Big Data in the Healthcare & Pharmaceutical Industry: 2017 – 2030 – key market drivers, challenges, investment potential, application areas and value chain

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% over the next three years.

The big data in the healthcare and pharmaceutical market is projected to register substantial growth over the forecast period (from 2017 to 2030). The term big data refers to data sets that can store a large amount of data. It differs from a common relational database. Big data is less expensive and has a minimal structure. In the healthcare industry, some research and academic institutions have started experimenting with big data. These institutes are also using it in some advanced research projects.

One of the latest trends in big data in the healthcare sector includes real-time patient monitoring. Various healthcare facilities focus on providing more proactive patient care by constantly monitoring them for vital signs. This data can be analyzed in real-time and then alerts can be sent to caregivers so that they are instantly informed about any changes in patient conditions. Wearable devices and sensors provide the opportunity for care providers to interact with their patients in innovative ways, making healthcare more persistent and convenient.

Another future trend in healthcare big data includes reducing waste, abuse, and fraud. All of these are the key contributors toward increasing overall healthcare costs across the globe. However, big data analytics can be a breakthrough for fraud, waste, and abuse in the healthcare industry. For example, UnitedHealthcare Inc. shifted to a predictive modeling environment that is based on Hadoop big data platform. It can recognize wrong claims in a systematic way and generate huge returns on their advanced big data technology.

The overall big data in the healthcare and pharmaceutical market is categorized as per software, hardware, professional services, sub market, application area, use, and region. Based on sub market, the market is segmented into networking infrastructure, storage and compute infrastructure, NoSQL, Hadoop and infrastructure software, SQL, analytic platforms and applications, professional services, and cloud platforms.

Based on application area, the market is categorized into healthcare awareness, support, and disease prevention, medical and pharmaceutical products, payer services and health insurance, core health care operations, and marketing, sales and other applications.

Based on use cases, the market is segregated into self-care and lifestyle support, drug discovery and development, pharmacy services, proactive patient engagement, healthcare data monetization, population health management, data-driven preventive care and health interventions, clinical decision support, Precision Medicine and Genomics, targeted treatments, personalized healthcare, medical product fault monitoring, medical product design and development, vaccine development and promotion, precision medicine and genomics, health insurance claims processing and management, and many others.

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Based on region, the big data in the healthcare and pharmaceutical market is divided into Asia Pacific (APAC), Western Europe, Eastern Europe, Middle East and Africa (MEA), North America, and Latin and Central America. Major companies operating in the market include 1010data, Inc.; The Apache Software Foundation (ASF); Absolutdata Research and Analytics; Advanced Micro Devices, Inc. (AMD); American Society for Testing and Materials (ASTM); and Datawatch Corporation.

Most leading companies focus on novel product development and invest heavily in research & development activities to gain competitive edge. They also follow several other strategies like mergers & acquisitions and regional expansions to strengthen their global industry position.

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