Data Analytics as an industry is growing at a faster pace than ever before, and healthcare analytics is among the sectors that are leading the growth.
According to a new market study, big data analytics in healthcare is estimated to grow at a CAGR of 19.39% starting this year until 2027. This means that by 2027, the market will reach $96.8 billion.
According to Inkwood Research, Europe is expected to be the fastest growing region in the global big data analytics in healthcare by the end of the forecasting period.
Europe has taken the lead in terms of growth due to the extensive number of initiative programs in the analytics sector. The region is also anticipated to grow at such rate in the near future, owing to the upsurge in the adoption of big data analytics in healthcare solutions.
Growth drivers and challenges
The forecast takes into consideration the application of big data technology and methods that result in increasing the efficiency of the healthcare sector.
The main growth drivers for the market are widespread adoption of IoT and gadgets, which enabled health wearables, growth in the adoption of cloud analytics, as well as government regulations promoting big data.
Technological advancement is another factor that significantly contributes to the sector’s growth, with the ability to process increasingly faster large volumes of data, as well as the implementation of accurate tracking in places that wasn’t possible before.
On the other hand, the main challenge for market growth is that of privacy concerns. The process of collecting healthcare big data and then securing that information is one of the key issues faced by healthcare organizations and data analytics industries.
Other risks and constraints for big data analytics in the healthcare market have been the lack of interoperability among big data sources, dealing with a large volume of unstructured data, privacy concerns and lack of skilled labor.
Benefits for health institutions and patients
Both the public and private sector are investing in data analytics technology to enable using data at its full value. Using data at a higher level in the healthcare sector can also facilitate in-depth performance analysis for health services, as well as generate unified data-sets for patients.
It also has clear institutional benefits, since having electronic health records enables analysts to use data to generate insights, which, in turn, can be used to enhance the observational evidence base.
The records can then be leveraged into new knowledge, compiled on high volumes of data and comprehensive analysis, that can help solve big clinical questions.
When it comes to e-commerce, we can speak about a users’ journey personalization. However, in healthcare data analytics, the ‘user journey’ can be translated for example in a disease progression. By having access to that information, analysts can build accurate models, which, in turn, can help doctors prescribe personalized medicine.
For health institutions, optimization is essential. By implementing data collection and tracking, hospitals and institutions have a clear view of everything that is happening within their jurisdiction.
By having a unified view of their clinical trials, budgets, personnel and everything else trackable, institutions can optimize costs, allocate resources more efficiently, eliminate redundancy, and make data-driven decisions. At the end of the day, this translates into better services for patients, who are the main beneficiaries.