The healthcare ecosystem is one that has thrived on top of scientific advances, benefiting greatly from the winds of change in the technological landscape. Over the past decade, the medical field has seen remarkable revolutions in AI, Big Data, Robotics and the like. One method that has already made its way is analysis. The introduction of data analysis in the healthcare market has brought a big revolution, as it helps drive long term growth for medical and research companies.
Healthcare data analytics is a scientific process that combines historical and real-time data to provide functional insights and predict trends in medical progress. It enables healthcare professionals to ensure growth opportunities by helping to improve clinical outcomes, patient engagement, surgery planning and execution, care delivery, and more.
The size of the healthcare analysis market is expected to record USD 23.5 billion by 2027.
– Global Market Insights Inc..
The importance of data analysis in the healthcare industry
Establishing data analytics has been incredibly useful for the healthcare industry – from solving patient queries to managing IoT devices for medications, analyzes have helped healthcare systems store and use data to provide care and improve patient outcomes. Demand matured considerably during the COVID-19 epidemic, as medical firms needed highly efficient processes to make spontaneous decisions. IT companies capitalize on demand and are committed to using big data Healthcare market analysis.
Recently, in North Carolina, UNC Health said that in response to the epidemic, the organization was quick to deploy automated models designed to create hospital admissions forecasts, as well as an online symptom-checker chatbot. The information thus generated was collected in UNC’s data warehouse. Using healthcare data analysis in this case helps the hospital provide full access to medical staff on the weekly COVID Hospital Admissions Dashboard as well as make operational decisions on a daily basis.
Predictive Analysis in Healthcare – The Way Forward
The use of predictive analysis in the healthcare industry has continued for the past few years. Predictive analysis, as the name implies, helps warn medical staff and caregivers about the situations they may encounter in healthcare settings, even before they occur. This enables them to anticipate any catastrophe that may occur. Predictive healthcare analyzes use the Internet of Things (IoT) and artificial intelligence to store real-time and historical data, thus generating accurate predictions and supporting clinical decision making across populations.
According to Global Market Insights, Inc., the market size of healthcare analytics from the Predictive Analysis division was recorded at USD 3.4 billion in 2020.
One of the most important use cases where predictive insights help is the amount of patient degradation in the hospital ICU. In the wake of the COVID-19 epidemic, many hospitals around the world, including lack of resources and labor shortages, have faced additional stress in ICUs, unable to verify patients’ condition in a timely manner. Such a dire situation indicates the adoption of predictive healthcare analysis software integrated into the medical ecosystem.
A well-designed predictive algorithm can help identify patients who are most likely to receive treatment within 30-60 minutes. In addition, it can help predict if a particular patient may be discharged, re-admitted, or if he or she is more likely to die, so that assisting physicians and caregivers intervene at the right time.
The importance of data analysis in the healthcare industry has increased in the last few years; Indeed, the amount of predictive analysis that the healthcare ecosystem is receiving is quite commendable. According to a survey conducted by the Society of Actuaries (SOA) in 2019, 60% of medical executives used predictive analysis in their organization, while 20% of providers planned to start using it next year. About 65% of executives claim that they expect predictive analytics tools to reduce organizational costs by 15% or more over the next half decade.
Which vendors lead the market in healthcare analysis?
Some of the most popular groups working in the healthcare market analytics include Health Catalyst, Cerner Corporation, Tenet Healthcare, McKesson Corporation, IBM, Athenahealth and AllScripts Healthcare Solutions.
While players in this healthcare analytics industry have some big participants there, there are a number of SMBs and research institutes in space that are working to increase the adoption of data analysis in the healthcare market. In October alone, for example, the healthcare industry witnessed two significant developments illustrating the growing deployment of predictive analysis:
- Healthcare Information Science Platform ClosedLoop recently announced a partnership Medical service automation company with Olive. Through this alliance, CloseDloop will integrate its technology directly into Olive in the form of a loop. Loop Olive will provide advanced AI-enabled predictive analysis technology that will help physicians predict patient health and ensure improved patient outcomes.
- Digital Behavioral Health Company SonderMind recently bought the predictive-analytics platform Qntfy To use mental health biometric data and to establish possible treatment options. This acquisition will help SonderMind use data and create a customized, highly effective mental health system.
Accepting healthcare data analysis in clinics
Clinics are a major source of remuneration for players in the healthcare analysis market. With changes in treatment models and advances in data management, physicians are adopting healthcare data analysis to prepare a comprehensive portrait of the patient. This helps them to gather critical insights on what effects they can have on their patient, what kind of treatment can be taken, etc., so that the problem can be prevented before it becomes a problem. Data-driven results not only help physicians make predictions and solve a problem ahead of time, but also help track their inventory, engage patients in health management, and quickly evaluate treatment.
According to estimates, by 2020 clinics will account for 15.4% share of the healthcare analysis industry.
Physicians use healthcare data analysis to provide a customized treatment plan and to prevent hospitalization if necessary. Using predictive healthcare analysis, physicians are able to predict complex medical conditions and prevent further deterioration of patients. It is also quite beneficial for patients – they can be monitored anytime, anywhere, eliminating the need for unnecessary counseling, instead of waiting in line at the clinic office.
Citing an example of progress in healthcare market analysis, Smile CDR Inc., a popular health data platform, recently launched an integrated productivity suite called appSphere on the Smile CDR platform. The suite can be used by physicians and practitioners, even financiers, to expand their digital networks and enable better use of clinical data.
Healthcare Analysis Market – What Holds The Future?
As physician decisions become less theoretical and more evidence-based, data collection and management will become more important than ever; As a result, the demand for healthcare analysis solutions will remain high. Physicians remember two important pointers to improving patient outcomes and providing personalized care, and to achieve this, they are likely to continue to use modern technology. Healthcare analysts have a long way to go in terms of growth and innovation.
The importance of data analysis in the healthcare industry has become even more pronounced during the epidemic. Medical institutions have realized that although they have an indexable number of datasets, they generally lack the tools to conveniently extract critical insights from these sets. This has led healthcare analytics companies to work their way into placing big data in the medical ecosystem to help providers achieve better patient outcomes and enable access to unprecedented insights.
To that end, in February 2021, 14 major healthcare providers have joined hands to create ‘Truveta’ – A new company that aims to set up big data analytics to get better care insights. Providers include Commonwealth Health, Advocate Aurora Health, Northwell Health, Trinity Health, Advent Health, Boncourses Mercy Health, Baptist Health of Northeast Florida, Centara Healthcare, Memorial Harman Health System, Memorial Herman Health System, Novant Health, and Providence Health System. Together, these organizations aim to help physicians become experts, help the research community find remedies, and enable families to make informed decisions about patient care.