"Big data" is a field that treats ways to analyze, systematically extract information from, or otherwise deal with data sets that are too large or complex to be dealt with by traditional data-processing application software. In healthcare, big data analytics has helped improve functioning by providing personalized medicine and prescriptive analytics, clinical risk intervention and predictive analytics. Other applications like waste and care variability reduction, automated external and internal reporting of patient data, standardized medical terms, and patient registries and fragmented point solutions have also improved through better handling and analyzing data.
Scope of the Report
The report provides Big data analytics use in medicine and prescriptive analytics, clinical risk intervention, and predictive analytics, automated external and internal reporting of patient data, standardized medical terms, and patient registries and fragmented point solutions.
In the report, a detailed analysis of the big data analytics market is provided. The market is evaluated by collating revenues generated across segments, categorized by component, development, application, and geography.
Key Market Trends
The software component of big data analytics is expected to register a high growth rate.
Big data analytics software has drastically improved not only functioning and operations but also predictive and prescriptive analytics. As the prevalence of chronic illnesses increases worldwide, primary care physician and nursing will be of high demand. This may create shortages that will require overworked professionals to be even more productive and efficient. This will lead to a change in healthcare costs, eventually becoming expensive.
Software analytics offers healthcare decision-makers the opportunity for optimal future outcomes. Based on decision optimization technology, these capabilities enable physicians to not only recommend the best course of action for patients or healthcare providers, but they also enable comparison of multiple scenarios to assess the impact of choosing one action over another. As predictive technologies get more accurate, the demand for big data analytics software is expected to increase in the future.
North America dominates the market
Big-data analytics has revolutionized health care in the United States. The region has a vast array of patient information. To easily analyze this data, pharmaceutical companies have been aggregating years of research and development data into medical databases, while payers and providers have digitized their patient records over the last decade. Meanwhile, the US federal government and other public stakeholders have been opening their vast stores of health-care knowledge, including data from clinical trials and information on patients covered under public insurance programs. In parallel, recent technical advances have made it easier to collect and analyze information from multiple sources which is a major benefit in health care, since data for a single patient may come from various payors, hospitals, laboratories, and physician offices. Hence, aggregation of such enormous data makes the US a very large market.
The majority of the key player involved in research of Big Data Analytics for healthcare are established in developed countries. Market leaders with more funds for research and a better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness, which has helped the market growth.
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