcare market include the growing requirement to analyze data and the adoption of analytical solutions in the healthcare sector across the globe. Big data analytical solutions play a crucial role in optimizing drug development operations and streamlining workflows. The market is also driven by the growing adoption of big data analysis in healthcare owing to its inventory management and resource allocation efficiency. In addition to the above factors, the increasing adoption of artificial intelligence-enabled data analysis solutions has further fueled the market during the forecast period.

Market Restraints

Big data in the healthcare market is expanding gradually across the globe owing to its wide-scale adoption for data management and analysis ability. However, factors such as data security and privacy concerns are hampering the market during the forecast period. The healthcare sector often uses different standard data formats, leading to interoperability challenges. Integrating big data analytical solutions in various systems requires more seamless sharing and analysis of information. Inaccurate data can reduce the efficiency of big data analytics. Navigating complex regulatory guidelines further limits the adoption of big data analysis on a large scale.

Growth Factors

Several industrial stakeholders have begun to indulge in partnerships and collaboration to drive technological advancements in the healthcare industry. Big data also supports population health management by allowing healthcare professionals to analyze the latest technology trends, identify high-risk populations, and implement precision medicines to improve overall community health. Furthermore, the rising adoption of wearable devices in the healthcare sector to collect patient data in real time has also become a major growth driver.

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Recent Developments in Big Data in Healthcare Market

It is interesting to note here that the big data in healthcare market witnesses several collaborations and development activities, some of which are listed below:

• In October 2023, The Center for Population Health Data Science was launched by the New York City Department of Health and Mental Hygiene in order to enhance the city's public health management infrastructure.
• In October 2023, the Advanced Research Projects Agency for Health announced investing 50 million in six research projects. The primary emphasis of these research projects was to address the data vulnerabilities in cybersecurity for healthcare data systems.
• In May 2023, Fifth Third Bancorp acquired Big Data Health with an aim to improve the former's healthcare investment cycle capabilities.

Big Data in Healthcare Market Segments 

Based on the components, the big data in healthcare market is segmented into hardware, service, and software.

• Software will dominate the market during the forecast period, holding 46% of the overall revenue share by 2035.
• The software will grow at a higher CAGR of 21.5% during the forecast period.

Based on the type of hardware, the big data in healthcare market is segmented into data storage devices, network infrastructure, and servers.

• Data storage devices will dominate the market during the forecast period and will capture 62% of overall revenue share by 2035.
• Data storage devices will grow at a higher CAGR of 17.82% during the forecast period 2023-2035.

Based on the type of software, the big data in healthcare market is segmented into electronic health records, practice management software, revenue cycle management software, and workforce management software.

• Electronic health records will dominate the market during the forecast period and will capture 42% of the overall revenue share by 2035.
• Workforce management software will grow at a higher CAGR of 25.05% during the forecast period.

Based on the type of services, descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics

• Based on the type of services, predictive analytics will dominate the market during the forecast period and is poised to capture 31% of overall revenue share by 2035.
• Prescriptive analytics will grow during the forecast period at a higher CAGR of 21.87%.

Based on the deployment options, the big data in the healthcare market is segmented into cloud-based and on-premises.

• Based on the deployment option, cloud-based deployment will dominate the market and is anticipated to capture 67% of the market share by 2035.
• Cloud-based deployment will grow at a higher CAGR of 20.29% during the forecast period.

Based on application areas, the big data in healthcare market is segmented into clinical data management, financial management, operational management, and population health management.

• Based on the application areas, the big data in healthcare market is dominated by clinical data management, capturing 28% of the overall revenue share by 2035.
• The population health management is growing at a higher CAGR of 21.07% during the forecast period.

Based on the healthcare vertical, the big data in healthcare market is segmented into healthcare services, medical devices, pharmaceuticals, and other verticals.

• Based on the healthcare vertical, the big data in healthcare market is dominated by pharmaceuticals, capturing 36% by 2035.
• Medical devices will grow faster during the forecast period at a CAGR of 20.79%.

Based on economic status, the big data in the healthcare market is segmented into high-income countries, upper-middle-income countries, and lower-middle-income countries.

• Based on economic status, high-income countries will dominate the market, capturing 81% of the market share by 2035.
• The lower-middle-income countries will grow at a higher CAGR of 22.14% during the forecast period.

Based on the end-user, the big data in healthcare market is segmented into clinics, health insurance agencies, hospitals, and other end-users

• Hospitals will dominate the big data in the healthcare market and are poised to hold 39% of the overall revenue share by 2035.
• Clinics will grow at a compounded annual growth rate of 22.18% during the forecast period.

Based on the key geographical region, the big data in healthcare market is segmented into North America, Europe, Asia-Pacific, Middle East and North Africa, Latin America and the rest of the world.

• Based on the key geographical region, the big data in healthcare market will be dominated by North America, holding 53% of the revenue share by 2035. 
• In Asia-Pacific, the big data in healthcare market will grow at a higher compounded annual growth rate of 21.29% during the forecast period. 

Key Companies Profiled 

The big data in healthcare market report also includes detailed profiles of key players (listed below) that provide solutions to cell line development services.

• Accenture
• Akka Technologies
• Altamira.ai
• Amazon Web Services
• Athena Global Technologies
• atom Consultancy Services
• Avenga
• Happiest Minds
• InData Labs
• Itransition
• Kellton
• Keyrus
• Lutech
• Microsoft
• Nagarro
• Nous Infosystems
• NTT data
• Oracle
• Orange Mantra
• Oxagile
• Scalefocus
• Softweb Solutions
• Solix Technologies
• Spindox
• Tata Elxsi
• Teradata
• Trianz
• Trigyn Technologies
• XenonStack

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Key Benefits of Buying this Report

• The report offers market leaders and newcomers valuable insights into revenue estimations for both the overall market and its sub-segments.
• Stakeholders can utilize the report to enhance their understanding of the competitive landscape, allowing for improved business positioning and more effective go-to-market strategies.
• The report gives stakeholders a pulse on the big data in healthcare market, furnishing them with essential information on significant market drivers, barriers, opportunities, and challenges.

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About Roots Analysis

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