Healthcare Organizations have recognized the need to improve data management in the industry and hence, they are focusing investments on improving outcomes and resource management. This investment is due to the rise in the healthcare costs, increasing rates of chronic diseases, and declining reimbursement costs. According to the market intelligence report by BIS Research titled, ‘Global Big Data in Healthcare Analysis and Forecast (2017-2025), the big data in healthcare market accounted to $11.45 billion in 2016 and is expected to register double-digit CAGR during the forecast period.
In April 2018, GE Healthcare and Veritas Capital, the private equity firm, announced their partnership to gain GE Healthcare’s value-based care division. The division includes three business revenue which are cycle management, ambulatory care management, and workforce management. The partnership will provide the focus and investment to take the business to the next level of scale and performance.1 Around the same time, Louis Ville based, Humana Inc. joined a potent group of four healthcare companies to create a massive database of provider information with blockchain technology. The four companies are United Healthcare, Optum, United Health Group Inc., and Multi Plan Inc. The group is to launch a ‘pilot program’ to explore, how blockchain could be used to create a live directory of healthcare provider information. The pilot will examine how sharing data across healthcare organizations with blockchain technology can improve data accuracy, streamline administration, improve access to care and reduce administrative costs for health insurers.2
In March 2018, Royal Philips, a global leader in health technology, and Samsung Electronics Co. Ltd. announced about their strategic partnership to Connect Samsung’s ARTIK Smart loT Platform to the Philips Health Suite Digital Platform. This collaboration allowed the Samsung ARTIK ecosystem of connected devices to safely access and share information with Philips’ cloud platform. Healthcare application developers will be able to realize interoperable connected health solutions using data set and innovative Health Suite services such as advanced health analytics.3
A similar development was witnessed in the same month when Allina Health came in partnership with Health Catalyst and another with the insurer, Aetna, to drive analytics and population health management initiatives.4
Collaboration and partnership is the most extensively used strategy by the prominent market. Some of the key players in the market are McKesson Corporation, Allscripts, Epic Systems, Cerner Corporation, SAP, SAS, and Tableau, among others. Geographically, the market for big data in Healthcare can be segmented into North America, Europe, Asia-Pacific, and RoW. Among these regions, North America is leading the market on the global scale followed by Asia-Pacific.