The global healthcare big data analytics market reached a value of US$ 25.9 Billion in 2020. As per the analysis by IMARC Group, the top manufacturers in the healthcare big data analytics market are employing a wide range of tools for data analytics and informatics in the healthcare sector that help organizations to capture, manage, and analyze large volumes of data for advancing medical care. The data is collected from various systems and devices, such as electronic medical records, online patient portals, health tracking devices, glucometers, and diagnostic systems. In order to assimilate this data, key players are adopting artificial intelligence (AI) and machine learning (ML) technologies, especially in imaging and diagnostic applications, that enable the identification of patterns and correlations. This provides medical centers with actionable insights for improving healthcare deliveries. For instance, patient 360 view is a process improvement tool that leverages advanced analytics and ML to bring key insights into patient health through process mapping and root cause analysis. It provides a comprehensive picture of the patient based on the data collected throughout their medical journey, such as current health conditions, social determinants of health, medications, appointment history, and daily activities and lifestyle. This information aids in offering personalized care, reducing treatment costs, predicting outbreaks of epidemics, improving the quality of life, and providing patients with a more efficient, effective, and cost-conscious healthcare ecosystem.
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In addition to this, database management systems are also gaining popularity across the healthcare sector as they provide an organized storage system for managing critical health statistics, including labs, finances, patient identification, and payments. They combine open database connectivity (ODBC) and application programming interface (API), which facilitates a connection between databases present across platforms, thereby resulting in accurate data availability to medical professionals. In line with this, the application of cloud computing platforms is further helping the healthcare sector in eliminating the costs of on-premise deployment and support expanded data analytics capabilities. Other technologies that are helping the industry in lowering overall costs are predictive analytics and data visualization. Between these, predictive analytics possesses data retrieval capabilities from medical equipment and wearable devices, which, in turn, facilitates data cleaning and risk calculation. On the other hand, data visualization tools, such as infographics, charts, and graphs can help to transform complex data into simpler forms. This aids professionals in making important medical decisions regarding patient care, key trends, and resources. Looking forward, the market is expected to grow at a CAGR of around 12.5% during 2021-2026.
Top Healthcare Big Data Analytics Companies Worldwide:
Headquarter:New York, United States
BM is a multinational technology corporation that has operations in over 171 countries. It produces and markets computer hardware, middleware, and software for various industry verticals. The company is known for several inventions, including floppy disk, hard disk drive, relational database, universal product code (UPC) barcode, and dynamic random-access memory (DRAM). IBM includes artificial intelligence (AI)-powered software that is pre-integrated with data, automation, and security applications, which accelerates application modernization. Its design principles involve hybrid cloud platforms, open and secure network, and efficient management, which enables enterprises to access data across diverse environments, offer flexibility to customers, and provide a reliable and secure data domain.
Headquarter:Texas, United States
Oracle Corporation is one of the global leaders in enterprise software and information technology (IT) solutions. It develops and sells tools for database software and technology, enterprise resource planning (ERP), cloud engineered systems, human capital management (HCM), and supply chain management (SCM). The company markets its products through third-party applications and enterprise management software, such as Oracle Enterprise Manger (OEM), which provides web-based monitoring and cloud-enabled product management. Oracle is aiming to design database solutions that automate business processes, decrease operational costs, monitor key business metrics, and deliver data-driven decisions.
Wipro Limited is a multinational technology company that provides information technology (IT) solutions and consulting and business process services. It utilizes cognitive computing, robotics, cloud-enabled platforms, hyper-automation, and other emerging technologies to help clients adapt to rapid digitization across the globe. Operating in over 110 countries, the company incorporates two subsidiaries, namely Western India Products Limited and Wipro GE Medical Systems. Within the latter, Wipro has collaborated with GE Healthcare South Asia to engage in the research and development (R&D) of healthcare products and services, including systems integration, consulting, and information systems outsourcing. Apart from this, the organization is committed to promote sustainable development by reducing its greenhouse gas (GHG) emissions to zero.
Headquarter:New Jersey, United States
Cognizant offers information technology (IT), consulting, information security, and consulting services. These include system integration, business and technology consulting, digital engineering, application development and maintenance, artificial intelligence (AI), customer relation management, data management, and research and development (R&D) outsourcing. Cognizant operates with three business segments, namely digital business, operations, and systems and technology. It follows an inclusive, data-driven business model based on offshore software R&D and outsourcing, which helps clients to modernize enterprise operations. Over the years, Cognizant has partnered with some of the major companies, such as
- Google Cloud
Siemens Healthcare is a subsidiary of Siemens Healthineers, which specializes in medical, surgical, ophthalmic, and veterinary instruments and apparatus. It also designs a digital ecosystem and reading solutions for various healthcare applications. The company’s purpose is to provide maximum profit to healthcare providers by incorporating innovative technologies and services in the fields of precision medicine, care delivery, diagnostic and therapeutic imaging, molecular medicine, and digital health.
Headquarter:California, United States
Hewlett-Packard (HP), now operating as HP Inc. after the split of the company into two enterprises in 2015, is the second largest computer company. It is a manufacturer of software and computer services, hardware, and other informational technology (IT) infrastructure. The company operates through three business segments, including personal systems, printing, and corporate investments. Within these, it provides imaging and printing systems, mobile devices, personal digital assistants, servers, workstation computers, and related technologies and solutions to various small and medium-sized businesses (SMBs), and large enterprises. HP aims to integrate edge-to-cloud and platform-as-a-service solutions within their business model to help clients transform, connect, protect, and analyze data applications across the virtual environment.
Philips is a health technology company that offers monitoring and analytics solutions, emergency care, patient management resources, big data software, and actionable workflow solutions. For instance, in 2021, the company partnered with Open Doctor to deliver an integrated patient engagement platform that incorporates real-time online appointments, schedules, and services to promote digital solutions across the healthcare sector. Philips is organized into three divisions, namely personal health, connected care, and diagnostic and treatment. It leverages advanced technologies to deliver integrated consumer solutions through its diverse product portfolio, including magnetic resonance imaging (MRI) device, computed tomography (CT) machine, advanced molecular imaging, integrated intervention systems, and other consumer health products. Philips has acquired various companies since its inception, such as ADAC Laboratories, Agilent Healthcare Solutions Group, Lifeline systems, Marconi Medical Systems, and ALT Ultrasound.
Headquarter:Chicago, United States
GE Healthcare is a subsidiary of General Electric Company, which is a provider of medical technology, electronic records, digital infrastructure, disease research, patient monitoring systems, drug delivery, data analytics, and digital solutions. Its helps healthcare facilities to make faster and more informed decisions. It primarily consists of nine business units, including detection and guidance solutions (DGS), healthcare digital, life care solutions (LCS), magnetic resonance (MR), molecular imaging and computed tomography (MICT), surgery, ultrasound (US), and global services. GE Healthcare offers various products and services, such as scanners, imagers, recorders, displays, analyzers, and separators that support digital diagnosis and therapeutics.
Allscripts Healthcare Solutions
Headquarter:Chicago, United States
Allscripts Healthcare Solutions is an IT solution provider that enables the automation of healthcare administrative tasks. It mainly operates through two segments, namely core clinic and financial solutions, and data, analytics, and care coordination. The former is engaged in patient engagement, financial management, and integrated clinical software applications, which includes electronic health record-based software, financial management software, outsourcing, revenue cycle management, and private cloud hosting. On the other hand, the latter segment specializes in care coordination, processing electronic healthcare records (EHR), entering prescription information, and managing lab tests. In 2013, Allscripts Healthcare solutions acquired dbMotion, Ltd., and Jardogs LLC that are known for developing system interfaces and data analytics tools.
Headquarter:Massachusetts, United States
Cotiviti, acquired by Veritas Capital in 2018, is one of the leading payment accuracy solutions and analytics company that is focused on digitizing medical practices. Its aim is to lower operational costs and improve healthcare quality across the United States. The company leverages various tools and technologies to channel and analyze large volumes of data to ensure regulatory compliance and risk management for various healthcare stakeholders, including payers, providers, and employers. This, in turn, has improved the overall financial performance of Cotiviti’s associated businesses.
About IMARC Group:IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the healthcare big data analytics market, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:
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