Big Data Analytics in Healthcare Market Overview
The global big data analytics in healthcare market was valued at $7,013.5 million in 2017 and is forecasted to witness a CAGR of 21.8% during 2018–2023. Increasing government initiatives to enhance the electronic health record (EHR) adoption in healthcare industry, need to curb the high spending on healthcare services, demand for improved patient quality outcomes, and increasing adoption of cost effective big data analytics in the healthcare industry are some of the key factors driving the growth of big data analytics in healthcare market.
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. Big data analytics in healthcare market is expected to grow rapidly.
From the geographical viewpoint, the size of big data analytics in healthcare market was the largest in North America, followed by Europe and Asia-Pacific, in 2017. During the forecast period, the market is expected to witness the fastest growth in Asia-Pacific. This can be attributed to the various initiatives undertaken by different countries in the region, such as India, China, Japan, to integrate big data in the healthcare industry, which will ensure the delivery of complex healthcare services at economical cost to the people.
Big Data Analytics in Healthcare Market Dynamics
The increasing popularity of electronic prescription (e-prescription) is one of the significant trends that have been observed in the global big data analytics in healthcare market. E-prescription eliminates the need for paper based medical prescriptions and enables digital prescription format. The digital format can be easily stored by HER software, and by using big data analytics, it enables 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.
Big data analytics in healthcare market is driven by factors such as surge in demand for exploring structured and unstructured data present in the healthcare industry, significant increase in demand for financial analytics in healthcare, 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 the healthcare industry generating huge volumes 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.
The demand for financial analytics in healthcare is rising as it provides healthcare organizations with greater and better visibility into several factors that drive revenues and reduce operational costs. Also, big data analytics 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.
Therefore, the need for analysing structured and unstructured data in the healthcare industry, and increase in demand for financial analytics in healthcare will be driving the market during the forecast period.
Data confidentiality, reliability, and interoperability are some key issues hindering the growth of big data analytics in healthcare market. Lack of privacy related to confidential health records of patients is a major concern as the misappropriation of health information will adversely affect personal privacy of patients. Also, manual entry of electronic health data is prone to human error, which may lead to incorrect diagnosis of patient.
Furthermore, data interoperability is a concern as healthcare organizations follow different ways of managing EHR. This curtails the movement of data between different hospitals which often leaves clinicians without accurate information of patients that they need to make key decisions, follow up with patients, and develop strategies to improve the overall outcome.
Therefore, the adoption of robust and uniform development of big data ecosystem in healthcare organizations is needed to overcome these challenges of big data analytics.
Value-based patient centric care is likely to offer lucrative growth opportunities to the big data analytics in healthcare market. 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 analysing patient spending patterns, their response to particular treatments, and transparency in health insurance delivery and billing. Further, by analysing 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 patients who require healthcare 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.
Big Data Analytics in Healthcare Market Competitive Landscape
The intensity of rivalry in big data analytics in healthcare market is moderate. Most of the major vendors in the market are actively focusing 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 big data analytics in healthcare market are McKesson Corporation, Cognizant Technology Solutions Corporation, Epic System Corporation, Cerner Corporation, Dell Inc., GE Healthcare, Siemens AG, Koninklijke Philips N.V., and Xerox Corporation.