The rise in the demand for financial analytics is one of the
major factors causing the surge in the need for big data analytics in the
healthcare sector across the globe. Financial analytics offers healthcare
companies greater visibility into the various factors responsible for revenue
generation and thus helps them in reducing their operational costs. In addition
to this, big data analytics makes use of sophisticated software technologies,
such as specialized billing process and knowledge, in order to monitor and keep
track of the claims processed and revenue generated from different operations.
Due to the above-mentioned factors, the big data analyticsin healthcare market size attained value of $7.0 billion in 2017, and it is predicted
to garner revenue of $22.7 billion by 2023, demonstrating a CAGR of 21.8%
during the forecast period (2018–2023). There are two ways by which big data
analytics solutions are deployed by healthcare companies — on-demand and
on-premises. Of these, the solutions deployed on-premises recorded higher use
in 2017, owing to their ability to provide enhanced data security and greater
control over the software and hardware.
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Geographically, the North America healthcare sector registered
the highest use of big data analytics in 2017. This is primarily ascribed to
the rising penetration of internet of things (IoT) and artificial intelligence
(AI) in the healthcare sector, which is itself booming in the region. The big
data analytics in healthcare market is expected to observe the most rapid
advance in the Asia-Pacific (APAC) region in the near future, mainly due to the
soaring investments in healthcare information technology (IT) infrastructure
and increasing need for better healthcare solutions in several countries in the
region.
The
other major factor fuelling the adoption of big data analytics is the rising
usage of electronic health records (EHRs) by both private and public healthcare
centers, primarily on account of various government initiatives and incentives.
The governments of several countries have set up regulatory organizations, including
the National ehealth Authority in India, dedicated to developing rules and
standards for EHR and ensuring uniformity in them. Furthermore, EHR is enabling
healthcare organizations to predict unexpected patient readmissions and
inpatient mortality, improve patient care, and reduce duplicate tests.
Read more: https://www.psmarketresearch.com/market-analysis/big-data-analytics-in-healthcare-market
