Big Data Analytics in Healthcare Market to Reach $22,743.1 Million
Under
the Health Information Technology for Economic and Clinical Health (HITECH) Act,
in the U.S., healthcare organizations and physicians are rewarded for adopting electronic
health records (EHR). The program was initiated by the federal government to
push the adoption of this technology. Similarly, the governments of various other
countries are also trying to encourage public and private healthcare
organizations to implement this digital database. Governments have established
bodies, including National e-health Authority in India, which is meant for
developing standards and rules for developing EHR.
Since the data on paper is being digitized rapidly, software such as EHR have become important for big data analysis. It enables healthcare providers to gain qualitative and useful insights of patients’ data. Through the use of services such as predictive and descriptive analytics, big data analytics helps in providing patient-centric personalized medicine, decreasing patients’ healthcare cost, improving the fraud detection mechanism, and catching diseases at an early stage. The global big data analytics in healthcare market attained $7,013.5 million in 2017, and it is expected to reach $22,743.1 million, witnessing a CAGR of 21.8% in the coming years.
The healthcare industry is generating enormous volumes of data, which can be used to detect patterns and improve the overall healthcare system and services. Big data analytics solutions aim to do the same by exploring large sets of unstructured and structured databases to access and gain the patterns and trends present in the current environment. As the organization of unstructured data into a structured format can provide better analysis and insights into patient information and medical history, there is an increasing requirement for the same.
By making use of big data analytics, health organizations can study patient records and billing data to detect anomalies, such as overutilization of a hospital’s services in a short period of time or patients receiving services from different hospitals simultaneously.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Get More Information Visit : P&S Intelligence
Since the data on paper is being digitized rapidly, software such as EHR have become important for big data analysis. It enables healthcare providers to gain qualitative and useful insights of patients’ data. Through the use of services such as predictive and descriptive analytics, big data analytics helps in providing patient-centric personalized medicine, decreasing patients’ healthcare cost, improving the fraud detection mechanism, and catching diseases at an early stage. The global big data analytics in healthcare market attained $7,013.5 million in 2017, and it is expected to reach $22,743.1 million, witnessing a CAGR of 21.8% in the coming years.
The healthcare industry is generating enormous volumes of data, which can be used to detect patterns and improve the overall healthcare system and services. Big data analytics solutions aim to do the same by exploring large sets of unstructured and structured databases to access and gain the patterns and trends present in the current environment. As the organization of unstructured data into a structured format can provide better analysis and insights into patient information and medical history, there is an increasing requirement for the same.
By making use of big data analytics, health organizations can study patient records and billing data to detect anomalies, such as overutilization of a hospital’s services in a short period of time or patients receiving services from different hospitals simultaneously.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
Get More Information Visit : P&S Intelligence
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