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Big data and big data analytics have taken an indispensable position in the healthcare sector by providing a reliable digital IT platform for a quick diagnosis and treatment of various diseases, according to a new report by TMR Research.
‘Global Big Data in Healthcare Market: Trends and Opportunities’ argues that besides efficient disease management, big data finds application in three important areas of the healthcare industry, viz. operational analytics, financial analytics, and clinical data analytics.
The big data in healthcare market is believed to be the future and game-changer of the healthcare sector with high adoption amongst medical professionals, government bodies, and even patients. The global market is currently trending on the back of innovative headways, higher incentives reserved for medication, and big data adoption in healthcare.
“The first healthcare area incorporates the analysis of supply chain and workforce. Financial analytics deals with risk management, revenue cycle management, and claims processing. The clinical data analytics application involves reporting and compliance, health management, clinical decision support, and quality care,” analysts say in the report.
“Of the few growth inhibitors in the world big data in healthcare market, lack of quality resourcing, shrinking profit margins, and global economic slowdown are the prominent ones. However, with the rising investments in research and development, colossal amount of data generated in the healthcare sector, and enhancement of IT infrastructure in developing regions are envisioned to compensate for the fewer restraints of the market.”
It also notes that in terms of type of service, the global big data in healthcare market can be segmented into prescriptive, predictive, and descriptive. On the basis of software, the segments could be workforce management, practice management, revenue cycle management, and electronic health record (EHR). By hardware, email servers and access points, data storage, virtual private networks (VPNs), firewalls, and routers could be the main segments.
TMR Research, Report. Healthcare market, IT platform, operational analytics, Big data, US