Big Data in the Healthcare & Pharmaceutical Industry Share Size, Forecast Report 2030
Albany, NY -- (SBWIRE) -- 09/19/2017 -- The comprehensive research on big data in the healthcare and pharmaceutical industry presents elaborate assessment of key drivers and restraining factors, notable trends and investment strategies, lucrative avenues, major technologies, and recent developments in end-use industries.
The report offers an in-depth insights into the major roadblocks encountered by players in implementing big data technologies and the factors expected to open up emerging opportunities in the coming years. In addition, the analysis covers investments made by key healthcare providers, insurers and payers, and prominent pharmaceutical companies in major regions on the adoption of big data technologies.
The intensifying demand for boosting process efficiencies among a number of pharmaceutical companies and several healthcare payers and providers in various parts of the world is a prominent factor driving the evolution of the market. In recent years, the adoption of big data analytics has markedly improve the process of drug discovery. This is catalyzing the growth of the market. The recent surge in unstructured and structured biomedical data from surveys and experiments has propelled the demand for big data analytics among a number of research institutions.
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The vast volumes of diverse data being generated from genome sequencing, coupled with the rising demand for finding treatments for chronic diseases, is a key factor that has bolstered the demand for big data in the healthcare and pharmaceutical industry. The intensifying need for boosting their drug pipelines is a key factor expected to bolster the demand for big data analytics in these industries.
The rising number of use cases of big data analytics in drug discovery and associated activities, notably large-scale conducting of clinical trials is a key factor expected to accentuate the market over the forecast period. The intensifying need for improving stakeholder collaborations so as to increase drug efficiency and enhance safety for regulators is a key factor fueling the demand for big data analytics. The market for big data market in the healthcare and pharmaceutical industry is projected to reach US$4 billion by the end of 2017. Driven by substantial investments in big data technologies, the market is projected to rise at a CAGR of over 15.0% from 2017 to 2020. The opportunities in the market is estimated to surpass a value of US$5.8 billion by the end of the forecast period.
The rising prevalence of chronic diseases and various cancer types in developing and developed nations has stimulated drug discovery processes. Coupled with this, the growing complexity of regulatory approvals and the inclination of drug makers in minimizing the adverse effects of drug are the key trends bolstering the demand for big data analytics.
The rising popularity of personalized therapies among healthcare providers has led many drug makers to channel their investments in gene-bases therapeutics. In addition, growing efforts undertaken by industry players in harnessing the potential of targeted sequencing is further expected to catalyze the demand for big data in areas of healthcare and pharmaceutical.
The rising adoption of big data analytics across healthcare institutions in developed nations to implement patient-centric strategies by boosting engagement among clinicians, patients, and caregivers is a seminal trend expected to accentuate the market in the coming years.
World over, healthcare payers and providers are increasingly shifting from volume-based care to value-based structure, which is expected to advance the quality of care. This is a seminal trend anticipated to open up lucrative avenues for players in major regions. Key players operating in the market for big data for the healthcare and pharmaceutical industry include Infoworks, Continuum Analytics, CACI International Inc., Dataiku, Booz Allen Hamilton Inc., BMC Software, BlueData Software, Inc., Bedrock Data, Inc., and Alpine Data Labs.
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