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Global healthcare big data market to reach US$7.5bn by 2020
Written by staff reporter
The healthcare industry is steadily realising the value offered by big data solutions, particularly in research and medical record mining. This is according to a new report from Frost & Sullivan, which warns that current investments are focused on serving immediate needs of the investing stakeholders, which often makes them siloed and incrementally beneficial, as opposed to a strategic organisational redesign of the data strategy that provides exponential returns on investment.
By 2020, global healthcare big data and analytics market revenue is expected to reach US$7.5bn with the Americas leading, Europe catching up fast, and Asia a distant third.
The reports authors say that industry participants, including governments, payers, providers, suppliers and consumers, must develop big data strategies with clear goals to improve specific processes, such as patient engagement, clinical decision making, population health/risk management, and outcomes improvement. This is crucial to achieve the future vision of a patient-centric, predictive and prescriptive healthcare system.
“Globally, healthcare is moving towards value-based, preventive models of care, albeit at varying degrees across countries,” said transformational health research analyst Natasha Gulati. “In the next five years, a number of countries in Europe and Asia-Pacific will adopt care models that reward clinicians for improving long-term patient outcomes, particularly for chronic diseases, rather than volume of care delivered. This change in key performance indicators will necessitate better data aggregation, analytics, and compliance from clinicians.”
“The value of health data lies in meaningfully integrating and analysing structured and unstructured health data so that it helps clinicians develop unprecedented approaches and solutions to real-world problems,” Gulati notes. “Change management driven from within by opinion leaders, and in collaboration with IT decision makers, will create a strong drive towards Big Data management and analytics in the next five years.”