We are at a tipping point in the developed world where our ability to generate, analyze, interpret and act upon data is transforming multiple industries, governments and societies. Big Data is big business. In healthcare, Big Data holds enormous promise, and we’re already seeing its impact in areas such as precision medicine, biopharmaceutical R&D productivity, mobile health, telemedicine and more.
Just how big is Big Data today? Consider these impressive statistics:
- It took ten years to decode the human genome. Today a human genome can be decoded in about one week
- According to McKinsey & Company, widespread application of Big Data in healthcare could account for $300 billion to $450 billion in reduced health-care spending
- The utilization of Big Data anaylitics could reduce pharmaceutical R&D costs by as much as $70 billion
- In 2001 it cost $300,000,000 to decode the human genome. Today, thanks to Big Data, the cost is $1,000. Soon it could be as low as $100
- In 2012, the Obama administration announced $200 million in R&D investments for Big Data related projects
- Venture capital funding for healthcare technology firms increased 176% in 2014, with the majority of investment going to data analytics companies
- Preventive medicine is one of the biggest areas of impact for Big Data in healthcare, thanks to the combination of electronic health records, wearable devices, mobile health apps and the Internet of Things
- The biggest technology companies in the world, including Apple, Microsoft, Google, Siemens, GE and Oracle, have all invested in developing Big Data solutions for healthcare
The era of Big Data analytics in healthcare is in full swing. Healthcare costs, pharmaceutical R&D productivity, precision medicine and preventative medicine are all areas where Big Data will continue to have an enormous impact.