Big Data in the Healthcare & Pharmaceutical Industry 2019
Description:-
Big data is gaining momentum at a rapid pace. Big data is a term used for datasets that exceed the capabilities of the traditional databases in terms of capturing, managing, storing, and analyzing. Big data encompasses the datasets as well as the technologies that help in solving the complex problems by capturing, managing, storing and analyzing the variable data.
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The use of Big Data is increasing in many diverse sectors. Big Data in the Healthcare & Pharmaceutical industry finds a wide array of applications. Starting from the discovery of various drugs to support clinical decisions and health management, Big Data has proved its efficiency. It has helped in bringing down the expenses of research and development in the healthcare & pharmaceutical industry. Big Data has become a tool for improving and optimizing the efficiency of healthcare professionals.
Market Opportunities
Big Data offers various opportunities to healthcare providers, payers, government agencies, insurers, as well as pharmaceutical companies. Enabling the cost savings and better service to the patients, the Big Data is driving the market demand. Big Data in the Healthcare & Pharmaceutical industry provides the opportunity to reduce the waiting time of patients, improve outcomes, and reduce the mortality rates. Big Data is helping the healthcare industry to reduce the cost of clinical trials. It offers faster responses and quicker measures to provide the patient with the best services at the right time. The market of Big Data is expected to grow with a CAGR of 15% during the next three years.
Segmentation
The market of Big Data is segmented based on services, application, horizontal submarkets, use cases, and regions.
Depending on services, the Big Data market includes software, hardware, and professional services.
The prime application area of the Big Data in the healthcare & pharmaceutical industry encompasses pharmaceutical & medical products, healthcare support, awareness & disease prevention, and core healthcare operations. Other application areas include healthcare insurance & payer services, marketing, sales, and other relevant applications.
The horizontal markets of Big Data are networking infrastructure, SQL, storage & compute infrastructure, Hadoop& Infrastructure software, NoSQL, Cloud platforms, analytic platforms & applications, and professional services.
The important use cases of the Big Data in the healthcare & pharmaceutical industry include drug discovery, design & development, clinical development & trials, clinical decision support, precision medicine & genomics, pharmacy services, care coordination & deliver management, and many other use cases.
Regional Landscape
The regional market of Big Data includes the regions of Eastern Europe, Asia Pacific, Middle East & Africa, North America, Latin & Central America, and Western Europe. The emergence of digital therapeutics and value-based care is driving the demand for Big Data in the market.
The market players of Big Data are Absolutdata, Actian Corporation, Big Cloud Analytics, BMC Software, CognitiveScale, Dell Technologies, IBM Corporation, and others.
Industry News
The use of Big Data technologies is driving the healthcare industry toward value-based care. The investment in Big Data will enable the drug developers to deliver promising compounds with a short processing cycle. Big Data is a growing solution for productive trials at lower costs.
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