As a whole sector, the field of health care has found a great deal of uses for big data and analytics initiatives.
As a whole sector, the field of health care has found a great deal of uses for big data and analytics initiatives. Hospitals, clinics, medical research centers, insurance providers and countless others connected to the industry in one way or another can all use business intelligence and analytics software platforms for many purposes. Particularly given the rising popularity of electronic health record (EHR) systems, data solutions play a major role in health care and are only poised to have greater influence in the foreseeable future.
According to iHealthBeat, MarketsandMarkets recently released a report on the possibilities for financial growth within the global health care analytics market over the course of the next few years. Based on these findings, those within the industry can expect to do well. Administrative and IT staffers at health care organizations would be wise to review this information if they have not undertaken a big data analytics initiative or are on the fence about doing so.
Major expansion expected by 2020
As outlined in the MarketsandMarkets report, the next six years – between 2014 and 2020 – are expected to feature a compound annual growth rate of more than 25 percent for the global health care analytics market. The present value of the industry is about $4.4. billion, so if those predictions for its growth end up being true, that figure will reach a total of approximately $21 billion by the time 2020 rolls around.
It is important to note that there may be certain roadblocks to the projected growth. Some of these factors may include a need for skilled analytics professionals that may not be easily filled, the ever-present issue of data security and reluctance among some in the industry to have full faith in the possibilities of big data.
Conversely, other factors mentioned in the report are likely to assist with expansion of the market. These include the increasing adoption of EHRs, meaningful use and ICD-10 protocols in the United States, the rise of predictive analytics and continuing technical advances.
Other elements to consider
Those who are planning to adopt health care analytics and BI solutions in the near future should also keep in mind recent advice from Forbes. For example, the news source stated that costs must be taken into account – 80 percent of them will be analytics, while the remaining 20 percent pertain to acquiring the data and delivering it through proper channels.
Additionally, it’s necessary to pay attention to access. On one hand, C-level personnel need to be fully aware of and involved in data analytics projects. On the other, they must be extremely careful with it in the health care arena, to maintain compliance with privacy regulations.