PUBLISHER: Roots Analysis | PRODUCT CODE: 1776873
PUBLISHER: Roots Analysis | PRODUCT CODE: 1776873
As per Roots Analysis, the big data in healthcare market is estimated to grow from USD 78 billion in the current year to USD 540 billion by 2035, at a CAGR of 19.20% during the forecast period, till 2035.
The market sizing and opportunity analysis has been segmented across the following parameters:
Component
Type of Hardware
Type of Software
Type of Service
Deployment Option
Application Area
Healthcare Vertical
End User
Economic Status
Key Geographical Regions
Big Data in healthcare refers to the vast amount of data that is continuously expanding and cannot be efficiently stored or processed using traditional tools. Notably, over the past few years, the popularity of big data / big data analytics tools and technologies has increased exponentially in healthcare due to the large volumes of data being generated in this domain. Big data in healthcare turns the challenges into opportunities to provide personalized care to the patients by using huge amounts of existing data. Further, big data can be used across different verticals of healthcare industry, such as in population health management, Electronic Health Record (EHR) management, pharmaceutical research, and telemedicine and telehealth.
Owing to the increasing popularity of big data in healthcare domain, there is a huge impact of big data in healthcare market size. Big data analysis is used not only in healthcare market but also used in different sectors for the growth of the organization and to forecast future trends using machine learning and artificial intelligence. Moreover, big data has also had a considerable impact on the financial sector. Big data in the healthcare domain has several advantages and the integration of predictive analytics and machine learning algorithms with big data can enable early detection of diseases, personalized treatment plans, and precision medicine.
The report delves into the current state of global big data in healthcare market and identifies potential growth opportunities within industry. Some key findings from the report include:
Hardware Segment Occupies the Largest Share of the Big Data in Healthcare Market
Based on the component, the market is segmented into big data hardware, big data software and big data services. At present, hardware segment holds the maximum (>40%) share of the global big data in healthcare market. Additionally, due to the rising adoption of advanced technologies, and ongoing investments in innovation, the hardware segment is likely to grow at a faster pace compared to the other segments.
By Type of Hardware, Storage Devices Segment is the Fastest Growing Segment of the Global Big Data in Healthcare Market
Based on the type of hardware, the market is segmented into storage devices, networking infrastructure and servers. Currently, storage devices segment captures the highest proportion (~60%) of the big data in healthcare market. Further, this segment is likely to grow at a relatively higher CAGR.
Electronic Health Record Segment Occupy the Largest Share of the Big Data in Healthcare Market
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. At present, the electronic health record segment holds the maximum share (>45%) of the big data in healthcare market. In addition, workforce management software segment is likely to grow at a relatively higher CAGR.
By Type of Service, the Diagnostic Analytics Segment is the Fastest Growing Segment of the Big Data in Healthcare Market During the Forecast Period
Based on the type of service, the market is segmented into descriptive analytics, diagnostic analytics, predictive analytics, and prescriptive analytics. Currently, the diagnostic analytics segment captures the highest proportion (>30%) of the big data in healthcare market. Further, it is worth highlighting that the big data in healthcare market for prescriptive analytics segment is likely to grow at a relatively higher CAGR.
Cloud-based Segment Account for the Largest Share of the Global Big Data in Healthcare Market
Based on the deployment option, the market is segmented into cloud-based deployment and on-premises deployment. Currently, cloud-based segment holds the maximum share (~60%) of the big data in healthcare market owing to the various benefits offered by cloud-based deployment, such as scalability, flexibility, cost-effectiveness, ease of implementation and maintenance, and data accessibility. This trend is likely to remain the same in the coming years.
By Application Area, Operational Management Segment is Likely to Dominate the Big Data in Healthcare Market
Based on the application area, the market is segmented into clinical data management, financial management, operational management, and population health management. At present, the operational management segment holds the maximum share (>30%) of the big data in healthcare market. Additionally, the population health management segment is expected to show the highest growth potential during the forecast period, growing at a higher CAGR, compared to the other segments.
The Healthcare Services Segment in Healthcare Vertical Occupy the Largest Share of the Big Data in Healthcare Market
Based on the healthcare vertical, the market is segmented into healthcare services, medical devices, pharmaceuticals, and other verticals. While healthcare services segment is expected to be the primary driver of the overall market, it is worth highlighting that the global big data in healthcare market for medical devices segment is likely to grow at a relatively higher CAGR of more than 20%.
Currently, Hospitals Segment Holds the Largest Share of the Big Data in Healthcare Market
Based on end users, the global market is segmented into clinics, health insurance agencies, hospitals, and other end users. Currently, the hospitals segment holds the largest market share (>40%). However, the big data in healthcare market for clinics segment is expected to witness substantial growth in the coming years.
By Economic Status, the Upper-Middle Income Countries Segment is the Fastest Growing Segment of the Big Data in Healthcare Market During the Forecast Period
Based on the economic status, the market is segmented into high income countries, upper-middle income countries, and lower-middle income countries. Currently, the high-income countries segment captures the highest proportion (~85%) of the big data in healthcare market. Further, it is worth highlighting that the big data in healthcare market for upper-middle income countries segment is likely to grow at a relatively higher CAGR.
North America Accounts for the Largest Share of the Market
Based on key geographical regions, the market is segmented into North America, Europe, Asia, Middle East and North Africa, Latin America and Rest of the World. Currently, North America (~60%) dominates the big data in healthcare market and accounts for the largest revenue share. However, the market in Asia-Pacific is expected to grow at a higher CAGR.
PRIMARY RESEARCH OVERVIEW
The opinions and insights presented in this study were influenced by discussions conducted with multiple stakeholders. The research report features detailed transcripts of interviews conducted with the following industry stakeholders: