Global Big Data Healthcare Market Projected to Grow at 21.2% CAGR, Reaching $72.53 Billion by 2029

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What Will the Big Data Healthcare Industry Market Size Be by 2025?
The size of the big data healthcare market has seen swift expansion in the past few years. Its projected growth will take it from $28.39 billion in 2024 to $33.64 billion in 2025, with a compound annual growth rate (CAGR) of 18.5%. This substantial growth in the historical period can be credited to factors such as the escalation in electronic health records (EHRs) adoption, increase in the production of health data, the requirement for data-led insights, a transition towards value-based care, along with early adopters and their successful outcomes.

What's the Long-Term Growth Forecast for the Big Data Healthcare Market Size Through 2029?
The size of the big data healthcare market is anticipated to undergo significant expansion in the upcoming years. It is projected to reach a valuation of $72.53 billion by 2029, with a compound annual growth rate (CAGR) of 21.2%. This growth over the predicted period is due to factors like regulatory frameworks and adherence to them, enhanced healthcare delivery and operational efficiency, greater international presence, and strong market penetration, along with initiatives focusing on value-based care and population health management. Key trends likely to be seen during the forecast period include increased volume of health data, progress in analytics and artificial intelligence, increased demand for predictive and preventive healthcare, a shift towards value-based care and population health management, and the flourishing of personalized medicine.

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What Are the Key Growth Drivers Fueling the Big Data Healthcare Market Expansion?
The big data healthcare market is projected to grow due to the increased uptake of healthcare information systems. These systems are designed to manage data related to healthcare, from hospital administrative functions to supporting healthcare policy development. Furthermore, they collect, organize, manage, and disseminate a patient's electronic medical record (EMR), which is then analyzed using big data in healthcare to lower healthcare costs and assist in managing population health. The process of studying health data contributes to improved patient care quality. For instance, the US government-affiliated Office of the National Coordinator for Health Information Technology noted a significant rise in patient portal usage between 2020 and 2022, with a 50% uptick in patients checking their portals by December 2023. As of 2022, more than half of all US individuals used an app or patient portal provided by their health insurer or caregiver to access their health records online. Additionally, 64% of patients reported increased use of these portals for communication with their healthcare professionals. Thus, the escalating use of healthcare information systems is likely to fuel the expansion of the big data healthcare market in the future.

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What Are the Key Trends Driving Big Data Healthcare Market Growth?
The prevalence of technological advancements is emerging as a significant trend in the big data healthcare market. Numerous businesses in the field of big data healthcare are focusing on the creation of new products or technologies to solidify their market standing. For example, Microsoft Corporation, a leading technology company based in the U.S., introduced Azure Health Data Services in March 2022. This platform's purpose is to centralize the management of healthcare data, providing an avenue for organizations to upload, keep, manage, and dissect healthcare data utilizing open standards like FHIR and DICOM. Moreover, Azure Health Data Services equally caters to both transactional and analytical workloads directly from the data store. This functionality gives organizations the benefits of applying advanced analytics and machine learning tools to extract valuable insights from healthcare data, consequently enhancing patient outcomes and operational efficiency.

How Is the Big Data Healthcare Market Segmented?
The big data healthcaremarket covered in this report is segmented -

1) By Component: Software, Services
2) By Deployment: On-Premise, Cloud
3) By Analytics Type: Descriptive Analytics, Predictive Analytics, Prescriptive Analytics
4) By Application: Financial Analytics, Clinical Data Analytics, Operational Analytics, Population Health Analytics

Subsegments:
1) By Software: Data Analytics Software, Data Management Software, Visualization Tools, Electronic Health Record (EHR) Systems, Clinical Decision Support Systems (CDSS)
2) By Services: Consulting Services, Data Integration Services, Data Security Services, Managed Services, Training And Support Services

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Which Companies Are Leading the Charge in Big Data Healthcare Market Innovation?
Major companies operating in the big data healthcare market include McKesson Corporation, Cognizant, Epic Systems Corporation, Cerner Corporation, Dell Inc., International Business Machines Corporation, Oracle Corporation, SAP SE, Splunk Inc., Alteryx Inc., BigPanda Inc., Health Catalyst Inc., Optum Inc., Koninklijke Philips N. V., SAS Institute Inc., Allscripts Healthcare Solutions Inc., General Electric Company, Hewlett Packard Enterprise Company LP, Microsoft Corporation, Siemens Healthineers, Teradata, Amazon Web Services Inc., Cloudera Inc., Hortonworks Inc., MapR Technologies Inc., MongoDB Inc., Palantir Technologies Inc., QlikTech International AB, Tableau Software Inc., Talend Inc., TIBCO Software Inc.

Which Regions Are Leading the Global Big Data Healthcare Market in Revenue?
North America was the largest region in the big data healthcare market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the big data healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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