Big Data in Healthcare: Transforms patient care, enhances efficiency, and unlocks new possibilities for personalized medicine.

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.

Big data in healthcare is the collection of large amounts of unstructured data from various sources, such as medical research, biometric data, electronic medical records, Internet of Medical Things (IoMT), social media, payer records, omics research, and data banks. Integrating this diverse and complex unstructured data into traditional databases poses a significant challenge in terms of data structuring and standardization, which is essential to ensure compatibility and enable effective analysis.

However, recent advancements in big data analytics tools, artificial intelligence, and machine learning have revolutionized the conversion of big data in healthcare into valuable and actionable information. These technological breakthroughs have revolutionized various aspects of healthcare, enabling data-driven decision-making, improving diagnostics, facilitating personalized treatment approaches, and empowering patients with self-service options.

The traditional methods of analyzing data were inadequate to handle the large volume and variety of data, leading to a demand for more advanced tools and techniques. To tackle this issue, the exploration of big data analytics was considered as it offered a robust solution by integrating and analyzing massive amounts of data from various sources to reveal insights and patterns that facilitated informed decision-making.

There are three types of big data:

  • Structured Data
  • Unstructured Data
  • Semi-Structured Data

In pursuit of building a competitive edge, stakeholders are actively upgrading their existing services to enhance their product portfolios and comply with the evolving industry benchmarks. In order to determine the relative competitiveness of big data service providers, we focused on several relevant parameters, such as company strength (in terms of years of experience of a company) and portfolio strength (in terms of number of offerings, type of big data analytics offered, type of big data storage solution offered, deployment option, number of application areas served and number of types of end user served).

It is worth noting that the market in North America is dominated by established players and new entrants. Further, according to our proprietary scoring criteria, Oracle emerged as the most competent player (in terms of portfolio strength) among the big data in healthcare service providers based in North America.

Leading Companies in the Big Data in Healthcare Market: Accenture, Akka Technologies, Altamira.ai, Amazon Web Services. Athena Global Technologies, atom Consultancy Services (ACS), Avenga, Happiest Minds, InData Labs, Itransition, Kellton, Keyrus, Lutech, Microsoft, Nagarro, Nous Infosystems, NTT data, Oracle, Orange Mantra, Oxagile, Scalefocus, Softweb Solutions, Solix Technologies, Spindox, Tata Elxsi, Teradata, Trianz (formerly CBIG Consulting), Trigyn Technologies, and XenonStack.

Big Data in Healthcar Market Segmentations Distribution by:

Component

  • Hardware (Storage Devices, Servers, and Networking Infrastructure)
  • Software (Electronic Health Record, Practice Management Software, Revenue Cycle Management Software, and Workforce Management Software)
  • Services (Descriptive Analytics, Diagnostic Analytics, Predictive Analytics, and Prescriptive Analytics)

Application Area

  • Clinical Data Management
  • Financial Management
  • Operational Management
  • Population Health Management

Healthcare Vertical

  • Healthcare Services
  • Medical Devices
  • Pharmaceuticals
  • Other Verticals

End User

  • Clinics
  • Health Insurance Agencies
  • Hospitals
  • Other End Users

Geography

  • North America
  • Europe
  • Asia
  • Latin America
  • Middle East and North Africa
  • Rest of the World

 

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