Usage of Big Data Analytics in Pharmaceutical Industry Attributes High Market Growth
deals with the development of healthcare data technology. Big data analytics is the process of collection of huge amount of data, generally which is difficult to process using common database management tools.
Big data refers to the processes and procedures allowing an organization to create, change, store and manage very large data. Big data in the healthcare industry is estimated to be the third largest share in terms of shares in the big data market. The total size of data that is being produced across several healthcare industries is the key growth driver for the Big Data Analytics In Healthcare Market growth.
Increasing government initiatives to enhance EHR adoption, availability of big data in healthcare, and technological advancements are the key growth factors that drives the Big Data Analytics In Healthcare Market. Rising pressure to curb healthcare spending and need for improved patient outcomes create new growth opportunities for the market. In addition, increasing number of patient registries, use of analytics in precision and personalized medicine, and emergence of social media and its impact on the healthcare industry provide significant growth opportunities in the market.
However, high cost of analytics solutions and lack of skilled professionals may hinder the growth of the Big Data Analytics In Healthcare Market. But, the increasing complexity in managing big data will rises the demand for the adoption of big data analytics in healthcare.
The Americas dominate the Big Data Analytics In Healthcare Market by holding the maximum shares. This region is registering high growth due to the big data initiatives launched by the federal government to promote big data and reduce healthcare expenses. It is also expected to continue holding largest share of this market during the forecast period. Asia-Pacific has the lowest share in this market but is estimated to register fast growth during the forecast period. Some countries like India, China, Australia, Singapore and South Korea are estimated to be the front runners in healthcare analytics.
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