The healthcare industry accounts for over $3 trillion in annual spend just in the United States of America. Because of this, the Big Data revolution is one that presents unique promise for the healthcare industry in developing smarter data-driven insights to improve patient treatment.
A variety of external factors are expanding demand for data analysis. Regulatory mandates expanding the need for electronic health records (EHR) and the digitization of insurance claims and physician notes are creating a deluge of new data that is overwhelming physicians, nurses, and other healthcare personnel. Furthermore, the proliferation of medical and remote patient monitoring devices is creating new data sources with unprecedented specificity into patient health. Coupled with these trends are technical advances, such as the plummeting costs of genome sequencing, and new clinical trial techniques that are expanding treatment possibilities and efficacy.