Published: May 2017
Report Code: IM10947
Category : Software & Services
Big data analytics in healthcare refers to the use of analytical services such as descriptive and predictive analytics to gain useful and qualitative insights from patient’s healthcare data. The big data analytics in healthcare market is expected to grow rapidly mainly due to factors such as increasing government initiatives to enhance the EHR adoption in healthcare industry, mounting pressure to curb the high spending on healthcare services, need for improved patient quality outcomes, and increasing adoption of big data analytics in healthcare industry. The big data analytics in healthcare market is dominated by North America, followed by Europe and Asia-Pacific. Value based healthcare reimbursements is expected to drive the global market growth. The anticipated growth in the global big data analytics in healthcare market is also supported by several forces including increasing government initiatives to integrate big data analytics in the healthcare industry.
The global big data analytics in healthcare market is also gaining interest due to introduction of personalized healthcare systems and demand for high quality healthcare services. Through adoption of big data, healthcare payers and providers are enhancing their capabilities by studying patient behavior towards a particular treatment and the diagnostic patterns, in order to provide them with customized and highly cost effective services.
The global big data analytics in healthcare market is expected to grow at a CAGR of 23.3% during the forecast period, to reach $43,330.3 million by 2023. A significant growth in demand for big data analytics in healthcare market can be attributed to the increase in development of big data technologies such as tools for data orchestration, data mining and analyzing volumes of structured and unstructured data. In addition, cost effective development and ensuring easy availability of big data analytical solutions is further fueling the growth of global big data analytics in healthcare market.
The increasing popularity of e-prescription is one of the significant trends, which is also driving the growth of the global big data analytics in healthcare market. Electronic prescription or e-prescription eliminates the need for paper based medical prescriptions and enables digital prescription format. The digital format can be easily stored by electronic health record software, which allows doctors and physicians to digitally modify or update medications as per the treatment. In addition, e-prescriptions also reduce medication errors to ensure complete safety of the patient.
Global big data analytics in healthcare market is driven by factors such as significant increase in demand for financial analytics in healthcare, surge in demand for exploring structured and unstructured data present in healthcare industry, easy availability and decreasing cost of big data software and services, and increased adoption of new data analytical technologies for healthcare business transformations, globally.
With healthcare industry generating huge volume of data, big data analytics solutions aim to generate valuable insights targeting to improve the quality of healthcare services and reduce the overall costs incurred in the healthcare ecosystem. This is achieved by exploring large sets of structured and unstructured databases, to gain and access trends and patterns present in the current healthcare environment. Financial analytics accounts for the largest market, as it provides healthcare organizations with greater and better visibility into several factors that drive revenues, reduce operational costs and manage shareholder value. The application uses sophisticated software technologies such as specialized billing process and knowledge to keep a track of various claims processed, and amount of revenue collected from different segments.
Value based patient centric care is one of the key opportunities for the global big data analytics in healthcare market. Health payors such as insurers and other public health systems including medicare are focusing on providing value based patient centric care by leveraging the use of technology and big data. This can be achieved through personalizing healthcare, by analyzing patient spending patterns, their response to particular treatments, and transparency in health insurance delivery and billing. Further, by analyzing large unstructured data sets of historical claims and use of machine learning, insurers can identify frauds and detect anomalies, to improve claim delivery system and target the needful patients at the right time.
Real-time monitoring of patients is another opportunity for the growth of global big data analytics in healthcare market. Monitoring patient’s vital signs through real-time data collection by sensors, and generating data patterns to trigger appropriate actions on any change in the patient’s condition, would help in making lifesaving decisions.
The intensity of rivalry in the global big data analytics in healthcare market is comparatively moderate. Most of the major vendors in the global big data analytics in healthcare market are actively focused on enhancing their offerings to meet the ongoing demand for advanced healthcare solutions. This includes software development, hardware integration and big data analytics learning.
Some of the key players operating in the global big data analytics in healthcare market are McKesson Corporation, Cognizant, Epic System Corporation, Cerner Corporation, Dell, GE Healthcare, Siemens, Philips, and Xerox.
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