The big data analytics in healthcare market is expected to grow at a 19.2% CAGR between 2022 and 2032, according to Fact.MR. By 2032, the global market for these products is expected to reach US$ 194.7 billion. According to Fact MR, a provider of market research and competitive intelligence, the global big data analytics business currently makes up close to 14.2% of the healthcare sector. The use of large and complex heterogeneous datasets, such as electronic health record records, biological data, and various omics datasets, is required for the application of big data analytics in healthcare (transcriptomics, pharmacogenomics, genomics, interactomics, metabolomics, proteomics, epigenomics, and diseasesomics).
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One of the main uses of big data analytics in healthcare is to track and manage transactional information between the two spender types (like healthcare payer and healthcare provider), which accounts for about 50% of all revenue related to healthcare information management (access transactional information, access operational information, and other). To manage the enormous unstructured healthcare data that has been expanding dramatically over the past five years, each company in this data analytics sector trying to enter the healthcare industry must create a solution. A highly optimized transaction monitoring system that can also function as information extraction software should be a part of the solution. The need for big data in the world is already rising as a result of this.
Region-wise, the North American Market will gain the maximum share during the forecast period. The region now possesses cutting-edge medical facilities thanks to the implementation of these platforms and better technical accessibility, which has helped North America capture a sizable portion of the global market. Hospitals and other organizations are now required to adopt analytics technologies because of the growing burden of chronic illnesses and the aging population. The presence of significant corporations in the market has also had an impact on the enormous percentage of income. Microsoft unveiled Microsoft Cloud for Healthcare, which will integrate patient and provider participation, in order to give better patient care analytics. These changes will accelerate regional growth between 2022 and 2023.
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Key Takeaways from the Market Study
- In 2022, the global big data analytics In healthcare market is estimated to have a global market size of US$ 39.7 Bn.
- The cloud based category is expected to have a 65% market share in 2022 and to dominate the global market from 2022 to 2032.
- The healthcare providers segment is predicted to increase at a robust CAGR of 23.9% between 2022 and 2032.
- The North American region is predicted to acquire a 51% global market share by 2022.
- The APAC region is forecast to have a CAGR of 19% over the forecast period of 2022- 2032.
“Healthcare analytics are being implemented into every facet of the healthcare sector to improve operations and address difficulties while also providing patients with better treatment. The healthcare analytics sector is expanding for several of these reasons.” comments a Fact.MR analyst.
- A portal for healthcare workers to share real-time insights on the COVID-19 patient counts and other variables to track the state of hospital facilities was developed in 2021 by the U.S.-based healthcare corporation Swedish Health Services.
- Zephyr AI, a health IT giant, obtained $18.5 million in seed funding in 2022 to use machine learning and massive data sets to speed up medication development and precision medicine. In addition to AME Cloud Ventures, Allen Y. Chao, BoxGroup, Roger W. Ferguson, MedStar Health, Verily, Steve Oristaglio, and other important investors, the $18.5 million round was led by Lerner Group Investments LLC and M-Cor Holdings. This profitable funding round illustrates the confidence of investors in Zephyr AI’s world-class machine learning and its potential for success in big data analytics as a much larger firm.
|Anticipated Base Year Value (2021)||US$ 33.8 Billion|
|Expected Market Value (2022)||US$ 39.7 Billion|
|Projected Forecast Value (2032)||US$ 194.7 Billion|
|Global Growth Rate (2022-2032)||19.2%|
|Expected Growth Rate of the US Market (2022-2032)||19.5% CAGR|
|Anticipated Growth Rate of China Market (2022-2032)||17% CAGR|
|Prominent Players in The Global Market||
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