Big Data Analytics In Healthcare Market By Analytics Type (Descriptive, Predictive, Prescriptive), By Application (Clinical Analytics, Financial Analytics, Operational Analytics), By Deployment (On-Premise, Cloud-Based), By End-Users (Hospitals And Clinics, Healthcare Payers, Biotechnology Companies), Region For 2024-2031
Report ID: 33082|No. of Pages: 202
Big Data Analytics In Healthcare Market By Analytics Type (Descriptive, Predictive, Prescriptive), By Application (Clinical Analytics, Financial Analytics, Operational Analytics), By Deployment (On-Premise, Cloud-Based), By End-Users (Hospitals And Clinics, Healthcare Payers, Biotechnology Companies), Region For 2024-2031
Big Data Analytics In Healthcare Market Valuation – 2024-2031
The increase in demand for analytics solutions for population health management, the rise in the need for business intelligence to optimize health administration and strategy, and the surge in the adoption of big data in the healthcare industry are the factors that drive the growth of the market. According to the analyst from Verified Market Research, the big data analytics in healthcare market size is estimated at USD 37.22 Billion in 2023, and is expected to reach USD 74.82 Billion by 2031.
The transition from volume-based to value-based care models necessitates robust data analytics to assess patient outcomes and optimize healthcare delivery, driving demand for big data solutions. The big data analytics in healthcare market is projected to grow at a CAGR of 9.12% during the forecast period 2024-2031.
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Big Data Analytics In Healthcare Market: Definition/ Overview
Big Data Analytics in Healthcare, often referred to as health analytics, is the process of collecting, analyzing, and interpreting large volumes of complex health-related data to derive meaningful insights that can enhance healthcare delivery and decision-making. This field encompasses various data types, including electronic health records (EHRs), genomic data, and real-time patient information, allowing healthcare providers to identify patterns, predict outcomes, and improve patient care.
By leveraging advanced analytical techniques, such as predictive modeling and machine learning, Big Data Analytics enables healthcare professionals to make informed decisions that can lead to better patient outcomes, reduced costs, and optimized resource allocation. The integration of diverse data sources not only facilitates a deeper understanding of individual patient needs but also supports broader public health initiatives by identifying trends and risk factors across populations.
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How is the Growing Adoption of Electronic Health Records (EHRs) Influencing the Demand for Big Data Analytics in Healthcare?
The growing adoption of Electronic Health Records (EHRs) is significantly influencing the demand for Big Data Analytics in healthcare. EHRs, by providing comprehensive and accessible patient data, are enabling healthcare professionals to leverage advanced analytical techniques to improve patient care and operational efficiency. According to the U.S. Department of Health and Human Services, over 85% of office-based physicians have adopted EHR systems, which has facilitated the seamless exchange of patient information among providers, thereby enhancing care coordination and quality. As EHRs aggregate vast amounts of clinical data, they support the development of predictive analytics models that can forecast health outcomes and identify at-risk populations, ultimately driving better clinical decision-making.
Moreover, studies have shown that EHR implementation is associated with reduced medication errors and improved adherence to clinical guidelines, further underscoring the role of data analytics in enhancing healthcare delivery. Consequently, the integration of EHRs with Big Data Analytics is seen as a critical factor in advancing personalized medicine and improving overall health outcomes.
What are the Primary Data Privacy and Security Concerns Associated With the Implementation of Big Data Analytics in Healthcare?
The implementation of Big Data Analytics in healthcare is associated with several significant data privacy and security concerns. The sensitive nature of medical data raises the risk of unauthorized access and breaches, with reports indicating that approximately 93% of healthcare organizations have experienced a data breach at some point. This alarming statistic highlights the vulnerability of patient information in an increasingly digital landscape.
Privacy violations are often exacerbated by the extensive use of electronic health records (EHRs), which facilitate the collection and sharing of vast amounts of personal health information.
According to the U.S. Department of Health and Human Services, regulations such as HIPAA are designed to protect patient privacy; however, gaps still exist, particularly concerning the sharing of large datasets without adequate patient consent. As a result, concerns about potential discrimination, identity theft, and emotional distress due to data exposure are prevalent among patients and healthcare providers alike. Consequently, the need for advanced encryption methods and robust governance practices is emphasized to mitigate these risks while ensuring compliance with regulatory frameworks.
Category-Wise Acumens
How is Predictive Analytics Being Utilized to Anticipate Patient Outcomes and Improve Clinical Decision-Making in Healthcare?
Predictive analytics is being utilized in healthcare to anticipate patient outcomes and enhance clinical decision-making through the analysis of historical and real-time data. By employing advanced algorithms and machine learning techniques, healthcare providers are able to identify patterns and correlations within vast datasets, which allows for the forecasting of potential health events. According to the Centers for Disease Control and Prevention, over 60% of healthcare organizations are currently using predictive analytics to improve patient health outcomes and operational efficiency. For instance, predictive models can assess a patient’s risk of developing chronic diseases, enabling early interventions that can significantly improve recovery rates.
Additionally, these analytics facilitate personalized treatment plans tailored to individual patient profiles, which enhances the effectiveness of care. As a result, clinicians are empowered with actionable insights that support informed decision-making, ultimately leading to better patient outcomes and reduced readmission rates.
How is Clinical Analytics Improving Patient Care Through Real-Time Monitoring and Personalized Treatment Plans?
Clinical analytics is being leveraged to improve patient care through real-time monitoring and the development of personalized treatment plans. By utilizing advanced data analytics, healthcare providers are able to continuously track patient health metrics, which facilitates timely interventions when changes in a patient’s condition are detected. According to the U.S. Department of Health and Human Services, approximately 70% of healthcare organizations have implemented real-time analytics systems to enhance patient monitoring capabilities.
This technology allows for immediate alerts regarding critical changes in vital signs, enabling clinicians to respond swiftly and effectively.
Additionally, personalized treatment plans are being informed by comprehensive patient data, which includes historical health records and real-time health metrics. This integration of data supports tailored interventions that align with individual patient needs, ultimately leading to improved health outcomes. As a result, the quality of care is enhanced, and unnecessary hospitalizations can be reduced, demonstrating the significant impact of clinical analytics on modern healthcare practices.
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Country/Region-wise Acumens
How does the Presence of Major Healthcare Analytics Companies and Technology Providers in North America Influence the Region’s Leadership in the Market?
The presence of major healthcare analytics companies and technology providers in North America significantly influences the region’s leadership in the market by fostering innovation, enhancing competition, and driving widespread adoption of advanced analytics solutions.
With key players such as McKesson Corporation, IBM, and Optum leading the charge, substantial investments are being made in research and development, which accelerates the creation of cutting-edge technologies tailored to healthcare needs. According to the U.S. Department of Health and Human Services, approximately 83% of the North American healthcare analytics market is attributed to U.S. companies, underscoring the dominance of this region. The collaboration between these companies and healthcare institutions facilitates the integration of analytics into clinical workflows, improving patient outcomes through data- driven decision-making.
Furthermore, government initiatives, such as the National Health Information Technology (HIT) initiative, promote interoperability and data sharing, which are essential for maximizing the benefits of analytics in healthcare. As a result, North America is positioned as a leader in healthcare analytics, characterized by a robust ecosystem that supports continuous improvement in patient care and operational efficiency.
What Role do European Healthcare Regulations, Such as GDPR, Play in Shaping the Adoption and Growth of Big Data Analytics in the Region?
European healthcare regulations, particularly the General Data Protection Regulation (GDPR), play a crucial role in shaping the adoption and growth of Big Data Analytics in the region. By establishing stringent standards for data protection and privacy, GDPR mandates that healthcare organizations implement robust security measures and obtain explicit consent from patients before processing their personal health information. According to the European Commission, approximately 75% of EU citizens express concerns about how their personal data is used, highlighting the importance of trust in healthcare analytics.
The regulation also emphasizes transparency, requiring organizations to inform patients about how their data will be utilized, thus fostering a patient-centered approach to data management. Furthermore, GDPR grants patients significant rights over their data, such as the right to access and the right to be forgotten, which necessitates healthcare providers to develop systems that comply with these requirements. As a result, while GDPR may initially pose challenges for data sharing and analytics, it ultimately encourages the development of secure and ethical data practices that can enhance patient care and drive innovation in healthcare analytics across Europe.
Competitive Landscape
The competitive landscape of the Big Data Analytics market is characterized by intense rivalry among established giants and emerging players, each vying for market share through innovation and strategic partnerships.
Some of the prominent players operating in the big data analytics in healthcare market include:
Allscripts, Cerner Corporation, Hewlett Packard Enterprise, Epic Systems Corporation, GE Healthcare, Dell EMC, IBM, Microsoft, Optum, and Oracle.
Latest Developments
- In October 2023, HPE introduced the HPE Private Cloud AI, a turnkey cloud-based experience co-developed with NVIDIA. This solution allows businesses to build and deploy generative AI applications quickly, streamlining the process with one-click deployment of AI applications, including virtual assistants that can be customized for various business needs.
- In June 2023, Dell EMC announced a new partnership with BlueData to integrate its EPIC™ software with Dell servers, facilitating the quick deployment of big data analytics environments. This collaboration enables customers to provision analytics resources in minutes, significantly enhancing operational efficiency.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2020-2031 |
| Growth Rate | CAGR of 9.12% from 2024 to 2031 |
| Base Year for Valuation | 2023 |
| Historical Period | 2020-2022 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Allscripts, Cerner Corporation, Hewlett Packard Enterprise, Epic Systems Corporation, GE Healthcare, Dell EMC, IBM, Microsoft, Optum, and Oracle. |
| Customization | Report customization along with purchase available upon request |
Big Data Analytics In Healthcare Market, By Category
Analytics Type:
- Descriptive
- Predictive
- Prescriptive
- Diagnostic
Application:
- Clinical Analytics
- Financial Analytics
- Operational Analytics
- Research Analytics
Deployment:
- On-Premise
- Cloud-Based
- Hybrid
End-Users:
- Hospitals And Clinics
- Healthcare Payers
- Research Organizations
- Pharmaceuticals
- Biotechnology Companies
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
1 INTRODUCTION OF GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET
1.1 Introduction of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY ANALYTICS TYPE
5.1 Overview
5.2 Descriptive
5.3 Predictive
5.4 Prescriptive
5.5 Diagnostic
6 GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY APPLICATION
6.1 Overview
6.2 Clinical Analytics
6.3 Financial Analytics
6.4 Operational Analytics
6.5 Research Analytics
7 GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY END-USERS
7.1 Overview
7.2 Hospitals And Clinics
7.3 Healthcare Payers
7.4 Research Organizations
7.5 Pharmaceuticals
7.6 Biotechnology Companies
8 GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY DEPLOYMENT
8.1 Overview
8.2 On-Premise
8.3 Cloud-Based
8.4 Hybrid
9 GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET, BY GEOGRAPHY
9.1 Overview
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 U.K.
9.3.3 France
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Rest of the World
9.5.1 Latin America
9.5.2 Middle East and Africa
10 GLOBAL BIG DATA ANALYTICS IN HEALTHCARE MARKET COMPETITIVE LANDSCAPE
10.1 Overview
10.2 Company Market Ranking
10.3 Key Development Strategies
11 COMPANY PROFILES
11.1 Allscripts
11.1.1 Overview
11.1.2 Financial Performance
11.1.3 Product Outlook
11.1.4 Key Developments
11.2 Cerner Corporation
11.2.1 Overview
11.2.2 Financial Performance
11.2.3 Product Outlook
11.2.4 Key Developments
11.3 Dell EMC
11.3.1 Overview
11.3.2 Financial Performance
11.3.3 Product Outlook
11.3.4 Key Developments
11.4 Epic Systems Corporation
11.4.1 Overview
11.4.2 Financial Performance
11.4.3 Product Outlook
11.4.4 Key Developments
11.5 GE Healthcare
11.5.1 Overview
11.5.2 Financial Performance
11.5.3 Product Outlook
11.5.4 Key Developments
11.6 Hewlett Packard Enterprise
11.6.1 Overview
11.6.2 Financial Performance
11.6.3 Product Outlook
11.6.4 Key Developments
11.7 IBM
11.7.1 Overview
11.7.2 Financial Performance
11.7.3 Product Outlook
11.7.4 Key Developments
11.8 Microsoft
11.8.1 Overview
11.8.2 Financial Performance
11.8.3 Product Outlook
11.8.4 Key Developments
11.9 Optum
11.9.1 Overview
11.9.2 Financial Performance
11.9.3 Product Outlook
11.9.4 Key Developments
11.10 Oracle
11.10.1 Overview
11.10.2 Financial Performance
11.10.3 Product Outlook
11.10.4 Key Developments
12 Appendix
12.1 Related Research
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
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| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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