Big Data investments in the healthcare and pharmaceutical industry will account for nearly $4 Billion in 2017 – 2030 By Radiant Insights, Inc

Big Data investments in the healthcare and pharmaceutical industry will account for nearly $4 Billion in 2017 alone. Led by a plethora of business opportunities for healthcare providers, insurers, payers, government agencies, pharmaceutical companies and other stakeholders, these investments are further expected to grow at a CAGR of more than 15% over the next three years.

Global big data in the healthcare & pharmaceutical market is estimated to witness a strong growth rate during the forecast years (from 2017 to 2030). The term big data describes large data sets. Along with traditional data, big data integrates many new types of data and data management. Data volumes in the healthcare IT sector have increased tremendously as a result of rapid adoption of different wearable and m-health technologies in the healthcare industry. Current big data trends in healthcare offer benefits to caretakers as well as to patients, such as real-time patient monitoring.

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Some of the big data trends in healthcare are:

•    Healthcare Internet-of-Things (IoT)

The term IoT defines the ever-increasing number of smart, interconnected sensors and devices that share data across the Internet. These devices monitor patient vitals, right from blood glucose levels to heart functions and blood pressure. Data collected by these devices sometimes need follow-up visits to the clinic, but smart devices eliminate the need for any follow-up visits. The best example of this would be smart medicine dispensers. Smart dispensers can sense whether or not a patient is taking the prescribed medicines regularly and can also initiate a call to remind the patient.

•    Predictive Analysis

Electronic Health Records (EHR) allows sharing of patient data between patients, insurance companies, and healthcare providers to reduce costs and enhance patient outcomes. Thus, with access to a huge amount of structured and unstructured patient information across various data sources, predictive analysis can help diagnose patient conditions and predict people at risk of disease or hospital readmission.

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•    Real-time Patient Monitoring

Real-time analysis of collected patient information helps recognize any changes in a patient’s health condition, which allows caregivers the ability to make quick medical decisions based on the analysis results.

Growth of the big data in healthcare and pharmaceutical market can be attributed to the many advantages presented. Datawatch Corp.; Absolutdata Research and Analytics; Advanced Micro Devices, Inc. (AMD); American Society for Testing and Materials (ASTM); 1010data, Inc.; and The Apache Software Foundation (ASF) are some of the prominent companies operating in the global market.

Radiant Insights, Inc. offers personalized and syndicated research reports, as well as consulting services, for a wide range of industries such as Energy, Materials, Technology, Chemicals, and so on.

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