Big Data in Healthcare Market

Report Description
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
o Descriptive Analytics
o Predictive Analytics
o Prescriptive Analytics
Big Data in Healthcare Market, by Application
o
Clinical Analytics
o Financial Analytics
o Operational and Administrative Analytics
o Population Health Analytics
Big Data in Healthcare Market, by Delivery Model
o
On-premise
o On-demand
Big Data in Healthcare Market, by End User
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