Healthcare analytics is witnessing exponential growth due to the high adoption of digitization in healthcare, increased healthcare IT expenditure & infrastructure, and the emergence of entrepreneurial ventures addressing several different niches of healthcare IT. Advancements in healthcare analytics such as the development of descriptive and predictive analytics used in managing clinical trials, regulatory compliance, organizing supply & demand chains, and pharmacovigilance. Implementation of advanced analytical solutions enables the healthcare fraternity to predict high-risk populations and strategize action plans accordingly. According to a study by JAMA Network in the U.S. on COVID-19 patients admitted to hospitals, data points on admission were collected, collated, and analyzed to understand the underlying risk factors more accurately & closely. Moreover, the CMS is developing next-generation predictive analytics, which will boost the usage of predictive analytics. The healthcare and medical industry are undergoing a paradigm shift due to the ushering in of the digital health era through the digitalization of health records, improving software solutions, advanced mobile applications, and widespread implementation of big data & cloud storage.
The global healthcare analytics market is expected to expand at 21.5% CAGR from 2022 to 2030. The global data generation grew by 5000% between 2010 to 2020, and analytical solutions allow stakeholders to analyze this data in multiple structured & unstructured forms and draw data-driven actionable insights. Data analytics has enabled significant advancements in the field of medical research. For instance, data scientists from Blue Cross Blue Shield in collaboration with Fuzzy Logix analyzed and identified approximately 742 risk factors for a person abusing opioids. Similarly, the Cancer Moonshot initiative implements advanced data analytical tools and solutions in their research of innovative cancer cures. There has been an increase in awareness among end users regarding the benefits of big data analytics such as focused financial services, operational & administrative services, clinical services, sales & marketing analysis in the life science industries, pharmaceutical innovation & drug safety trials, and various safety analysis for healthcare companies. The growing adoption of these technologies enables data exploration and analysis.
The growing trend of hybrid platforms enables healthcare organizations to integrate healthcare data with analytics capabilities & function as analytics hubs for big data, and the growing adoption of advanced artificial intelligence and machine learning algorithms will bolster the market growth. For example, DevOps is used in curtailing increasing expenses in pharmaceuticals and enhancing productivity & efficiency. Another trend catching up pace in association with data science & analytics is the digital twins, which are supporting organizations in modeling and simulation. Routine procedures are broken into quantitative numerical information using healthcare data analytics and these data blocks are used by organizations to build digital replicas to experiment & optimize these procedures by conducting simulations. Lastly, the growing demand for personalized treatment solutions and preventive care approaches is driving the adoption of healthcare analytics. Historic datasets of patient information are being integrated and analyzed using data generated from at-home patient monitoring devices along with predictive analytical tools, allowing healthcare providers to identify early indicators of acute or chronic ailments and pursue a more preventive care approach.
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Rajat, a researcher, and analyst by passion holds a Master's Degree in International Business Management and has an exhaustive experience of over 10 years working in the market research and business consulting industry. His areas of expertise include performing business analysis in the field of medical devices, healthcare IT, and legal cannabis.