Government support encourages creation of interoperable standards and disruptive technologies, allowing for growth opportunities, finds Frost & Sullivan’s TechVision team
London – April 25, 2017
The transformative potential of Big Data analytics (BDA) will be the key to unlocking opportunities in a variety of applications, including precision medicine, remote patient monitoring, drug development, and advanced cancer therapy. The technology has already set in motion changes across the value chain by enhancing health monitoring, personalised healthcare, and maintenance of electronic health records (EHRs).
“The rising pressure to curb healthcare costs and the prevalence of new technologies, such as the Cloud, have stoked growth opportunities for ICT and medical device companies in healthcare BDA,” said Frost & Sullivan TechVision Research Analyst Mohammed Jawad. "Entrepreneurship encouragement by the government and ecosystem participants allows startup companies to occupy the role of demanding stakeholders."
The successful implementation of BDA depends on several external factors, including infrastructure setup costs, and security and privacy concerns. Even though BDA adoption is growing at a rapid pace, the technology is still out of reach for many sectors, with adoption from less than 12 percent of Fortune 500 companies.
In this scenario, government initiatives could prove a game changer. Federal bodies globally are rolling out the necessary tools and applications to assist patients, payers, physicians and other stakeholders in identifying new opportunities in the healthcare space. Government support will continue to catalyse market changes, such as the creation of interoperable standards, application of pattern recognition programs to diagnostics, and personalised care.
Source: Frost & Sullivan
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