Global $34.27 Billion Big Data in Healthcare Market 2015-2022

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Global $34.27 Billion Big Data in Healthcare Market 2015-2022

big-dataResearch and Markets has announced the addition of the “Global Big Data in Healthcare — Estimates & Forecast, 2015-2022” report to their offering.

The big data analytics in the healthcare sector is estimated to grow more than $34.27 billion by the end of 2022.

Several forces are triggering the boost in the overall demand for big data integration in the healthcare industry. Governmental agencies are encouraging the use of big data in the healthcare sector. The Department of Health and Human Services (HHS) under the Health Data Initiative (HDI) is starting to release data from agencies such as the Food and Drug Administration (FDA) and the Centers for Disease Control (CDC) to access public data of patients for clinical trials and other research activities.

The healthcare industry is in a period of rapid change. Advancements in the fields of genetics, biomedical, and information technology are paving a way towards effective personalized treatments in accordance to the individual characteristics of the patients.

Exploiting these opportunities requires effective usage of big data. With time, healthcare data has been created and accumulated continuously through patient records, radiology images, clinical trials and genomic sequences.

With new technological advancements like mhealth and Internet of things (IOT), patients are now able to track their personal health data and share it with their respective physicians for any further remedies. The more data is collected and analysed, the better medical insights are gained.

Currently, financial analytics is acquiring a major share of the market to reduce fraud in healthcare claims and help healthcare organizations understand their cost structure and maintain their revenue. Clinical analytics is foreseen to have a high growth potential by 2020 due to the implementation of innovative technologies like Precision Medicine, mHealth and sensors in the healthcare industry.