Big Data in Healthcare Market — Global Industry Report Forecast till 2024
Industrial processes, functioning, products and services are transforming with digitization. Advent of e-commerce 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
- Predictive Analytics
- Prescriptive Analytics
- Big Data in Healthcare Market, by Application
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
- Population Health Analytics
- Big Data in Healthcare Market, by Delivery Model
- Big Data in Healthcare Market, by End User
- 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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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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