In the healthcare market, the revenue of big data is anticipated to develop at profitable rate in the predicted period mainly owing to enhanced digitalization in the manufacturing/industrial methods. The industrial processes, products, services and functions are getting transformed due to digitization. Beginning of e-commerce led to a sudden gush in the generation of data by the many companies. Similarly, R&D (research and development) activities in the last decade in the healthcare industry, data of enormous amount, also known as ‘big data’ heaped up with the host organizations. Thus, it is important to confirm maximum data utilization for cost reduction, offering targeted product and services, and evading work duplication. Big data solution assists to provide simplified and analyzed complicated and diverse data, a task which was unattainable by use of conventional hardware and software. Furthermore, the aforesaid type of data was unmanageable with trivial data management gears and procedures. Several tools/gears like Hadoop, MonngoDB, Pentaho and Cloudera can be availed from the market. The tools are useful in cleaning of data, mining and big data analysis. There are many data tools for visualization like Silk, Tableau and Chartio that aid in offering data in a more opportune and readable method.
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The healthcare companies are helped by the big data to reduce the threat of losing out millions of dollars in revenues and also in profits by their traditional strategic method of decision making. In the scenario of the healthcare market, the big data can be divided based on application, analytic type, delivery model and end users worldwide.
- Big Data in Healthcare Market, by Analytics Type
- Descriptive Analytics
- Prescriptive Analytics
- Predictive Analytics
- By Application
- Clinical Analytics
- Operational and Administrative Analytics
- Financial Analytics
- Population Health Analytics
- By Delivery Model
- On-premise
- On-demand
- By End User
- Payers
- Third party care organizations
- Providers
Pharmaceutical companies, experts and payers are taking help of big data solutions in analyzing and getting insights about trends prevailing in the industry and consequently create comprehensive and correct forecasts of the market. On the basis of insights collected from big data solutions, several recipients can make well-versed decisions to develop their products and services.
Lack of Skilled Manpower to Hinder Progress of Big Data in Healthcare_MI
Though, the market is vast in the evolved nations, mainly in the United States lack of skilled professional for examining big data is estimated to limit the market growth in North America. Furthermore, factors like reduction in profit margins, deceleration in the economy across the globe, and dearth of expert manpower is hindering the development of big data application in the industry of healthcare. Many other tests for BDH (big data in healthcare) are security issues, data fragmentation, and lack of standardization. Moreover, big data solution suppliers require amenability with guidelines controlled by the Health Insurance Portability and Accountability Act of 1996 (HIPAA). These issues are mainly predominant in evolving economies of Asia Pacific and Latin America owing to absence of efficient healthcare set up and insufficient helpful government rules. Rising pressure of cost and dearth of skilled professionals discourages the healthcare suppliers/providers from implementation of expensive systems associating big data solutions. Though, development in IT infrastructure in evolving economies in the coming future is anticipated to be the main contributor in increasing the need for big data.
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Fragmented Market_MI
There are many small and market player worldwide providing big data software and solutions. The small companies of the region giving big data services at lowered costs, which makes a high entry blockade for the world players observing to mark their footprint in the evolving markets. The fragmented market with several companies providing differentiated services in relation to pricing and inclusions. The main companies functioning in the healthcare market of big data worldwide are Hewlett-Packard Co., Teradata Corporation, Opera Solutions, Cognizant Technology Solutions, Siemens Healthcare Gmbh, Mu Sigma, Splunk Inc., Cloudera, EMC, IBM, Calpont Corporation, and Oracle Corporation.
Key Developments_MI
The main market players are emphasized on collaborating with several governments to introduce big-data healthcare solutions. For example, KT Corporation is a South Korea-based telecommunication provider which in August 2019 introduced in Ghana the Global Epidemic Prevention Platform (GEPP), in partnership with GHS (Ghana Health Service)which is a Ghanaian government body.
The main players in the market are using acquisition strategies in expanding their portfolio of the product. For example, Cognizant in June 2019 pronounced to acquire Zenith Technologies which is privately-held life sciences producing technology services company, headquarter in Cork, Ireland.
The players in the market are using strategies for marketing to enhance their clientele base. For example, Siemens Healthcare offered its Digital Ecosystem Store at the Healthcare Information and Management Systems Society (HIMSS) 2018 held in Las Vegas, U.S. The store offers all digital offerings and enables providers to search or demand a quotation or test and download assistances as part of detailed subscription models.
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• Current and future of Big Data in Healthcare Market outlook in the developed and emerging markets
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• Regions/countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players
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The Big Data in Healthcare Market is displayed in 13 Chapters:
Chapter 1: Market Overview, Drivers, Restraints and Opportunities
Chapter 2: Market Competition by Manufacturers
Chapter 3: Production by Regions
Chapter 4: Consumption by Regions
Chapter 5: Production, By Types, Revenue and Market share by Types
Chapter 6: Consumption, By Applications, Market share (%) and Growth Rate by Applications
Chapter 7: Complete profiling and analysis of Manufacturers
Chapter 8: Manufacturing cost analysis, Raw materials analysis, Region-wise manufacturing expenses
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Market Effect Factors Analysis
Chapter 12: Market Forecast
Chapter 13: Big Data in Healthcare Research Findings and Conclusion, Appendix, methodology and data source
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