2020 was predicted to be the year of data science, and with the COVID-19 pandemic impacting all industry verticals, digital transformation and analytics became a necessity.
A recent market study shows that The Global Data Analytics Market is expected to grow at a CAGR of 30.08% from 2020-2023, which would be $77.64 billion. In 2019, the market was $49 billion worldwide, which is more than double the value four years ago.
This rise and widespread adoption of machine learning and AI solutions has skyrocketed data generation and the need for strong data analytics implementations and expertise. The surge in spending for data science solutions, talent within the industry, and successful implementations demonstrate that companies understand the impact it has on organizational performance. Businesses must leverage data to extract valuable insights to enable profitable decision-making.
Data Science in Healthcare
Areas such as medical image analysis, drug development, and mobile apps have been able to widely progress in the last few years because of data science.
Below we will present four very important verticals for data science in healthcare, where technological advancement and investment made a significant impact.
1. Medical Image Analysis
With medical image analysis, computational and mathematical methods are used for biomedical research and clinical care. Data science helps discover optimal parameters for tasks, such as lung texture classification. Specifically, machine learning is being utilized to index and analyze medical images to identify reliable classification patterns.
Scientists are also trying to leverage data science to better understand DNA and the individual connections and responses of certain diseases to certain drugs. The applications have greatly impacted and improved the prediction of genetic diseases.
2. Drug Development
The drug development process is one of the most tedious and lengthy in any product. According to Edureka, on average, a pharmaceutical company requires about 12 years and millions of tests to officially release a new drug.
By using advanced modeling and simulations, algorithms can predict how the new drug will react in the body. This can ultimately decrease the amount of lab experiments required and overall process time spent for drug development.
3. Mobile Apps
With the help of mobile apps backed by algorithms capable of analyzing massive amounts of data, doctors are able to connect with patients without patients needing to leave their homes.
For example, chatbots allow patients to describe their symptoms and utilize the AI-powered app to determine a possible cause. Services like Teladoc are also helpful for patients because they can virtually meet with professionals and have prescriptions sent to a pharmacist to be filled. This allows patients who feel unwell to stay at home and reduces time spent in public.
Apps can also play the role of a personal assistant by reminding patients when to take their drugs and encouraging them to live a healthy lifestyle.
4. Wearable Devices
Wearable devices have made a large impact on the healthcare industry. These devices can help users track their vitals, send real-time feedback, and notify emergency services or family if there’s any disturbance in normal patterns. Some smartwatches now have EKG capabilities, automated fall detection, and special medical trackers to help monitor specific areas of the body. This has created amazing opportunities for analysts to analyze profile patterns, behaviors, and leverage insights from these new sources.