Big data spending in healthcare: Key market research findings
- Need for digital transformation
- Increasing preference for advanced analytics
Technavio has added a new report on big data spending market in healthcare industry, to its big data portfolio. Analysts estimate that the market will reach over $15 billion between 2015 and 2019. Much of the market’s growth will come from increased adoption of big data in healthcare aimed towards improving the quality of healthcare services by undertaking functions like disease surveillance, clinical decision support, and population health management and generating powerful insights about patient health and behavior.
The Americas is leading the big data spending market in healthcare industry, covering about 63% of the market in 2014, closely followed by EMEA and APAC. Rapid growth of big data spending in the Americas can be attributed to the federal government’s big data initiatives, such as the Affordable Care Act and HITECH Act in lowering healthcare expenses. As per WHO statistics, US leads the market in this region fueled by mounting annual healthcare expenses that are more than 17% of its GDP.
Large volumes of data and their perpetual processing requirements like record keeping, the need for better patient care, and legislative regulations in healthcare institutions have necessitated digital transformational changes. With more healthcare information being transformed into digital format, data is expected to be easily accessible, even in times of power cuts or a disaster. “Increased adoption of third platform technologies like cloud and analytics are expected to be the key facilitator in providing alternatives to the healthcare organizations to sustain in extremely expanding competitive environment and increasing productivity. Healthcare has adopted three BI functionalities including descriptive analytics, predictive analytics, and prescriptive analytics,” says Navin Rajendra, Lead Analyst, IT Services, Technavio Research.
The global healthcare big data market is dominated by big players such as IBM, HP, Dell and SAP. Competition in this market is expected to increase due to a rise in partnerships and alliances during the forecast period. High deployment cost and rapid innovations in big data analytics are the major barriers for new vendors in the market.
A more detailed analysis is available in the Technavio report, Global Big Data Spending in Healthcare Industry – Market Research 2015-2019.
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