Big data is still revolutionizing how we handle, analyze, and use data in various fields. It comes as no surprise that one of the most prominent industries where data has a significant impact is healthcare. Interestingly, big data has the potential to be the most influential trend in the healthcare sector.
What fuelled technological innovation is the unexpected occurrence of the novel coronavirus. Big data as part of healthcare has made it possible to lower healthcare costs, deal with preventable illnesses, predict epidemic outbreaks and improve the quality of life.
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The perfect example of big data in healthcare includes electronic health records, wearable technologies, and server logs. The next step is to gain in-depth knowledge on leveraging the technology. All in all, big data extends several benefits to patients, medical professionals, and healthcare enterprises. To summarize, big data in healthcare is about having access to advanced analytical tools, enhanced storage, reduced costs, improved operational efficiency, and refined healthcare choices.
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According to estimates, the worldwide big data market for the healthcare industry will grow at a CAGR of 22.07% through 2022, reaching $34.27 billion.
By 2024, it is predicted that the big data analytics market will be worth more than $68.03 billion globally, mainly due to ascending North American expenditures in labor-management programs, health records, and practice management systems. Recent McKinsey & Co. research suggests that big data in healthcare might help us save between $300 billion and $450 billion annually.