“Big Data” originally emerged as a term to describe datasets whose size is beyond the ability of traditional databases to capture, store, manage and analyze. 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 analyze 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. The healthcare and pharmaceutical industry is no exception to this trend, where Big Data has found a host of applications ranging from drug discovery and precision medicine to clinical decision support and population health management.
SNS 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 per cent over the next three years.
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.
Among the key findings of the report are: – 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 per cent 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 per cent, improvements in outcomes by as much as 20 per cent for certain conditions, growth in revenue by 30 per cent, and increase in patient access to services by more than 35 per cent.