Big Data has completely transformed the way people today manage, evaluate and leverage data in any industry. One of the most promising areas where it can be deployed to make a change in healthcare. Healthcare analytics have the potential to shrink the costs of treatment, envisage outbreaks of epidemics, evade preventable diseases and advance the quality of life in general. Just like business entrepreneurs, health professionals are able to collect a huge volume of data and look for the best strategies to utilize these numbers. The application of Big Data analytics in healthcare has a lot of constructive and also life-saving outcomes.
The term Big Data refers to the huge quantities of information produced by the digitization of everything, which gets consolidated and assessed by explicit technologies. By deploying in healthcare space, it will use specific health data of a population, or of a particular individual, and potentially aid to thwart epidemics, cure disease, reduce costs, and so on. According to the latest research report, the global Big Data analytics in the healthcare market is predicted to reach USD 67.82 billion, at a growing CAGR of 19.1 percent by 2025. The market, in the year 2017, was valued at USD 16.87 billion. In the healthcare space, Big Data analytics defined as an analytic solution that derives insights on patient information and improves treatment methods by allowing evidence-based disease prevention modeling and diagnostic analysis.
Techies like IBM, Optum, Microsoft, and others, are offering innovative analytical solutions, including population health management, clinical decision support, biometric analysis, revenue cycle management, value-based analytics, risk assessment, and others to healthcare end users. Big Data analytics also optimizes process-oriented expenditures in the healthcare sector by advancing the population health, incorporating performance modeling with financial and predictive care monitoring, and others.