The increasing adoption big data technology among a growing number of pharmaceutical and healthcare players world over is driven by the demand for improving process efficiencies across a variety of business functions. The tightening budgetary allocations for new research discoveries among drug manufacturers and the near stagnant drug pipelines, attributed to low success rate of new drugs, are key factors boosting the demand for big data analytics in the pharmaceutical industry.
The constantly expanding number of use cases of big data in the pharmaceutical sector such as in conducting clinical trials, implementing predictive analytics, and improving stakeholder collaborations is a seminal factor bolstering the uptake. The big data market for the healthcare and pharmaceutical industry is expected to reach US$4 billion by the end of 2017. Driven by myriad opportunities, investments in big data is projected to expand at a CAGR of more than 15.0% from 2017 to 2020, and is predicted to surpass a value of US$5.8 billion by the end of 2020.
The accelerating drug discovery processes in various developing and developed countries, along with the growing complexity of regulatory approvals, are the key factors spurring the demand for big data analytics technologies. The intensifying demand for big data in improving genomic research and in the discovery of personalized medicines is anticipated to boost the market in various regions. The use of big data have enabled scientists and clinicians in leveraging the potential of next-generation sequencing (NGS) technologies and targeted sequencing.
The growing inclination of healthcare institutions world over in engaging patients, caregivers, clinicians, and insurers in making their services more patient-centric is a pivotal trend boosting the adoption of big data technologies. Furthermore, healthcare facilities and institutions, including hospitals, are increasingly implementing big data to achieve significant cost reductions by as much as 10–20% and augment their revenue by about 30%. These substantial tangible benefits have been instrumental in boosting their demand in the healthcare institutions in major regions such as Asia Pacific, Eastern Europe, Latin and Central America, the Middle East and Africa, North America, and Western Europe. In addition, healthcare institutions have been able to improve patient access to services by over 35%, thereby catalyzing the market growth.
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However, implementing big data technologies for integrating a large number of genomic data from diverse populations with the electronic health records (EHR) poses significant challenges for several end users. This is a key factor likely to impede investments in big data by pharmaceutical and healthcare industry players. Be that as it may, owing to rapidly changing regulatory landscape in various regions, healthcare providers are making marked shift from volume-based care to value-based payment structure to improve the quality of care. This is a notable trend expected to unlock exciting opportunities for market players in the coming years.
Prominent players vying for a significant share of the big data market for the healthcare and pharmaceutical industry include Kyvos Insights, Infoworks, IBM Corporation, Fractal Analytics, Dundas Data Visualization, Databricks, Cloudera Inc., Centrifuge Systems, Big Cloud Analytics, Inc., Cambridge Semantics Inc., and Actian Corporation.