The rise in the demand for financial analytics is one of the major factors causing the surge in the need for big data analytics in the healthcare sector across the globe. Financial analytics offers healthcare companies greater visibility into the various factors responsible for revenue generation and thus helps them in reducing their operational costs. In addition to this, big data analytics makes use of sophisticated software technologies, such as specialized billing process and knowledge, in order to monitor and keep track of the claims processed and revenue generated from different operations.
Due to the above-mentioned factors, the big data analytics in healthcare market attained value of $7.0 billion in 2017, and it is predicted to garner revenue of $22.7 billion by 2023, demonstrating a CAGR of 21.8% during the forecast period (2018–2023). There are two ways by which big data analytics solutions are deployed by healthcare companies — on-demand and on-premises. Of these, the solutions deployed on-premises recorded higher use in 2017, owing to their ability to provide enhanced data security and greater control over the software and hardware.
Healthcare organizations use big data analytics for various applications, such as financial analytics, clinical data analytics, population health analytics, and operational analytics. Out of these, financial analytics recorded the highest usage of such software in 2017, mainly due to the huge demand for risk adjustment, fraud detection, and claims processing and the high provision rate of risk-based reimbursements and value-based care. Owing to the rising demand for better and cost-effective healthcare services, fastest growth in the adoption of these solutions is expected to be witnessed for clinical data analytics during the forecast period.
Geographically, the North America healthcare sector registered the highest use of big data analytics in 2017. This is primarily ascribed to the rising penetration of internet of things (IoT) and artificial intelligence (AI) in the healthcare sector, which is itself booming in the region. The big data analytics in healthcare market is expected to observe the most rapid advance in the Asia-Pacific (APAC) region in the near future, mainly due to the soaring investments in healthcare information technology (IT) infrastructure and increasing need for better healthcare solutions in several countries in the region.
The other major factor fuelling the adoption of big data analytics is the rising usage of electronic health records (EHRs) by both private and public healthcare centers, primarily on account of various government initiatives and incentives. The governments of several countries have set up regulatory organizations, including the National ehealth Authority in India, dedicated to developing rules and standards for EHR and ensuring uniformity in them. Furthermore, EHR is enabling healthcare organizations to predict unexpected patient readmissions and inpatient mortality, improve patient care, and reduce duplicate tests.
Therefore, owing to the rapid developments in technology and its increasing integration in the healthcare sector, the demand for big data analytics solutions in healthcare is expected to grow to a considerable extent in the coming years.
The healthcare industries has been making rapid strides with respect to the cost and quality of care, increasingly fueled by extensive digitization of healthcare systems, world over.
These data are produced largely from various electronic health records (EHR) and biomedical data of patients.Request Brochure – https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=54597Advances in genomics, epigenomics, transcriptomics, proteomics, metabolomics, and pharmacogenomics, have contributed from the staggering rate of medical data generation.
Some of the other capabilities of big data analytics are providing analytical capability for patterns of care, decision support capability, reducing waste, and enhancing care delivery.The report offers evidence-based findings on the currently prevailing opportunities in various application segments, new frontiers in medicines, and key research and development activities.Request COVID Analysis on Big Data Analytics in Healthcare Market – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19_id=54597Global Big Data Analytics in Healthcare Market: Trends and OpportunitiesHealthcare organizations world over are focused on leveraging the potential of these big data analytics technologies to enable them to provide best care and services for patient populations.
However, in recent years, helped by data mining techniques and advances in healthcare IT infrastructure, the market for big data analytics in healthcare has been making large leaps in recent years.
In addition, there has been rising use cases of big data analytics in various biosciences applications, especially for drug discovery and genomic sequencing.
The growth in the big data analytics in healthcare market is also fueled by the growing focus of health policy makers on developing cost-effective models of healthcare services for worldwide populations.Request Customization on Big Data Analytics in Healthcare Market Report –https://www.transparencymarketresearch.com/sample/sample.php?flag=CR_id=54597Global Big Data Analytics in Healthcare Market: Regional OutlookThe report offers an incisive analysis of prevailing avenues in key regions and imminent investment pockets in emerging big data analytics in healthcare market.
The evaluated results further help in enhancing decision making capacity of these enterprises.
By recording disease outbreaks and analyzing disease patterns, big data analytics approach can improve public health issues.
Large quantity of data help in determining needs, offering required services, and predicting & preventing future crises.
Big data analytics approach also helps in evaluating standard medical data, structured or unstructured, for predicting patients at risk and providing them with effective care.Drive toward electronic medical records, coupled with favorable government policies has further driven the adoption of big data analytics in healthcare sector.
However, majority of medical professionals lack the skill set needed for leveraging information offered by the big data analytics, which continues to be a major restraint for growth of the market.
Government and healthcare organizations are therefore focusing on proper training of professionals for making them capable of utilizing the data obtained in a meaningful manner for better drafting of healthcare policies and improving patient outcomes.Fact.MR’s recently compiled report estimates the global market for big data analytics in healthcare to register an outstanding expansion during the forecast period (2017-2026).
