Data Analytics in Medical Devices - Thematic Intelligence

Data Analytics in Medical Devices - Thematic Intelligence

Summary

Data analytics extracts value from big data

Human activity generates a vast amount of data, from databases containing information about citizens to user-generated content on social media platforms and sensor data generated by smartphones and industrial machinery. Many industry forecasts expect over 175 zettabytes of data to be generated by 2025. A zettabyte is as much information as there are grains of sand on all the world’s beaches. We are drowning in data, and making sense of so much information is becoming more difficult. Data analytics tools can help us convert raw data into valuable insights and actionable knowledge. GlobalData estimates the total data analytics market will be worth $188.8 billion in 2027, implying a 13% compound annual growth rate (CAGR) between 2022 and 2027.

AI is revolutionizing data analytics

Data analytics is a relatively mature market, yet significant innovation has recently emerged. Prescriptive analytics is the most advanced type, aiming to tell organizations what to do next rather than just describing what happened and why. Machine learning (ML) techniques can now provide data-driven recommendations by parsing large amounts of data and assessing “what if” scenarios. The traditional data analytics vendors such as SAS, IBM, Oracle, and SAP, which evolved from descriptive analytics roots, are being disrupted by AI-native vendors, such as C3.ai, CognitiveScale, and H2O.ai, which aim to help companies automate operational decision-making using ML.

Data analytics has many applications in medical devices

Data analytics has many uses in the medical devices industry, including in mHealth apps and other electronic medical devices. It can be used for analyzing data from devices to understand trends in the healthcare industry, and can also be used for quality control purposes and reduce human error. Many medical devices are using insights from data analysis to help shape business decisions, too.

Scope

• This report is a thematic brief, which identifies those companies most likely to succeed in a world filled with disruptive threats. Inside, we predict how each theme will evolve and identify the leading and disrupting companies.
• The report covers the data analytics theme.

Reasons to Buy

• GlobalData’s thematic research ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors. It has a proven track record of identifying the important themes early, enabling companies to make the right investments ahead of the competition, and secure that all-important competitive advantage.
• Develop and design your corporate strategies through an in-house expert analysis of data analytics by understanding the primary ways in which this theme is impacting the healthcare industry.
• Stay up to date on the industry’s major players and where they sit in the value chain.
• Identify emerging industry trends to gain a competitive advantage.