Healthcare Market for Big Data Analytics Expected to Surge to $95.2 Billion by 2030

Projected CAGR of 13.8% Driven by EMR & EHR Adoption, Healthcare IT Investments, and Transition to Value-Based Care

Meticulous Research® has released its latest report on the global healthcare big data analytics market, projecting the market to reach an impressive $95.2 billion by 2030, growing at a compound annual growth rate (CAGR) of 13.8% during the forecast period. This growth is driven by the rising adoption of Electronic Medical Records (EMR) and Electronic Health Records (EHR), increasing investments in the healthcare IT sector, and a significant shift from volume-based to value-based care models.

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Market Drivers and Challenges

The accelerated adoption of big data analytics in healthcare is transforming the industry by enhancing patient outcomes, optimizing operational efficiency, and reducing costs. The integration of EMR and EHR systems is a key factor in this transformation, as it enables healthcare providers to access and analyze large volumes of patient data more effectively. Additionally, substantial investments in healthcare IT and the industry's pivot towards value-based care are further propelling market growth.

However, challenges remain. IT infrastructural constraints in developing countries pose a significant barrier to market expansion. Moreover, the growing complexity of data security and the shortage of skilled data professionals present ongoing challenges for the sector. Despite these obstacles, the increasing preference for cloud-based analytics solutions is expected to offer substantial growth opportunities in the coming years.

Key Market Segments

The healthcare big data analytics market is categorized into several segments:

• Component: The market is segmented into Hardware, Software, and Services, with the Services segment expected to dominate in 2024. Within Services, Prescriptive Analytics is anticipated to hold the largest share, as it provides actionable insights that guide optimal decision-making in patient care.

• Deployment: Cloud-based deployment is predicted to experience the highest growth rate, driven by its cost-effectiveness, real-time analysis capabilities, and flexibility.

• Application: Financial analysis is expected to be the largest application segment in 2024, driven by the healthcare sector's focus on revenue cycle management, cost management, and claims management.

• End User: Hospitals and clinics are forecasted to grow at the highest CAGR, driven by their increasing reliance on big data analytics for rapid decision-making and the rising prevalence of chronic diseases.

Regional Insights

Geographically, North America is expected to lead the market, followed by Europe and Asia-Pacific. The United States, in particular, is projected to hold the largest market share in North America by 2024, attributed to advanced technological infrastructure, a robust research environment, and the presence of leading market players.

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Competitive Landscape

The report provides a detailed analysis of the competitive landscape, highlighting key growth strategies adopted by leading players in the market. Notable companies profiled include:

GE HealthCare Technologies Inc. (U.S.), Optum, Inc. (U.S.), CSL Limited (Australia), Veradigm LLC (U.S.), Inovalon (U.S.), The International Business Machines Corporation (U.S.), McKesson Corporation (U.S.), KT Corporation (South Korea), Epic Systems Corporation (U.S.), and Cerner Corporation (U.S.).

These companies are at the forefront of innovation in healthcare big data analytics, driving the market forward with strategic partnerships, technological advancements, and product development.

Future Outlook

As the healthcare industry continues to evolve, the demand for advanced analytics solutions will only intensify. The transition to cloud-based platforms, the rise of prescriptive analytics, and the ongoing emphasis on financial management within healthcare institutions will play crucial roles in shaping the future of the big data analytics market.

Key questions answered in the report:

• Which are the high-growth market segments in terms of component, deployment, application, end user, and region/country?
• What was the historical market size for big data analytics in healthcare across the globe?
• What are the market forecasts and estimates for the period 2024-2030?
• What are the major drivers, restraints, and opportunities in the global big data analytics in the healthcare market?
• Who are the major players in the global big data analytics in the healthcare market?
• How is the competitive landscape, and who are the market leaders in the global big data analytics in the healthcare market?
• What are the recent developments in the big data analytics in healthcare market?
• What are the different strategies adopted by the major players in the big data analytics in healthcare market?
• What are the geographical trends and high-growth regions/countries?

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This release was published on openPR.