Big data analytics has paved a new path for healthcare organizations to devise actionable insights, boost up the outcomes, reduce time to value, and organize their future vision. This approach has been deemed helpful in providing insightful information to healthcare enterprises with regard to their planning, measurements, and management.
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.
APEJ to be Fastest Expanding Market for Big Data Analytics in Healthcare during 2017-2026
Asia-Pacific excluding Japan (APEJ) is expected to remain the fast-expanding market for big data analytics in healthcare. North America is also expected to showcase a promising growth in the market, which can be mainly attributed to big data initiatives of the federal government. Initiatives such as HITECH Act are promoting big data and reducing healthcare expenses in North America. Europe will also account for a major portion of the market’s revenue share during the forecast period.
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On the back of rising pressure of curbing healthcare costs, growing adherence toward electronic health records (EHRs), emphasis on improving patient outcomes and reducing hospital readmission rates have spurred the adoption of CRM analytics tool. CRM analytics will remain the most lucrative tool in the market, followed by financial analytics, production reporting, and supply chain analytics, which are increasingly adopted for complying with federal mandates regarding ICD-10 code sets’ implementation.
Competition in the global big data analytics in healthcare market is expected to intensify on the back of mergers and partnerships between prominent players. New marker entrant face barriers such as high deployment cost, and find it difficult to cope up with well-established players in terms of innovation and quality. Key market players identified by the report include IBM Corporation, OptumHealth Care Solutions, Microsoft Corp, McKesson, MedeAnalytics, Verisk Analytics, Allscripts Healthcare Solutions, Oracle Corp, Zephyr Health, Cisco Systems Inc., Infosys, SAS Institute, Alteryx, SAP SE, and Denodo Technologies Inc.
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