One of the prime drivers in the search for new data storage media is the rise of Big Data, and that phenomenon – in terms of both the sheer amount of data, as well as its use in predictive analytics – is slated to continue over the next ten years and beyond.
According to a recent report from SNS Research, entitled Big Data in the Healthcare & Pharmaceutical Industry: 2017 - 2030 - Opportunities, Challenges, Strategies & Forecasts, Big Data investments in the healthcare and pharmaceutical industry will account for nearly $4 Billion in 2017 alone.
One of the latest trends in big data in the healthcare sector includes real-time patient monitoring. Various healthcare facilities focus on providing more proactive patient care by constantly monitoring them for vital signs. This data can be analyzed in real-time and then alerts can be sent to caregivers so that they are instantly informed about any changes in patient conditions.
Big Data has also found a host of applications ranging from drug discovery and precision medicine to clinical decision support and population health management.
According to experts, up to 90 percent of medical data is unstructured, coming from doctors’ notes, text messages, emails and so on. This data, properly analyzed, can be instrumental in developing targeted medicine and other techniques that personalize treatment for each patient. But converting it to searchable, actionable formats can result in a 15-fold increase in new data generated. This requires healthcare providers to have fast, highly reliable and inexpensive storage. Analytics used to mine this data will require extremely high speed while the sheer volumes of data require affordability.
Another future trend in healthcare big data, the report notes, includes reducing waste, abuse, and fraud, which are among the key contributors toward increasing overall healthcare costs across the globe.