August 2024
The global big data analytics in healthcare market size was USD 47.37 billion in 2023, calculated at USD 56.47 billion in 2024 and is expected to be worth around USD 327.57 billion by 2034. The market is slated to expand at 19.22% CAGR from 2024 to 2034.
The global big data analytics in healthcare market size is worth around USD 56.47 billion in 2024 and is anticipated to reach around USD 327.57 billion by 2034, growing at a solid CAGR of 19.22% over the forecast period 2024 to 2034. The North America big data analytics in healthcare market size reached USD 24.63 billion in 2023. The big data analytics in healthcare market growth is attributed to the increasing demand for personalized medicine, advancements in artificial intelligence, the rise of telehealth services, and government initiatives promoting healthcare data analytics.
The U.S. big data analytics in healthcare market size was exhibited at USD 17.24 billion in 2023 and is projected to be worth around USD 121.24 billion by 2034, poised to grow at a CAGR of 19.40% from 2024 to 2034.
North America dominated the global big data analytics in healthcare market in 2023 due to the technological adaption, strong healthcare framework, and major perspectives of big players. The U.S. healthcare industry, in particular, has embraced big data solutions to enhance patient care and organizational performance and gain compliance with legal frameworks, such as the Health Information Technology for Economic and Clinical Health (HITECH) Act. These necessitate the requirement for analysis to extract knowledge from the masses of data that are being generated on patients.
Asia Pacific is projected to host the fastest-growing big data analytics in healthcare market in the coming years, owing to the increasing interest in adopting digitization in the healthcare system and the increased use of big data analytics across developing countries, such as China, India, and Japan. This growth has been attributed to Government policies that seek to enhance the general healthcare system and adoption of technology within those systems. Moreover, the steadily rising middle-class population in the region means that the demand for sophisticated healthcare services continues to rise, thus increasing the potential for data analytics applications.
The increasing use of the big data analytics in healthcare market is due to the rising use of personalized medicine. Healthcare big data analysis uses vast and complex patient and clinical data sets to identify potentially valuable patterns and relationships subsequently. This insight makes better decisions to gain clearer insights to increase patient satisfaction and offer delivery process improvement.
The inclusion of predictive analytics as an improvised element in healthcare systems is also expected to fuel the growth of the big data analytics in healthcare market. This technology is useful in forecasting disease outbreaks, determining a specific treatment regimen for individual patients, and handling big data from electronic health records (EHRs), wearable, and trials. The WHO has estimated that large-scale data utilization helps cut half of the costs of health-related expenses globally, not to mention the improvement of the quality of treatments.
Impact of Artificial Intelligence (AI) on the Big Data Analytics in Healthcare Market
AI plays an important role in the advanced improvement of the big data analytics in healthcare market through changing data management methods and diagnostics analytics. ITS tools improve the effectiveness of healthcare delivery through information analysis for predictions and tailored approaches to treatment. The implementation of artificial intelligence in the healthcare sector ensures that large medical data sets are analyzed faster, improving the overall decision-making processes and patient care. Furthermore, the development of applied AI technology is set to strongly favor even further proactive and data-oriented medical activities, overall healthcare improvements, and optimization of medical processes.
Report Coverage | Details |
Market Size by 2034 | USD 327.57 Billion |
Market Size in 2024 | USD 56.47 Billion |
Market Growth Rate from 2024 to 2034 | CAGR of 19.22% |
Largest Market | North America |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Segments Covered | Spender, Tool, Application, Deployment, and Regions |
Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Increasing adoption of electronic health records
The growing implementation of electronic health records is anticipated to drive the demand for the big data analytics in healthcare market. EHRs generate significant volumes of patient information, which necessitates efficient means of enhancing therapeutic outcomes and enhancing practice operations. Furthermore, there is an increase in demand for data analytics in the context of healthcare.
Year | Percentage of Physicians Using EHRs | Percentage of Healthcare Systems with EHR Strategies |
2015 | 60% | 35% |
2016 | 65% | 50% |
2017 | 70% | 55% |
2018 | 75% | 60% |
2019 | 80% | 65% |
2020 | 85% | 70% |
2021 | 90% | 75% |
2022 | 92% | 77% |
2023 | 93% | 75% |
2030 (Projected) | 95% | 77% |
Data privacy concerns
Data privacy concerns are anticipated to hamper the growth of the big data analytics in healthcare market. Despite the importance of compliance, spending a high amount on it takes up resources from analytics necessary within healthcare organizations. Exposure to patients' information leads to expensive penalties, thus decreasing the number of organizations that use these complex analytics technologies.
Year | Number of Healthcare Data Breaches | Average Cost of Breach (USD million) | Percentage Increase in Breaches (%) |
2018 | 365 | 7.91 | - |
2019 | 450 | 8.19 | 23% |
2020 | 500 | 9.23 | 11% |
2021 | 710 | 10.10 | 42% |
2022 | 750 | 10.20 | 5% |
Surging utilization of wearable devices
The soaring utilization of wearable health devices is expected to create immense opportunities for players competing in the big data analytics in healthcare market in the coming years. People are using fitness trackers and smartwatches to monitor heart rate, activity levels, and many other things. These devices produce a tremendous amount of data all the time.
In the big data analytics in healthcare market, interpreting information allows the healthcare workforce to inform and assure patient states, antecedent health status, risk prognosis, and customized early intervention. Additionally, the growth of interest in chronic diseases and the WHO admits that data from wearables improves patient follow-through treatment plans further propels the demand for AI technology in these healthcare devices.
The healthcare payer segment held a dominant presence in the big data analytics in healthcare market in 2023, due to the higher expectations on the efficiency of containing overall costs and enhancing patients’ outcomes. Insurance companies and government programs primarily use analytics to evaluate risks, design optimal systems for claims management, and improve the identification of fraud. The expected transition to value-based care and payment systems also drives the demand for data analytical solutions for payers to assess the efficacy of treatments. This further links them to incentive compensations based on patient outcomes.
The healthcare provider segment is expected to grow at the fastest rate in the big data analytics in healthcare market during the forecast period of 2024 to 2034, as hospitals and clinics are applying analytics tools to target clinicians’ decision-making and patients’ management. The increasing interest in personalized medicine and patient-centric care delivery models creates this growth since analytics make it possible to base treatments on patients’ characteristics. Moreover, the implementation of artificial intelligence and machine learning in analytics improves expectancy as it helps providers to foretell patients’ needs.
The predictive analytics segment accounted for a considerable share of the big data analytics in healthcare market in 2023. This particular tool holds the ability to predict future occurrences using past data and statistics analysis tools to allow several healthcare providers to accurately prepare for future patient needs. The trend towards value-based reimbursement and population health has created a need for risk score calculations because organizations need to know who in the population is at risk and what steps to take. Furthermore, enhanced by the growing application of machine learning and artificial intelligence, predictive analytics augments the efficiency of existing healthcare strategies.
The visual analytics segment is anticipated to grow with the highest CAGR in the big data analytics in healthcare market during the studied years, owing to its ability to intelligently represent raw data. The large quantities of data produced by many healthcare organizations subsequently make the visualization of this information necessary for decision-making. Increasing health information technology, such as electronic health records and other digital health solutions, also explains this segment’s expected growth. Additionally, the increased spending on visual analytical systems to improve care for patients and organizational performance contributes to fuelling the demand for AI technologies in this kind of tool.
The access clinical information segment led the global big data analytics in healthcare market. This application enables healthcare givers to always see the details of the patient’s record, including the patient’s history, laboratory results, and potential treatment options, as a means to enhance patient care and decision-making. The necessity of powerful clinical information systems based on personally contained and patient-orientated medicine development. Moreover, the use of multiple data inputs, such as EHR and wearables, helps providers create patient-clinician dossiers. Its capability to provide extensive access to clinical information enables early interventions, enhances the efficiency of the treatments rendered, and encourages the use of informed practices.
The access operational information segment is projected to expand rapidly in the big data analytics in healthcare market in the coming years. This application offers healthcare organizations information on their functioning within their ecosystems with special emphasis on the use of resources. The capacity and effectiveness of human resources and the management of their workflow processes. In the healthcare system, as the providers attempt to gain higher levels of clinical operational efficiency and lower costs, the necessity for analytics drives such improvements. Additionally, the current transition and more focus on value-based care operational analytics reflect the increased applications.
The on-premises segment held a significant share of the big data analytics in healthcare market in 2023 due to standards, norms, and regulations such as HIPAA in the United States and GDPR in Europe. On-premises solutions ensure that institutions own the deployment of their data security, thus ideal for organizations dealing with very sensitive health information. Additionally, large hospitals and research institutions are becoming key advocates for patient data privacy, which further boosts the demand for advanced and secure AI data analytics technology.
The cloud segment is projected to grow at the fastest rate in the big data analytics in healthcare market in the future years, owing to factors such as scalability, affordable price, and compatibility with other technologies intersecting healthcare. Cloud solutions provide real-time data processing, which means that healthcare practitioners process data from patients and analyze them using the Internet connection, even during the COVID-19 pandemic. Furthermore, the increasing demand by healthcare organizations desiring to optimize their operations and also lower costs relating to information technology.
Segments Covered in the Report
By Spender
By Tool
By Application
By Deployment
By Geography
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