Big data analytics in healthcare refers to the use of analytical services such as descriptive and predictive analytics to gain useful and qualitative insights from patient’s health-related data. This helps in providing patient centric personalized medicine, early detection of diseases, decrease in patient’s healthcare cost, improved fraud detection mechanism. The global big data analytics in healthcare market is projected to grow at a healthy pace for the next few years. According to P&S Intelligence’s report, the global big data analytics in healthcare market size is projected to reach $22.7 billion by 2023. The global big data analytics in healthcare market is also gaining interest due to the introduction of personalized healthcare systems and demand for high quality healthcare services.
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Government of various countries are pushing for adoption of EHR in public and private healthcare organizations. To ensure uniformity in EHR standards, governments have set-up bodies such as National e-health Authority in India, which is dedicated for developing rules and standards to be used in developing EHR. This uniformity in implementing EHR model enables uniform distribution of government funded healthcare schemes. Doctors sharing EHRs can analyze data for trends which can reduce healthcare cost for patients. Sharing of data between physicians and healthcare service providers can reduce duplicate tests and improve patient care.
In U.S., under the health information technology for economic and clinical health (HITECH) Act, federal government-initiated incentive-based program where the physicians and healthcare organizations were rewarded for adopting EHR model. Medicare Access and Chip Reauthorization Act (MACRA) legislation looks after the reimbursement of payment incurred during the treatment of patients. EHR provides has streamlined this reimbursement process by providing the patient’s history, which reflects treatment and medicine offered to him and thus, eliminating the fraudulent activities involved in claim processes.
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Globally, the North America region is projected to be the largest market during the forecast period. The big data analytics in healthcare market in North America is projected to hold more than 40% of the global market. With the increase in adoption of smart watches and wearables in the North America, the data for healthcare is expected to increase at a high rate in turn increasing the demand for the market for big data analytics in healthcare.
Some of the key players operating in big data analytics in healthcare market are Cognizant Technology Solutions Corporation, McKesson Corporation, Cerner Corporation, Epic System Corporation, Dell Inc. etc.
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