Big Data in Healthcare Market

Artificial Pancreas Market Industry
Big Data in Healthcare Market – Global Industry
Insights, Trends and Opportunity Analysis, 20162024
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Report Description
Industrial processes, functioning, products and services are transforming with digitization. Advent of ecommerce industry has resulted in a sudden outgrowth of data being generated with the companies.
Similarly, with decades of research and development activities across healthcare industry, there is a huge
amount of data, referred as “big data”, piled up with host organization. Optimum utilization of this data for
reducing cost, providing targeted products and services and avoiding duplication of work is essential. Big
data solution helps simplifying, and analyzing the complex, and diverse data which cannot be done with
conventional software and hardware. Moreover, such kind of data cannot be managed with trivial data
management tools and methods. Various tools such as Pentaho, Hadoop, Cloudera, and MongoDB are
available in the market. These tools help in data cleaning, mining and analyzing of big data. There are
also various data visualization tools such as Tableau, Silk and Chartio which helps in presenting the data
in more convenient and readable form.
Big data helps healthcare companies to mitigate the risk of losing millions of dollars in revenue and profits
through their conventional strategic decision making methods. The global big data in healthcare market
can be segmented on the basis of application, type of analytics, delivery model and end-users.
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Big Data in Healthcare Market, by Type
Descriptive Analytics
o Predictive Analytics
o Prescriptive Analytics
Big Data in Healthcare Market, by Application
o Clinical Analytics
o
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Financial Analytics
o Operational and Administrative Analytics
o Population Health Analytics
Big Data in Healthcare Market, by Delivery Model
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On-premise
o On-demand
Big Data in Healthcare Market, by End User
o
o
o
o
o
Payers
Providers
Third party care Organizations
Pharmaceutical companies, payors and experts are using big data analytics/solutions to analyze and
obtain insights. Based on the insights from big data solution, different recipients can make improved
decision to improve their product or services.
Dearth of Skilled Manpower to Limit the Growth of Big Data in Healthcare
Although, the market is huge in the developed nations, particularly in the U.S., dearth of talented and
skilled personnel trained for analyzing big data will limit the growth of this market in North America.
Moreover, factors such as decreasing profit margins, slowdown in the global economy, and lack of skilled
manpower is challenging the growth of big data implementation in the healthcare industry. Some of the
regulatory challenges of big data in healthcare include data fragmentation, security, standards, timeliness
and healthcare as a technology hazard. Therefore, big data solutions need to take care of the regulations
laid by the Health Insurance Portability and Accountability Act of 1996 (HIPAA). These factors are highly
encountered in developing economies of Asia Pacific and Latin America due to resistance to adopt new
technology. Where companies are combating with increase cost pressure, implementation of costly
systems with the dearth of skilled manpower doesn’t encourage companies to opt for big data solutions.
However, improving IT infrastructure in developing economies will be a major contributor for the demand
for big data.
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Fragmented Market
There are many small and global players offering big data softwares and services. The small regional
players offer big data services at a much lower cost which creates a tough situation for the global
companies to gain leading share in different markets. Being a fragmented market, the cost, services and
insights provided by the market players will differentiate one form the other. Some of the key companies
in the global big data in healthcare market include Hewlett-Packard Co., Teradata Corporation, Opera
Solutions, Cognizant Technology Solutions, Siemens Healthcare Gmbh, Mu Sigma, Splunk Inc.,
Cloudera, EMC, IBM, Calpont Corporation, and Oracle Corporation.
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