The big data analytics in healthcare market to grow to $22,743.1 million by 2023 from $7,013.5 million in 2017, registering a 21.8% CAGR during the forecast period (2018–2023). The market is witnessing growth due to the rising initiatives by governments to adopt electronic health records, surging demand for financial analytics in the healthcare domain, and increasing requirement for the analysis of structured and unstructured datasets.
Analytical services — predictive and descriptive analysis —are used to extract useful information from a patient’s health-related data with the help of big data analytics. Easy assemblage of data pertaining to clinical studies and population and inventory management due to the incorporation of big data is a major trend in the big data analytics in healthcare market.
Big data analytics is helping researchers sift through huge volumes of data to obtain relevant data points for better precision and accuracy. Genome studies generate huge amount of information, which are now easier to store and retrieve as per the requirement due to big data analytics without the need for conducting numerous lab tests and genome analysis.
The demand to organize huge amount of data is driving the big data analytics in healthcare market. With increasing research and development activities, the healthcare industry is generating huge data volumes.
Big data analytics is playing a major role in reducing the overall cost and providing quality services in the healthcare system by aiming to generate valuable insights from such rich data sets.
It is done by going through large unstructured and structured datasets and valuable trends and patterns are then established in the healthcare environment.