The healthcare industry is becoming increasingly data-driven and analytics play a pivotal role in this trend. The amount of data in the healthcare industry is growing exponentially, and so are the number of analytic techniques that can be applied to it.
Insights on the Healthcare Industry
The following insights look at the opportunities, challenges and future roadmaps for data analytics in the healthcare industry.
The growth of digital health services and big data analytics is facilitating the entry of new companies into the healthcare industry. The ability to capture a large amount of information from a diverse range of patient-centric electronic devices, applications and various other data sources has helped companies perform data analytics on them.
There has been a high adoption rate of data analytics services in the healthcare industry as they can be used to track patients' health history and analyze patient-generated data. This has increased the demand for real-time data and analytics by healthcare professionals.
Why Data Analytics is Crucial for the Future?
A recent study suggests that the global analytics market is expected to rise at a compound annual growth rate (CAGR) of 12.5% over the next five years. This growth is expected to be fueled by the growing need for better patient care as well as the increased efficiency in the healthcare industry.
In addition, the advent of digital technologies has been a driving factor for the increasing use of analytics in the healthcare industry. The growing demand for healthcare services and the increasing awareness about the use of the latest technologies has also contributed to the increasing demand for analytics.
The increasing adoption of IT in the healthcare industry has also contributed to the growth of the market.
The Importance of Analytics
A variety of new, and more sophisticated techniques are driving the analytics market in the healthcare industry. Analytics can bring to light the patterns, deviations and disparities that are hiding in the data, making it useful for decision making. It can help in identifying the gaps that are hard to spot by the traditional methods, in which statistical models are used for data analysis. This is also the reason why analytics is considered a valuable tool for the healthcare industry.
In healthcare, technology plays a pivotal role. Apart from applying analytics to improve efficiency and gain better insights, healthcare providers are using data analytics to get high-quality healthcare services to patients at a reasonable cost.
Data Processing and Analytics Techniques in Healthcare Industry
The key objective of data processing and analytics is to use the information to inform the right decision. The major drivers for data processing and analytics are improving the quality of healthcare services and improving the cost-efficiency of the healthcare industry.
The advancements in technologies and increased reliance on data have expanded the opportunities for healthcare organizations to collect and analyze data. There are several types of analytics techniques in healthcare, including descriptive, predictive, diagnostic, prescriptive and/or optimization.
Despite the possible risks, the healthcare industry is investing huge amounts of money in the development of advanced analytical techniques. The most important reason for this is the growing population, the ageing society and the increasing demand for continuous healthcare services. In addition, improving healthcare infrastructure in emerging markets, such as China, India and Brazil, and the need to monitor the continuous use of healthcare services have also contributed to the rapid growth of the industry.