BIG DATA HEALTHCARE MARKET ANALYSIS

Big Data Healthcare MarketSize and Trends

The global big data healthcare market was valued at US$ 41,987.1 Mn in 2022 and is forecast to reach a value of US$ 2,55,885.7 Mn by 2030 at a CAGR of 25.3% between 2023 and 2030. The global big data healthcare market is experiencing strong growth due to the increase in adoption of big data in healthcare industry and outbreak of COVID-19 (pandemic) across the globe. Moreover, increase in demand for big data solutions and increase in of adoption EHR (Electronic Health Records) is expected to boost the growth of the market. However, factors such as high cost of implementation and deployment and security concerns related to sensitive patients medical data are expected to hamper the growth of the big data healthcare market.

Global Big Data Healthcare Market Trends:

Management of huge volumes of data is a recent trend

To cope with the management of such huge data, continuous innovation in the technologies in big data analytics tools is very important and thus, creating enormous opportunities for the key players in the market for developing and launching new data analytics software and systems. Moreover, market players are also focusing on developing and launching technologically advanced big data solutions in the market to meet rising demand. This trend is expected to continue over the forecast period, driving the growth of the market.

Rise in adoption of new technologies is another trend

Technological improvements in medical care and increasing demand for healthcare services, are driving transformations in the healthcare industry. Big data can drive transformations in efficiency, quality of care, and patient/provider engagement for telehealth services. Big data can provide value across every aspect of the healthcare industry and is expected to play an important role in analysing global data about disease modelling, tracking human activity, and visualization of data in the near future. This trend is also expected to continue during the forecast period.