Big data analytics in healthcare is the complex process of examining big data to discover information including hidden patterns, market trends, unknown correlations, and customer preferences, which can help organizations to make informed clinical and business decisions. It 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.
Health related data is growing at a rapid pace driven by the government initiatives to promote the adoption of healthcare information system and introduction of cloud storage. Moreover, increasing adoption of mobile health apps and wearable devices, are further stressing on the need for managing large amount of data to obtain critical information, thereby driving the demand for big data in healthcare sector.
Additionally, the increasing popularity of electronic prescriptions eliminates the need for paper-based prescriptions, which is further positively influencing the growth of the market.
Key Market Trends
Software Component of Big Data Analytics is Expected to Register a High Growth Rate
Software is the largest segment in the market due to the growing need for analysis of electronic patient data which is growing at a rapid pace. Big data analytic software has drastically improved not only functioning and operations, but also predictive and prescriptive analytics. As prevalence of chronic illnesses increase worldwide, primary care physician and nursing will be of high demand. This may create shortages which will require overworked professionals to be even more productive and efficient. This will lead change in healthcare cost, 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 future.
North America Holds a Large Share of the Big Data Healthcare Market
North America region has dominated the overall big data healthcare market due to the rise in advancements in IoT and increase in the demand for analytical models on patient information for better service delivery, government policies.
The region has 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 an enormous data makes US a very large market.
Majority of the key player involved in research of Big Data healthcare are established in developed countries. Market leaders with more funds for research and 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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