The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological realm. In the last decade, the medical field has observed a commendable revolution with the influx of AI, Big Data, robotics, and the like. One such methodology that has carved out a path of itself meanwhile, is analytics. The introduction of data analytics in healthcare market has brought forth a major revolution, as it helps drive long-term growth for medical and research organizations.
Healthcare data analytics is a scientific process that combines historical and real-time data to provide actionable insights and predict trends to accomplish advancements in the medical field. It enables healthcare professionals to ensure opportunities for growth, by helping to improve clinical outcomes, patient engagement, surgery planning and execution, care delivery, and more.
Healthcare Analytics Market size is likely to record USD 23.5 billion by 2027.
– Global Market Insights Inc.
The Importance of Data Analytics in Healthcare Industry
Deploying data analytics for healthcare industry has been incredibly beneficial – from resolving patient queries to operating IoT devices for medicine, analytics has helped healthcare systems store and use data to deliver care and enhance patient outcomes. The demand matured considerably during the COVID-19 pandemic, as medical firms required highly efficient processes for spontaneous decision-making. IT firms have been resolute in capitalizing on the demand and leveraging big data analytics in healthcare market.
Recently, In North Carolina, UNC Health stated that in the face of the pandemic, the establishment was quick to deploy automated models that were designed to generate forecasts on hospital admissions and an online symptom-checker chatbot as well. The information thus generated was integrated into UNC’s data warehouse. Using healthcare data analytics in this case helped the hospital make operational decisions on a daily basis in addition to providing medical personnel complete access to the dashboard comprising weekly COVID hospitalizations.
Predictive Analytics in Healthcare – the Way Forward
The use of predictive analytics in healthcare industry has been on a roll since the last few years. Predictive analytics, as the name suggests, helps alert medical personnel and caregivers of the situations they may encounter in healthcare settings, even before they can occur. This essentially enables them to prevent any catastrophe that may be predicted to take place. Predictive healthcare analytics leverages 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.
Healthcare analytics market size from predictive analytics segment was recorded at USD 3.4 billion in 2020, as per Global Market Insights, Inc.
One of the most vital use-cases where predictive insights offer help is the extent of patient deterioration in hospital ICUs. Amid the COVID-19 pandemic, many hospitals across the globe with lack of resources and labor shortage faced overstrain in ICUs, unable to scrutinize the condition of the patients in a timely manner. A dire situation like this is indicative of the adoption of predictive healthcare analytics software integrated in the medical ecosystem.
A well-crafted predictive algorithm can help identify patients that have the highest probability of requiring medical attention within 30-60 minutes. In addition, it can help forecast if a specific patient can be discharged, readmitted, or if his/her probability of death is high, thereby aiding physicians and caregivers intervene at the right time.
The importance of data analytics in healthcare industry has observed an increase in the last few years; in fact, the extent to which the healthcare ecosystem is adopting predictive analytics is quite commendable. According to a survey conducted in 2019 by the Society of Actuaries (SOA), 60% of medical executives used predictive analytics in their establishments, while 20% of providers planned to begin using it the following year. Around 65% of executives claimed that they expect predictive analytics tools to mitigate organizational costs by 15% or more within the next half a decade.
Which vendors lead the healthcare analytics market?
Some of the most popular conglomerates working on healthcare market analytics include Health Catalyst, Cerner Corporation, Tenet Healthcare, McKesson Corporation, IBM, Athenahealth, and Allscripts Healthcare Solutions.
While these healthcare analytics industry players are some of the big participants out there, the space houses several SMBs and research organizations that have been working to increase the adoption of data analytics in healthcare market. The month of October alone, for instance, witnessed two significant events depicting the increasing deployment of predictive analytics in healthcare industry:
Healthcare data science platform ClosedLoop recently announced a partnership with medical care automation company Olive. Through this alliance, ClosedLoop will integrate its technology into Olive directly, in the form of a Loop. The Loop will provide Olive with enhanced AI-enabled predictive analytics technology which will help physicians predict patient health and ensure enhanced patient outcomes.
Digital behavioral health company SonderMind recently purchased predictive-analytics platform Qntfy to use mental health biometric data and deploy potential treatment options. This acquisition will help SonderMind use data and generate a customized, highly effective mental health system.
Adoption of Healthcare Data Analytics in Clinics
Clinics are a major source of remuneration for healthcare analytics market players. With changing treatment models and advancements in data management, clinicians are adopting healthcare data analytics to prepare a comprehensive portrait of a patient. This also helps them gather critical insights about what may affect the patient, what kind of treatment can be adopted, and so on, so that a problem is prevented before it becomes a problem. Data-driven findings not only help clinicians predict and solve a problem before time, but also help them track inventory, keep patients involved in health management, and assess treatments faster.
As per estimates, clinics accounted for 15.4% of healthcare analytics industry share in 2020.
Clinicians also use healthcare data analytics to deliver a customized treatment plan and prevent hospitalization where needed. Using predictive healthcare analytics, clinicians are able to predict complex medical conditions and prevent further deterioration in patients. This is quite beneficial for patients too – instead of waiting in queues in clinic offices, they can be monitored at any time, any place, eliminating the need for unnecessary consultations.
Citing an instance of advancements in healthcare market analytics, Smile CDR Inc., popular health data platform, recently an integrated productivity suite called appSphere, into the Smile CDR platform. The suite can be used by physicians and clinicians, even payers, to expand their digital networks and enable better utilization of clinical data.
Healthcare Analytics Market – What Does the Future Hold?
As physician decisions become less theorical and more evidence-based, data collection and management will gain more precedence than ever before; consequently, the demand for healthcare analytics solutions will remain high. Improving patient outcomes and providing personalized care are two vital pointers physicians have in mind, and to achieve the same, they are likely to continue leveraging modern technologies. Healthcare analytics companies have much to look forward to in terms of growth and innovation, with an increasing number of use-cases.
The importance of data analytics in healthcare industry has become more pronounced during the pandemic. Medical establishments have come to realize that although they have an exponential number of datasets, the tools to conveniently extract critical insights from these sets are typically lacking. This has led to healthcare analytics companies working their way to deploying Big Data in the medical ecosystem to help providers better patient outcomes and enable access to unprecedented insights.
To that end, in February 2021, 14 major healthcare providers joined hands to create ‘Truveta’ – a new company that aims to deploy big data analytics to obtain better care insights. The providers include CommonSpirit Health, Advocate Aurora Health, Northwell Health, Trinity Health, AdventHealth, Bon Secours Mercy Health, Baptist Health of Northeast Florida, Sentara Healthcare, Memorial Hermann Health System, Henry Ford Health System, Hawaii Pacific Health, Tenet Health, Novant Health, and Providence Health System. Together, these establishments aim to help clinicians become experts, aid the research community find cures to diseases, and enable families to make informed decisions regarding patient care.
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