The current market landscape features the presence of close to 405 big data service providers in healthcare. The majority of the big data in healthcare service providers offer both data warehouses and data lakes as storage and management solution for healthcare big data. Further, the maximum of the service providers caters to the needs of healthcare providers, including hospitals, and clinics, followed by companies that offer big data in healthcare services for contract research organizations and pharmaceutical companies.
The global big data in healthcare market size is estimated to grow from USD 78 billion in 2024 to USD 540 billion by 2035, representing a CAGR of 19.20% during the forecast period till 2035.
Notably, the maximum number of companies are engaged in offering big data analytics as a part of their big data services. This indicates significant demand for data analysis and insights across various healthcare segments. This is followed by companies that provide big data management services to effectively organize and store both unstructured and structured healthcare big data.
Most of the services providers are offering operational management services for big data in healthcare. It is worth noting that operational management in healthcare involves optimizing processes and improving efficiency in areas, including resource allocation, workflow management, and supply chain management.
The big data in healthcare market is anticipated to grow at a healthy pace, till 2035. The different driving factors for the big data in healthcare market include the growing volume of healthcare data arising from various sources including patient health records, medical imaging, genomic sequencing, pharmaceutical research, wearables, and medical devices. Our estimates suggest that currently, the maximum revenue generated in this domain is likely to be driven by the hardware segment; this trend is likely to change in the foreseen future, as software is expected to lead the market in future.
Based on primary and secondary research, our estimates suggest that the hardware segment of the big data in healthcare market is likely to be driven by storage devices. This can be attributed to the increasing volume of data generated in the healthcare industry, including electronic health records and medical imaging.
In terms of type of service segment, the big data in healthcare market is likely to be driven by diagnostic analytics. Furthermore, most of the market share is captured by electronic health records, followed by revenue cycle management software, and practice management software. This trend is unlikely to change in the foreseeable future. Presently, our estimates suggest that initiatives focused on operational management are likely to drive the current big data in healthcare market. This can be attributed to the fact that operational data is one of the largest sources of data in the healthcare industry and given the complexity of the healthcare industry. It is important to highlight that low-middle income countries are expected to grow with the fastest CAGR in the near future.
According to our primary and secondary research presently, the majority of the big data market in healthcare is occupied by hospitals, followed by health insurance agencies. Further, this trend is unlikely to change in the foreseeable future as well. It is worth highlighting that the big data in healthcare market is dominated by North America and this trend is unlikely to change in the foreseeable future. On the other hand, the big data in healthcare market in Asia is expected to grow at a fastest pace, during the forecast period.
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