$4.7b opportunity in big data for healthcare industry worldwide
SNS Telecom & IT's latest report indicates that big data investments in the healthcare and pharmaceutical industry are expected to reach nearly $4.7 billion by the end of 2018.
Originally used as a term to describe datasets with sizes beyond the ability of traditional databases, the scope of Big Data 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 analyse 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 Telecom & IT estimates that Big Data investments in the healthcare and pharmaceutical industry will account for nearly $4.7 billion in 2018 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 approximately 12% over the next three years.
The Big Data in the Healthcare & Pharmaceutical Industry: 2018 - 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 2018 through to 2030.
The forecasts are segmented for 8 horizontal submarkets, 5 application areas, 37 use cases, 6 regions and 35 countries.
The report will be of value to current and future potential investors into the big data sector, as well as big data vendors, healthcare providers, insurers, payers, pharmaceutical companies and other stakeholders who wish to broaden their knowledge of the ecosystem.
The key findings of the report include:
- In 2018, Big Data vendors will pocket nearly $4.7 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 approximately 12% over the next three years, eventually accounting for more than $7 Billion by the end of 2021.
- Big Data and advanced analytics are driving a paradigm shift in the healthcare and pharmaceutical industry with multiple innovations ranging from precision medicine and digital therapeutics to the adoption of accountable and value-based care models.
- Drug developers are making substantial investments in Big Data and artificial intelligence-driven drug discovery platforms to shorten the process of successfully discovering promising compounds. In addition, Big Data technologies are increasingly being utilized to streamline clinical trials, enabling biopharmaceutical companies to significantly lower costs and accelerate productive trials.
- The growing adoption of Big Data technologies has also brought about an array of benefits for hospitals and other healthcare facilities. Based on feedback from healthcare providers worldwide, these include but are not limited to cost savings in the range of 20-30%, an increase in patient access to services by more than 35%, growth in revenue by up to 30%, a reduction in emergency room visits by 10%, a drop in patient wait times by 30-60%, improvements in outcomes by as much as 20%, a 10-50% decline in mortality rates for conditions such as heart failure, and a reduction in the occurrence of hospital-acquired and surgical site infections by nearly 60%.
For further information concerning the SNS Telecom & IT publication Big Data in the Healthcare & Pharmaceutical Industry: 2018 – 2030 – Opportunities, Challenges, Strategies & Forecasts please visit: http://www.snstelecom.com/bigdatahealthcare.