Big Data in Healthcare Market CAGR to be around 19% by 2035 | Roots Analysis

Healthcare big data includes medical journals, biometric data, electronic medical records, and genomic data. Integrating such complex unstructured data into traditional databases presents significant challenges in terms of structuring and standardization. However, recent advancements in big data analytics, edge computing, artificial intelligence, and machine learning have revolutionized the conversion of healthcare data into valuable insights. 

These technological breakthroughs have had a transformative impact on healthcare decision-making, diagnostics, and personalized treatment approaches. Moreover, these advancements have expedited pharmaceutical research and development processes. Consequently, the global market for big data in healthcare is expected to experience substantial growth driven by the increasing demand for business intelligence solutions and the surge in unstructured data.

According to Roots Analysis, the global big data in healthcare market size is projected to reach USD 540 billion by 2035 from USD 67 billion in 2023, growing at a CAGR of 19.06%, during the forecast period, 2023-2035. 

Big Data in Healthcare Market Segments

Based on the Component, the market is segmented into Big Data Hardware, Big Data Software and Big Data Services

Big data hardware is likely to lead the market for big data in healthcare, capturing the largest revenue share of more than 40% in 2023.

Big data software is anticipated to show the highest growth rate during the forecast period of over 21% annually. 

Based on the Type of Hardware, the market is segmented into Storage Devices, Networking Infrastructure, and Servers

The storage devices led the market for big data in healthcare, capturing the largest revenue share of close to 60% in 2023.

In fact, the storage devices segment is anticipated to show the highest growth rate during the forecast period of over 17% annually. 

Based on the Type of Software, the market is segmented into Electronic Health Record, Practice Management Software, Revenue Cycle Management Software, and Workforce Management Software 

The electronic health record segment led the market for big data in healthcare, capturing the largest revenue share of close to 55% in 2023.

The workforce management software segment is anticipated to show the highest growth rate during the forecast period of over 25% annually.

Based on the Type of Service, the market is segmented into Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics

The diagnostic analytics segment led the market for big data in healthcare, capturing the largest revenue share of more than 30% in 2023.

The prescriptive analytics segment is anticipated to show the highest growth rate during the forecast period of over 21% annually.

Based on the Deployment Option, the market is segmented into Cloud-based Deployment and On-premises Deployment

The cloud-based solutions segment led the market for big data in healthcare, capturing the largest revenue share of close to 60% in 2023.

In fact, the cloud-based solutions segment is anticipated to show the highest growth rate during the forecast period of over 20% annually.

Based on the Application Area, the market is segmented into Clinical Data Management, Financial Management, Operational Management, and Population Health Management

The operational management segment led the market for big data in healthcare, capturing the largest revenue share of more than 30% in 2023.

The population health management segment is anticipated to show the highest growth rate during the forecast period of over 21% annually.

Based on Healthcare Vertical, the market is segmented into Healthcare Services, Medical Devices, Pharmaceuticals, and Other Verticals

The healthcare services segment led the market for big data in healthcare, capturing the largest revenue share of close to 40% in 2023.

The medical devices segment is anticipated to show the highest growth rate during the forecast period of more than 20% annually.

Based on the End User, the market is segmented into Clinics, Health Insurance Agencies, Hospitals, and Other End Users

The hospitals segment led the market for big data in healthcare, capturing the largest revenue share of more than 40% in 2023.

The clinics segment is anticipated to show the highest growth rate during the forecast period of over 22% annually.

Based on the Economic Status, the market is segmented into High Income Countries, Upper-Middle Income Countries, and Lower-Middle Income Countries

High income countries dominated the big data in healthcare market and accounted for the largest revenue share of close to 85% in 2023.

In upper-middle income countries, the big data in healthcare market is anticipated to demonstrate lucrative growth opportunities during the forecast period.

Big Data in Healthcare Market Regional Outlook

Based on the geographical regions, the big data in healthcare market can be segmented into six regions, including North America, Europe, Asia, Middle East and North Africa, Latin America, and Rest of the World. Led by the US, North America is anticipated to capture the majority share of the big data in healthcare market in 2023 and this trend is likely to remain unchanged during the forecast period. Further, the healthcare sector in Asia is accounted to be the fastest-growing segment of the market. The growth of the big data in healthcare market in the region is driven by rising prevalence of chronic diseases which has led to a greater need for data-driven insights and personalized healthcare approaches, further fueling the adoption of big data technology in the healthcare sector.

Key Report Takeaways

§  Eminent representatives from various companies assert that the healthcare industry is witnessing a growing interest in implementing big data solutions, as validated during rigorous primary research conducted by our team of experts

§  More than 405 players claim to offer customized solutions and services to support big data in healthcare initiatives, with around 55% offering data warehouses and data lakes for data management and analytics

§  The big data in healthcare market landscape is highly fragmented, featuring the presence of both new entrants and established players based across different geographical regions; close to 55% of such players are mid-sized companies

§  Various analytical models derive insights from clinical, operational, and financial data; 23% of the players offer a comprehensive software suite of big data analytics including predictive, prescriptive, and descriptive analytics

§  In pursuit of building a competitive edge, players are actively upgrading their existing capabilities and adding new competencies in order to augment their respective portfolios and affiliated big data offerings

§  Driven by the increasing adoption of cloud-based solutions and services, the big data in healthcare market is likely to grow at a CAGR of 19.06% over the next 12 years

§  The projected market opportunity within big data in healthcare domain is anticipated to be well distributed across different components of big data, including various types of hardware, services and software

§  High-income countries are driving market revenues by prioritizing the deployment of big data solutions to optimize operational management, leading to enhanced efficiency and effectiveness in healthcare operations

§  With the rise in demand for telehealth services and personalized medicine, the big data in healthcare market presents lucrative opportunities for players based across various geographies

Big Data in Healthcare Market Key Players

Examples of key companies engaged in big data in healthcare market (which have also been profiled in this market report; the complete list of companies is available in the full report) include Accenture, Akka Technologies, Altamira.ai, Amazon Web Services, Athena Global Technologies, atom Consultancy Services (ACS), 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 (formerly CBIG Consulting), Trigyn Technologies, and  XenonStack

About Roots Analysis

Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research / consulting services dedicated to serving our clients in the best possible way.

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