Exactly one year ago today, MedCity News published an article with the headline, “5 companies using big data to solve healthcare problems.”
Five? Just five?
Today, a new research report from MarketsandMarkets pegs the value of the healthcare analytics market at $3.7 billion and forecasts it will grow nearly 24 percent annually for the next five years, making it worth $10.8 billion by 2017. And that market is full of more startups than we could possibly compile in a timely fashion.
Healthcare payers and providers are using data-driven, evidence-based decision making as a way to differentiate themselves. They’re using descriptive, predictive and prescriptive data to determine the most accurate diagnoses, reduce costs, prevent fraud, generate revenue and improve service to patients, the report says.
The U.S. dominates the data analytics market, with Europe slightly behind and Asia seeing great growth as well. Along with major companies including MEDai, Optum Health, Truven Health, McKesson, Cerner, IBM and Oracle, an influential culture of startups are driving the market as well. Among those are NuMedii, which analyzes data to find new drug-disease matches, healthcare data mining company Apixio and predictive analytics companies Predilytics, PanGenX, RxAnte and GNS Healthcare.
Some major concerns still act as hurdles in this market including data security, patient privacy and the incredible manpower needed to handle all of the data. But the report notes that the market is still in nascent stages.
[Finger print iris scan photo from BigStock]