About big data in healthcare
Big data in the healthcare industry refers to a large and complex electronic health data that is difficult to manage with conventional software or hardware or data management tools. Big data in the healthcare industry is tremendous because of its volume, variety, and velocity required to manage it. This includes a wide variety of data ranging from patient data in electronic medical records, clinical data, data from sensors monitoring vital signs, emergency care data to news feeds. Also, it includes social media data from Facebook, Twitter, and blogs, and data from clinical decision support systems such as medical imaging, pharmacy, lab, prescriptions, and insurance. Big data in the healthcare industry is gaining traction to improve the quality of healthcare services. It also supports a wide range of healthcare functions such as disease surveillance, clinical decision support, and population health management. Also, big data analytics in the healthcare industry helps generate powerful insights about patient health and behavior and hence improve the quality of healthcare at lower costs.
Technavio's analysts forecast the global big data spending in the healthcare industry to grow at a CAGR of 42% over the period 2014-2019.
Covered in this report
The report covers the current scenario and the growth prospects of the global big data spending in the healthcare industry for the period of 2015-2019. To calculate the market size, the report considers revenue generated as a result of big data spending in the healthcare industry.
The market is segmented into the following based on category:
Technavio Announces the Publication of its Research Report – Global Big Data Spending in Healthcare Industry 2015-2019
Technavio recognizes the following companies as the key players in the Global Big Data Spending in Healthcare Industry: IBM, HP, Dell and SAP
Other Prominent Vendors in the market are: Accenture, Amazon Web Services, CareFusion, Cerner, Cognizant, Epic Systems, Explorys, EMC, GNS Healthcare, Google, Humedica, InterSystems, McKesson, Microsoft, NTT Data, Oracle, Palantir, Philips Healthcare, PwC, SAS Institute, Siemens, Sogeti Healthcare, Teradata and UnitedHealth
Commenting on the report, an analyst from Technavio’s team said: “Technology megatrends such as cloud computing, social networking, and big data analytics exert a positive influence on smart mobile technologies. These trends have boosted the use of smart mobile technologies in healthcare, reducing costs and improving outcomes. Mobile devices will reduce the need for patients to visit hospitals when they need a diagnosis or follow-up check-ups. Healthcare organizations are leveraging mobile health technologies to reduce medical costs and help in effective remote patient monitoring. Also, patients participate in their healthcare decisions through the application of mobile technology. This is generating large volumes of data, which has boosted the use of big data analytics in healthcare. Further, the need to analyze and monitor healthcare information will ultimately fuel spending on big data in the healthcare industry during the forecast period.”
According to the report, healthcare reforms have generated large volumes of medical and commercial data. The real-time analysis of this data offers powerful insights about patient health and helps monitor patients effectively. The growing volumes of data, the processing requirements of large volumes of data, and the need to derive actionable insights are major issues for many healthcare organizations. Big data provides the necessary technologies to process large volumes of data and provide insights to all stakeholders, resulting in better patient care and cost reductions. It helps optimize patient outcomes while reducing costs by providing faster treatment, improving physician performance, avoiding re-admissions, and offering personalized medicine. Patients also play a significant role in reducing healthcare costs by participating in healthcare decisions. All these factors fuel big data spending by healthcare organizations.
Further, the report states that high complexity and cost hinders the adoption of big data in the healthcare industry.
IBM, HP, Dell, SAP, Accenture, Amazon Web Services, CareFusion, Cerner, Cognizant, Epic Systems, Explorys, EMC, GNS Healthcare, Google, Humedica, InterSystems, McKesson, Microsoft, NTT Data, Oracle, Palantir, Philips Healthcare, PwC, SAS Institute, Siemens, Sogeti Healthcare, Teradata, UnitedHealth
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