The healthcare big data analytics market is expected to increase as the industry shifts from fee-for-service to value-based care models, according to a recent report from Market Research Future.
- Focuses on quality healthcare, reduced length of hospital stay, and lower treatment costs will continue to drive the healthcare big data analytics market. The use of healthcare big data to develop innovative treatment pathways will serve as secondary market drivers, the report said.
Technologies for predictive, prescriptive, and descriptive analytics are all expected to expand. Additionally, areas in clinical analytics for quality healthcare are expected to grow alongside financial and revenue cycle analytics products.
Primary healthcare big data players include IBM, Cerner Corporation, Cognizant, Dell, Epic Systems, GE Healthcare, McKesson, Optum, Phillips, Siemens, and Xerox.
The North American market will reportedly lead this growth, with the highest expected compound annual growth rate (CAGR) of all the reported regions. The US emphasis on population health management and health IT adoption are significant drivers in big data analytics adoption in North America.
Europe should also see significant opportunities for the healthcare big data analytics market as their government healthcare policies likewise emphasize more data collection and EHR adoption to fuel quality healthcare.
According to the report, the healthcare big data analytics market has been rising steadily in recent years. This growth has historically been driven by calls to reduce overall healthcare costs, meaningful use requirements, ample access to healthcare big data, technology development and adoption, and significant funding availability.
However, the market may face various threats, including lack of skilled personnel and high costs of big data analytics tools. But strong government support and general industry interest in healthcare big data analytics are expected to mitigate these challenges, the report said.
The healthcare Internet of Things (IoT) is also expected to grow into a $169.32 billion industry, according to a Technavio report published at the end of 2016. Pushes for better patient engagement and patient management will drive the market to grow by nearly 25 percent between 2016 and 2020.
According to a separate report from 451 Research, IoT infrastructure spending should increase by 33 percent over the course of the next year.
As the healthcare industry continues to emphasize better quality care, less spending, and improved population health, industry professionals can expect improvements in both the IoT and healthcare big data analytics markets. Despite some challenges, significant government and industry support will likely enable both of these industries to grow to better support a value-based healthcare model.