Estimates suggest that Big Data investments in the healthcare and pharmaceutical industry will account for nearly $4 Billion in 2017 alone. Led by a plethora of business opportunities for healthcare providers, insurers, payers, government agencies, pharmaceutical companies and other stakeholders, these investments are further expected to grow at a CAGR of more than 15% over the next three years.
Big Data in the Healthcare & Pharmaceutical Industry: 2017 – 2030 – Opportunities, Challenges, Strategies & Forecasts
Big Data originally emerged as a term to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze. However, the scope of the term has significantly expanded over the years.
Big Data not only refers to the data itself but also a set of technologies that capture, store, manage and analyze large and variable collections of data, to solve complex problems.
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Amid the proliferation of real-time and historical data from sources such as connected devices, web, social media, sensors, log files and transactional applications, Big Data is rapidly gaining traction from a diverse range of vertical sectors.
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The “Big Data in the Healthcare & Pharmaceutical Industry: 2017 – 2030 – Opportunities, Challenges, Strategies & Forecasts” report presents an in-depth assessment of Big Data in the healthcare and pharmaceutical industry including key market drivers, challenges, investment potential, application areas, use cases, future roadmap, value chain, case studies, vendor profiles and strategies. The report also presents market size forecasts for Big Data hardware, software and professional services investments from 2017 through to 2030.
The forecasts are segmented for 8 horizontal submarkets, 5 application areas, 36 use cases, 6 regions and 35 countries.
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The report comes with an associated Excel datasheet suite covering quantitative data from all numeric forecasts presented in the report.
Key Questions Answered
The report provides answers to the following key questions:
How big is the Big Data opportunity in the healthcare and pharmaceutical industry?
How is the market evolving by segment and region?
What will the market size be in 2020 and at what rate will it grow?
What trends, challenges and barriers are influencing its growth?
Who are the key Big Data software, hardware and services vendors and what are their strategies?
How much are healthcare providers, insurers, payers, pharmaceutical companies and other stakeholders investing in Big Data?
What opportunities exist for Big Data analytics in the healthcare and pharmaceutical industry?
Which countries, application areas and use cases will see the highest percentage of Big Data investments in the healthcare and pharmaceutical industry?
The report has the following key findings:
In 2017, Big Data vendors will pocket nearly $4 Billion from hardware, software and professional services revenues in the healthcare and pharmaceutical industry. These investments are further expected to grow at a CAGR of more than 15% over the next three years, eventually accounting for over $5.8 Billion by the end of 2020.
Through the use of Big Data technologies, hospitals and other healthcare facilities have been able to achieve cost reductions of more than 10%, improvements in outcomes by as much as 20% for certain conditions, growth in revenue by 30%, and increase in patient access to services by more than 35%.
Big Data technologies are playing a pivotal role in accelerating the transition towards accountable and value-based care models, by enabling the continuous collection, consolidation and analysis of clinical and operational data from healthcare facilities and other available data sources.
Addressing privacy and security concerns is necessary in order to fully leverage the benefits of Big Data in the healthcare and pharmaceutical industry. Therefore, it is essential for key stakeholders to make significant investments in data encryption and cybersecurity, in addition to adopting defensible de-identification techniques and implementing strict restrictions on data use.
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