The healthcare industry generates colossal amounts of data on a regular basis which need to recorded and managed for future reference and to adhere to regulatory requirements. These massive quantities of data, termed as ‘big data’ has affirmative implications in the healthcare sector since it can be utilized to support a wide range of medical functions. Market Research Future (MRFR) indicates positive growth trend for the global big data in the healthcare market which is expected to accrue high growth figures in the forthcoming years.
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Big data in healthcare can be leveraged to predict disease outcomes, reduce the cost of treatment, and can be used in disease prevention. Predictive analytics can be a useful tool in identifying and addressing medical conditions before they reach an unmanageable stage.
The incessant need to cut down healthcare costs acts as the primary driving force behind the growth of the global big data in the healthcare market.
By synthesizing, analyzing, discovering associations and patterns in big data, meaningful insights can be extracted which can help to improve patient outcomes, predict the cost of care and identify the most clinically and cost-effective treatment pathways.
Pharmaceutical and biotechnology companies are deploying big data in healthcare for regulatory compliance management, and product cross-selling, and for assessing financial risk which is boosting the growth of the market. Moreover, various government and healthcare institutions have endeavored towards implementing big data in healthcare in a bid to modernize healthcare and provide affordable treatment to patients.
Deployment of cloud computing has created a supportive dais for the growth of the global big data in the healthcare market. Technological improvements and digitization in the healthcare sector have generated higher demands for big data in healthcare.
Even though big data in healthcare offers rich opportunities, they present a number of challenges as well. Data privacy and security concerns remain significant hurdles to the growth of the global big data in the healthcare market. Besides, stringent protocols relating to big data in healthcare is likely to constrain the growth of the market over the forecast period.
GE Healthcare, Siemens, Cognizant, Philips, Xerox, Mckesson, Optum, Cerner Corporation, and Dell are the key players in the global big data in healthcare market.
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In November 2018, Amazon Web Services announced the extension of its Comprehend natural language processing services to medical records. The tool named Comprehend Medical will use machine learning and natural language processing to highlight key data points such as medication dosage, clinical trial reports, and medical conditions in EHRs which can be utilized by physicians for treatment and patient care.
The global big data in the healthcare market has been segmented based on hardware, software, analytical service types, and analytical service applications.
By hardware, the global big data in healthcare market has been segmented into routers, firewalls, VPNs, data storage, email servers & access points.
By software, the global big data in healthcare market has been segmented into EHR, Revenue Cycle Management, Workforce Management, and practice management.
By analytical service type, the global big data in healthcare market has been segmented into descriptive, predictive, and prescriptive.
By analytical service applications, the global big data in healthcare market has been segmented into clinical analysis, financial analysis, and operational analysis.
The Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are the key markets for big data in healthcare. The Americas is the largest market for big data in healthcare owing to extensive use of information technology and high expenditure on healthcare.
The Europe market is driven by the availability of funds and an established healthcare sector in the region. In addition, government support for modernizing healthcare also contributes to the growth of the market.
The APAC market is expected to expand at a rapid rate owing to the economic upsurge in the region coupled with the growing adoption of latest technologies and heightening focus on healthcare.
The MEA market is expected to exhibit moderate growth over the forecast period, especially the growth of the Africa market is expected to be sluggish due to the weak economic conditions and inadequate development in the healthcare sector. The Gulf nations are expected to showcase substantial growth over the forecast period.
1.2 Scope of Study
1.2.1 Research Objective
1.2.2 Assumptions & Limitations
1.3 Market Structure
2 Research Methodology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market dynamics
3.4 Macroeconomic Indicators
4 Market factor analysis
4.1 Porters Five Forces Model
4.2 Bargaining Power Of Suppliers
4.3 Bargaining Power Of Buyers
4.4 Threat Of New Entrants
4.5 Threat Of Substitutes
4.6 Intensity Of Rivalry
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