The medicine and healthcare industry have heavily utilized Data Science for the improving lifestyle of patients and predicting diseases at an early stage. Furthermore, with advancements in medical image analysis, it is possible for the doctors to find out microscopic tumors that were otherwise hard to find. Therefore, data science has revolutionized healthcare and the medical industry in large ways. The data analytics is driving medical science to a new level from computerizing medical records to drug discovery and genetic disorders exploration. Both the healthcare and data science are often linked through finances as the industry attempts to reduce its expenses with the help of large amounts of data. Currently, most Americans get health coverage through private health insurance. Small and large employers offer fully insured group plans or self-funded group plans. Based on data from the Census Bureau for 2017, private health insurance covers 67% of the population, whereas government plans cover approximately 38%. Electronic medical records (EMRs), clinical trials, genetic information, billing, wearable data, care management databases, scientific articles, social media, and internet research, the healthcare industry has no shortage of data available. Since approximately 72% of people look up health information online and more patients use tools like Zocdoc to communicate with medical professionals and book appointments, it’s easier than ever before to manage customer data in one centralized location. It costs up to US$ 2.6 billion and takes 12 years to bring a drug to market. The big data allows scientists to simulate the reaction of a drug with body proteins and different types of cells and conditions so that it has a much higher likelihood of gaining Food and Drug Administration approval and curing diverse patients.
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Insights Presented in the Report
- Based on technology type, the market is fragmented into the descriptive analysis, predictive analysis, prescriptive analysis and cognitive analysis. It is the analysis of data collected regarding patient’s behavior and diagnoses, clinical data and other healthcare activities. The data is usually collected from electronic health records and is further used to make informed clinical and business decisions. Predictive analytics can support population health management, financial success, and better outcomes across the value-based care continuum
- Based on the market segment by component type, the market is segmented into hardware, software and services. The analytics that helps to improve value, keep up with the competition and evolve care quality is based on 5 interconnected dimensions: outcomes, costs, patient-generated health data (PGHD), financial management and internal processes
- Based on the market segment by delivery model type, the market is segmented into the on-demand model and on-premise model. The easy customizable nature of the on-premise solutions. Cloud-based IT infrastructure and applications are apparently providing healthcare organizations the opportunity to operate more efficiently, innovate faster. The future of the healthcare cloud is trending upward as analysts indicate that cloud is becoming the preferred choice for healthcare back-office applications, backup and disaster recovery, revenue cycle management and patient engagement
- Based on the market segment by application, the market is segmented into clinical analytics, financial analytics, operational analytics, population health analytics and others. There is a rising focus of the payers on the early detection of fraud and reducing preventable costs to ensure the profitability
- Based on the market segment by end-user, the market is fragmented into hospitals & clinics, finance & insurance agencies, and research organizations. Improving hospital operational efficiency through data science boils down to applying predictive analytics to improve planning and execution of key care-delivery processes, chief among them resource utilization (including infusion chairs, operating rooms, imaging equipment, and inpatient beds), staff schedules, and patient admittance and discharge
- For better understanding on the market dynamics of Healthcare Data Science market, detailed analysis was conducted for different countries in the region including North America (United States, Canada and Rest of North America), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, Australia and Rest of APAC), Rest of World
- Some of the major players operating in the market include McKesson, IBM Corporation, Allscripts Healthcare Solutions, Inc., Optum (UnitedHealthcare Group), GE Healthcare, Epic System Corporation, Inovalon, Health Catalyst and Flatiron Health (Roche)
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