New Research estimates 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
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“Big Data” originally emerged as a term to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyse. 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 analyse large and variable collections of data, to solve complex problems.
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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We expect the market to evolve considerably between 2017 and 2030, as new use cases emerge with the industry's increasing focus on value-based care, proactive patient monitoring, precision medicine and population health management.
Overview & Investment Potential
Big Data and associated analytics enable a plethora of business opportunities for healthcare providers, insurers, payers, government agencies, pharmaceutical companies and other stakeholders, ranging from drug discovery and precision medicine to clinical decision support and population health management.
What will market research report provide?
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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What Segmentation is covered in report?
Market forecasts are provided for each of the following submarkets and their subcategories:
Hardware, Software & Professional Services
- Professional Services
- Storage & Compute Infrastructure
- Networking Infrastructure
- Hadoop & Infrastructure Software
- Analytic Platforms & Applications
- Cloud Platforms
- Professional Services
- Pharmaceutical & Medical Products
- Core Healthcare Operations
- Healthcare Support, Awareness & Disease Prevention
- Health Insurance & Payer Services
- Marketing, Sales & Other Applications
- Drug Discovery, Design & Development
- Medical Product Design & Development
- Clinical Development & Trials
- Precision Medicine & Genomics
- Manufacturing & Supply Chain Management
- Post-Market Surveillance & Pharmacovigilance
- Medical Product Fault Monitoring
- Clinical Decision Support
- Care Coordination & Delivery Management
- CER (Comparative Effectiveness Research) &
- Personalized Healthcare & Targeted Treatments
- Data-Driven Preventive Care & Health Interventions
- Surgical Practice & Complex Medical Procedures
- Pathology, Medical Imaging & Other Medical Tests
- Proactive & Remote Patient Monitoring
- Predictive Maintenance of Medical Equipment
- Pharmacy Services
- Self-Care & Lifestyle Support
- Medication Adherence & Management
- Vaccine Development & Promotion
- Population Health Management
- Connected Health Communities & Medical Knowledge
- Epidemiology & Disease Surveillance
- Health Policy Decision Making
- Controlling Substance Abuse & Addiction
- Increasing Awareness & Accessible Healthcare
- Health Insurance Claims Processing & Management
- Fraud & Abuse Prevention
- Proactive Patient Engagement
- Accountable & Value-Based Care
- Data-Driven Health Insurance Premiums
- Marketing & Sales
- Administrative & Customer Services
- Finance & Risk Management
- Healthcare Data Monetization
- Other Use Cases
- Asia Pacific
- Eastern Europe
- Latin & Central America
- Middle East & Africa
- North America
- Western Europe
Argentina, Australia, Brazil, Canada, China, Czech
Republic, Denmark, Finland, France, Germany, India, Indonesia, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, Norway, Pakistan, Philippines, Poland, Qatar, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Taiwan, Thailand, UAE, UK, USA
What are key findings of report?
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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