Value Creation for Products and Services in the Healthcare Industry
Market Trend That Drives the Future Creation of Products and Services in the Healthcare Industry
Big Data Analytics can drive the future creation of products and services in the healthcare industry. Big Data Analytics is the application of technology that offers the intended user-specific information at a precise time from a wide range of information that has been gathered over a long time (Riahi & Riahi, 2018). Big Data Analytics in the healthcare industry is being embraced to use a patient’s data on treatments, real clinical encounters, and clinical outcomes to determine links between healthcare complications and update clinical guidelines to recommend treatment. Big Data Analytics is also used in identifying the patterns and trends in historical data to help healthcare providers develop more effective healthcare interventions and treatments. The application of Big Data Analytics in the healthcare industry is anticipated to continue growing with the rise of medical research and new clinical practices such as personalized treatment.
Product/Service That Can Deliver Value for Big Data Analytics
Precision medicine can deliver value for Big Data Analytics. According to Liu et al. (2022), precision medicine is an emerging healthcare practice that includes providing personalized treatment, diagnosis, and care for specific patients based on their pathological information, living environment, and genetic information. Big Data Analytics can be applied to align a patient’s healthcare needs with their living environment. Therefore, precision treatment adds to the value of Big Data Analytics by making it more applicable in healthcare.
Creating Value for Customers Using Big Data Analytics
An organization can use Big Data Analytics to improve the quality of care offered, thus creating value for customers. For example, an organization can use Big Data Analytics to understand a patient’s history and create a personalized treatment. An organization can also create value for customers using Big Data Analytics by creating an effective treatment that improves patients’ healthcare outcomes based on the information about the effectiveness of past treatments.
References
Liu, M., Yang, F., & Xu, Y. (2022). Global trends of stem cell precision medicine research (2018–2022): A bibliometric analysis. Frontiers in Surgery, 9. https://doi.org/10.3389/fsurg.2022.888956.
Riahi, Y., & Riahi, S. (2018). Big data and big data analytics: Concepts, types, and technologies. International Journal of Research and Engineering, 5(9), 524-528. https://doi.org/10.21276/ijre.2018.5.9.5.
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Question 
Marketing managers aim to study market facts, industry tendencies, and consumption behaviors so that organizations can produce goods and services that create real value for consumers. Research any of the following innovation sectors:
Value Creation for Products and Services in the Healthcare Industry
Aerospace, aircraft, and drones
Games, apps, and social media
Green technology
Biotechnology, drugs, and genetics
Nanotechnology
In your response, address the following:
Share at least one market trend that can drive the future creation of products and services in that field.
Suggest one product or service that can deliver value for the anticipated trend. Define the type of product or service.
Describe how an organization can create value for consumers using that specific trend.
You can find information utilizing the Plunkett, go to the xxxx Library and locate and click the “Database” menu. Look for the database tab (you must access the Library from inside the Canvas Classroom); and access the Plunkett Database using the alphabetical tool. Once in the report, choose only one innovative market sector, and access the “Market Research and Trends” Report. . Use page one of this report to complete this activity.
NB: The innovative market sector chosen is the :
Health Care Industry
Market Research and Trends
Introduction to the Health Care Industry