Big data analytics in the healthcare industry is anticipated to turn out to be the third largest industry in terms of market share

Big Data Analytics in healthcare

 

Big data analytics and processing is the collection of large and intricate data series which generally are difficult to process using common database management tools. Big data refers to the tools, processes and procedures allowing an organization to create, change, store and manage very large data sets and storage facilities. Big data in the healthcare industry is a very crucial aspect and accounts for nearly 7% market share with respect to value.

This growth is mainly due to increasing complexity in management of big data, increase in analytics services and accessibility of inexpensive big data solutions and services to end users. The main growth driver for the big data industry is the total size of data that is being produced across several industries due to altering business environment. Some of the major challenges being faced in the healthcare industry are gaining knowledge from complex heterogeneous patient sources, averaging the patient records, understanding unmanaged clinical notes in the right manner, efficiently handling large volume of medical imaging data and getting possibly useful statistics, examining health data is a totally tough task and relating with standard clinical data adds supplementary layers of difficulty, apprehending the patient’s behavioral data and also personal, social information through several sources, their various social interactions and communications.

“Big Data as Source of Innovation in Healthcare”

Healthcare data includes patient data medical records, clinical data, news feeds to social media data etc. This high volume of complex electronic health data is difficult to manage with simple data management tools. Big data analytics in healthcare can be utilized to foresee analysis, support clinical conclusions, advance the quality of life and avoid deaths. Subsequently, the healthcare big data market is projected to grow at an enormous rate during the forecast period.
The collaboration between big data and cloud computing will help the healthcare sector gain assistances from government sectors for the use of EHRs. Since, most of the data would be stockpiled in the cloud, healthcare organizations would also be able to access it using mobile devices, plummeting needless costs. Value based health care puts high demands on the ability to record and monitors data giving specific information and achieved quality. Finally, the average data in the record is made available to the public, which leads to many clinical developments as well as the capability to comprehend proportional efficiency.

Some of the major players involved in the big data analytics in healthcare market are:
HP Corporation Pvt.Ltd.
First Databank, Inc.
Mckesson Corporation
Allscripts Health Solutions
Inovalon, Inc.