The Health Data Marketplace
Analytics is the systematic use of data and related business insights developed through various analytical models such as statistical, cognitive, contextual, predictive, quantitative and other emerging models to initiate fact based decision making for planning, measurement, management and learning. These analytics may be predictive, descriptive, and prescriptive. Analytics can improve effectiveness and efficiency. From managing small issues to larger processes, these analytics can aid assessment and discovery of innovative insights, which ultimately help design and plan policy, improve service delivery operations, enhance sustainability, mitigate risk and evaluating critical organizational data.
TBRC’s report covers the healthcare analytics market share, order the report at
Healthcare Data Analytics Market Size
The global healthcare analytics market was valued at about $9,000 million in 2016 and is expected to reach nearly $3400 million by 2021. This growth can be attributed to factors such as increasing availability of big data in healthcare industry, government mandated policies, technological advancements and other such factors mentioned in TBRC’s latest report.
In general, the global healthcare industry is lagging behind retail, finance, banking and other sectors when it comes to innovating and adopting newer technologies such as the use of new data analysis setups that improve overall business performance.
In recent times, however, the use of data analytics in healthcare systems to derive meaningful insights and to gain competitive advantage has increased. There has been an explosion of data in healthcare and the industry is creating systems which can store the large volume and variety of data. This is being done by the adoption of data warehouses and cloud services.
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Technological advances have provided healthcare organizations with numerous disparate systems from which to obtain information. From revenue cycle systems and supply chain management to human resource systems and data warehouses, the volume of available data, and the need to capture and process it, has gained traction in recent years.
Each innovation claims to simplify a previous process that supposedly was inefficient or ineffective. Since data volume has grown exponentially, consolidation within the health care industry has worsened accessibility and availability problems by creating organizations with multiple clinical, financial, and revenue cycle systems and as many reporting and analytic tools. Concurrently, government compliance and coding requirements have contributed to turning this issue into a “perfect storm” for analytics in the health care industry.
TBRC’s report includes information on data science applications in healthcare. The companies included in the report are Cerner Corporation, Oracle Corporation, McKesson Corporation, IBM Corporation and Truven Health Analytics.
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