Global Big Data in Healthcare Market Report and Forecast 2024-2032

Global Big Data in Healthcare Market Outlook

The global big data in healthcare market size was valued at USD 34 billion in 2023, driven by the increasing geriatric population and integration of technological advancements in the healthcare sector. The market size is anticipated to grow at a CAGR of 14% during the forecast period of 2024-2032 to achieve a value of USD 110.4 billion by 2032.

Global Big Data in Healthcare Market Overview

Big data in healthcare refers to the practice of collecting and processing large amounts of data. Big data has wide applications in healthcare, including large amounts of data such as patient records, treatment history, allergies, and treatment progress, among others. The focus of the modern healthcare system is to prioritize the patient's needs and consider the physician as a partner in achieving successful therapeutic outcomes. To achieve this goal, Electronic Health Records (EHRs) and other digital patient data are collected in large quantities every day. Analyzing such a massive amount of data requires the assistance of technology, especially advancements in big data analysis. Big data refers to the vast amount of information that comes from various sources, such as EHRs, pharmaceutical research, medical devices, and wearables.

Big data has a significant impact on the healthcare industry and offers numerous growth opportunities. The rise in demand for analytics solutions for patient health management, the need for big data to optimize health administration and strategy, and the increasing adoption of big data in healthcare are among the various driving factors for market growth. The rising geriatric population and preference for personalized treatment among people is propelling the market growth. Additionally, the increasing interest of market players is involved in strategic initiatives like product launches, partnerships, and research and development investment, which are also contributing to the global big data in healthcare market growth. The increasing advancements in technology, coupled with increased adaptation, are further expected to drive the market growth in the forecast period.

Integration of Smart Technologies and Tools

Healthcare, just like all the other industries, is a full-fledged industry integrated with advanced technologies such as big data, AI, machine learning, among others. The increased adoption of these technologies is a major factor influencing market growth. For instance, Epic, a software company announced the integration of Abridge’s clinical documentation tool into its EHR workflow. Abridge's AI tool listens to patient visits and generates an instant summary that follows a typical structure that a physician follows while noting it down.

Abridge, a Pittsburgh-based startup, is automating clinical documentation in healthcare.  Helping them focus more on the patient rather than on documenting or transcribing the conversation later to make notes. Such advancements and their convenience and increased adaptation by healthcare facilities are expected to further contribute to the global big data in healthcare market share.

Increasing Fundings to Significantly Support the Market Growth

The market growth is expected to be influenced by the increased funding events among key players. For instance, in February 2023, ShiftMed, a mobile app that connects healthcare workers and providers, confirmed USD 200 million in fresh funding to fuel growth as investors continue to invest more in healthcare staffing companies . Such investments are expected to influence the market growth in the forecast period as these software apps use advanced technologies such as big data to process all the data of every worker they are employing and process it regularly. These approaches are anticipated to boost market growth in the forecast period.

Strategic Acquisitions to Play a Pivotal Role

The market is highly influenced by the increasing interest, investments, and adaptation of advanced technologies in the healthcare sector, bolstering the global big data in healthcare market growth. For instance, In November 2023, Thoma Bravo, a leading software investment firm acquired NextGen Healthcare, Inc. ("NextGen Healthcare" or the "Company"), a leading provider of innovative, cloud-based healthcare technology solutions, for USD 1.8 billion. With the completion of the transaction, NextGen Healthcare shareholders are entitled to receive USD 23.95 per share in cash.  This investment by Thoma Bravo may enable NextGen Healthcare to share resources and develop better software solutions in healthcare such as enhancing data analytics capabilities within their platforms and leveraging big data to drive insights and improvements in patient care, operational efficiency, and decision-making.

Global Big Data in Healthcare Market Segmentations

Market Breakup by Components

• Software
  • Electronic Health Record Software
  • Practice Management
  • Workforce Management

• Services

Market Breakup by Mode of Deployment

• On - Premises

• Cloud

Market Breakup by Analytics Type

• Descriptive

• Predictive

• Prescriptive

Market Breakup by Applications

• Clinical Data Analytics

• Financial Analytics

• Operational Analytics

Market Breakup by End User

• Hospitals and Clinics

• Finance and Insurance Agencies

• Research Organizations

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Global Big Data in Healthcare Market Regional Analysis

Geographically, North America is expected to dominate the big data healthcare market due to the rise in advancements in the Internet of Things (IoT). The market is further driven by the increase in demand for analytical models on patient information for better service delivery and government policies on the use of telemedicine and EHRs. The regional market is expected to keep an upward trajectory in the forecast period driven by the presence of an advanced and robust healthcare system, convenient in the adoption of advanced technologies such as big data and artificial intelligence AI.

Market players are investing heavily in technologically advanced healthcare solution companies, which is likely to drive the big data in healthcare market size further. In February 2023, Valant, a Seattle, WA-based provider of a cloud-based EHR for behavioral health practices, received an investment from Resurgens Technology Partners. The amount of the deal was not disclosed. The company intends to use the funds to expand how serves its customers and accelerate its new client acquisition in support of its purpose.

Global Big Data in Healthcare Market: Competitor Landscape

In September 2023, Oracle rolled out a press release about introducing new healthcare-specific capabilities to Oracle Fusion Cloud Applications Suite to help healthcare organizations increase financial visibility, build more resilient supply chains, and improve patient care. The new capabilities will enable healthcare organizations to increase productivity, reduce costs, embrace new business models, enhance decision making, and better serve patient needs.

The key features of the market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Allscripts Healthcare Solutions, Inc.

• Cerner Corp.

• Optum Inc.

• Premier, Inc.

• McKesson Corporation

• Hewlett Packard Enterprise (HPE)

• International Business Machines Corporation (IBM)

• Microsoft Corporation

• Oracle Corp.

• GE Healthcare

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Big Data in Healthcare Market Report Snapshots

Big Data in Healthcare Market Size

Big Data in Healthcare Regional Analysis

Big Data in Healthcare Companies