Big data in Healthcare

Financial Analytics Contributing Significantly to Big Data in Healthcare

The volume of healthcare data accounted for over 700 exabytes in the year 2017 from 153 million in 2013 and is expected to reach 2,314 exabytes by the end of the year 2020. This availability of large volume of data has paved the way for massive advancements in clinical research, development of precision medicine, and clinical decision support tools.  According to the latest market intelligence report by BIS Healthcare titled, ‘Global Big Data in Healthcare Market-Analysis and Forecast (2017-2025)’, the market is expected to grow over $68.75 billion by the year 2025. The market for big data is driven by the growing adoption of cloud storage and analytics, large-scale government initiatives to promote data-driven innovations, and rising demands for wearable and mhealth applications, among consumers. Further, substantial commitments and collaborations are demanded from all stakeholders, along with robust governance framework, to ensure efficient use of big data.

Among components and services, analytics services held the highest share of $5.80 billion in the year 2017, in the global market for big data. It is anticipated that analytics services are to grow at the highest rate, among others, during the forecast period. Analytics is further segmented into financial and clinical analytics. Financial analytics, being the most prominent application of big data, contributed a share of $2.38 billion, in the year 2016. Owing to early applications of analytics for improving financial outcomes by analyzing performances across revenue cycle management, insurance claim handling, and data detection, are some of the factors that led to financial insurance to hold such a significant share, in the market. Moreover, clinical analytics is garnering the attraction from major organizations. This, in turn, will lead clinical analytics to register the highest CAGR of 23.77% from 2017-2025.

Geographically, North America is leading the market for big data in healthcare owing to the early adoption of the technology in the region. Moreover, Asia-Pacific (APAC) is anticipated to register the highest growth rate during the forecast period due to the development of big data infrastructure in the region. On a global scale, there are certain factors that led to an increase in the adoption of big data in healthcare such as promoting the use of interoperable shared electronic health records (EHRS), appropriate security measures to protect sensitive information, and building a more collaborative research environment. However, several challenges must be overcome to improve the connectivity between the existing database to enable big data to reach a firm in the healthcare market. National data and international platforms need to be established that can centralize patient’s data over time and across different clinics.

BIS Healthcare has conducted extensive research on the global big data in the healthcare market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.

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