July 16, 2024

Big Data Healthcare Market is driven by Increasing Prevalence of Chronic Diseases

The global big data healthcare market is witnessing significant growth driven by increasing adoption of big data analytics solutions in the healthcare sector. Big data analytics solutions help in population health management, clinical decision support, precision medicine, operational & financial performance, and personalized medicine by collecting and analyzing large, diverse datasets from various sources including electronic health records, genomics, pharmacy, laboratory, biometric and lifestyle data. Population health management leverages big data analytics to identify high-risk patients and better manage their care. This involves integration and analysis of large patient datasets from various sources to develop personalized treatment options and improve health outcomes. Clinical decision support systems incorporate evidence-based guidelines and latest clinical research findings with large datasets to provide customized diagnostic and treatment recommendations for individual patients.

The global Big Data Healthcare Market is estimated to be valued at US$ 52,629.8 Mn in 2023 and is expected to exhibit a CAGR of 25.30% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the big data healthcare market is increasing adoption of blockchain technology. Blockchain offers security and anonymity of sensitive patient data when integrated with big data analytics in healthcare. It allows secure storage and sharing of electronic health records, genomic data, insurance claims and other confidential patient information across different stakeholders while maintaining privacy. This facilitates improved collaboration between payers, providers and life sciences companies. Many leading players are collaborating with blockchain technology companies to develop innovative blockchain-powered platforms for secure and decentralized big data sharing and analysis in population health management, clinical research and other areas.

Porter’s Analysis
Threat of new entrants: The big data healthcare market requires high capital investments for data collection, storage and processing. Several regulations also need to be complied with which acts as a deterrent for new players.

Bargaining power of buyers: Large healthcare providers and insurance players have significant bargaining power due to the consolidated nature of the industry. However, technological advancements are increasing choice for buyers.

Bargaining power of suppliers: Majority of suppliers in this market are focused on data collection and analytics tools. Switching costs are low, giving moderate power to suppliers.

Threat of new substitutes: While analytics is becoming crucial, traditional healthcare approaches still exist. Complete substitution may take time.

Competitive rivalry: The market sees intensive competition with focus on data management and analytics capabilities. Players compete based on technologies, services and strategic partnerships.

Key Takeaways
The global big data healthcare market is expected to witness high growth. The global Big Data Healthcare Market is estimated to be valued at US$ 52,629.8 Mn in 2023 and is expected to exhibit a CAGR of 25.30% over the forecast period 2023-2030.

Regional analysis:
North America holds the highest share currently due to favorable government initiatives and increasing adoption of EHRs among providers. Meanwhile, Asia Pacific is projected to register the highest CAGR during the forecast period. This can be attributed to issues like rising healthcare costs, growing burden of chronic diseases and focus on quality care in countries like China and India.

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, Cerner Corporation, Allscripts Healthcare Solutions Inc., and International Business Machines Corporation (IBM), among others. Players are focusing on strategic collaborations and incorporating advanced technologies like AI 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