Healthcare Analytics: Examples & Global Market Analysis

Employing data analytics across the healthcare industry can also prevent avoidable ailments and curtail treatment costs, thus improving patients’ overall life quality. As per Inkwood Research, the global healthcare analytics market is projected to grow with a CAGR of 25.24% during the forecast years 2022 to 2030. The market’s growth is accredited to the increasing demand for big data, the growing adoption of EHR in developed and emerging countries, and the decrease in healthcare expenditure due to technological advancements.

Role of Data Analytics in the Healthcare Industry

Healthcare analytics is rapidly adding value to various organizational goals, such as growth initiatives and consumer experience. Effective analytics also plays an essential role in quantifying the overall patient journey and leveraging data to curtail expenses and wastage. For instance, patient-focused software such as the use of large-scale genomic data plays a vital role in matching patients with rare cancers to deliver personalized treatments.

Let’s delve deeper into how medical expenditure is reduced across the healthcare sector through the effective use of data analytics components, including services, software, and hardware:

  • Electronic Health Records (ERH) – One of the key advantages of healthcare analytics is the digitization of medical records, resulting in significant cost savings. EHRs result in greater information generation, stemming from the plethora of clinical data they comprise. Moreover, the information accumulated in EHRs entails administrative and diagnostic patient data, restructured and updated in real-time. The majority of developed regions, including the United States, are swiftly adopting ERH for improving the work process and ensuring patient safety. In this regard, the North America healthcare analytics market is expected to acquire the highest market share in the global market during the forecast period.
  • Prevent Hospital Re-Admissions – Data analytics solutions can be used to recognize patients with specific diseases and symptoms that result in their readmissions to hospitals. This also helps healthcare professionals take the required measures to prevent patients from coming back within the 30-day window.
  • Improve Supply Chain Cost Management – Healthcare analytics maintains efficacy and helps streamline the supply chain metrics. This results in a price saving of around $10 million annually. These solutions also help automate purchase orders and invoices, requisitions, as well as other processes to minimize documentation mistakes.
  • Avoid Frauds & Improve Security – The United States Department of Health and Human Services, in June 2020, witnessed a rapid increase in data breaches amid the COVID-19 pandemic. Hence, to curtail cyberattacks, hospitals and medical facilities use healthcare analytics to track suspicious online patterns.

When implemented in the right manner, data analytics in healthcare can help reduce the cost of treatments, and provide comprehensive insights into patients’ health, thus proliferating the global healthcare analytics market growth.

Type Segment & Its Importance

The three main types of data analytics include predictive, descriptive, and prescriptive, adopted on the basis of the requirements of healthcare professionals and medical facilities. Each type is unique and critical in terms of making the most of healthcare data, mainly on the grounds of their respective applications.

Moreover, according to our experts, predictive analytics is set to be the fastest-growing type during the forecast period. The notable growth is primarily fuelled by the rapid use of advanced computational techniques such as big data to predict future trends, and the potential to identify patterns across patients within the database. Besides, through advanced technology, scientists can store a plethora of data elements in the electronic record, as well. Some of the key companies operating in the market include Oracle, SAS Institute, CVS Health, and others.

Challenges Paving Way for Opportunities

Sensitive data, including health insurance information, is regularly collected by medical organizations since the system of healthcare analytics substitutes paper-based systems with electronic health records (EHRs). However, owing to the increasing rates of cyberattacks, data security is one of the top concerns faced by medical health professionals and patients alike, thus restraining the adoption of healthcare analytics.

A great deal of caution is necessitated to counteract the impact since the leak of valuable information can lead to substantial damages and expenditures. In this regard, SAS Health Care Analytics, by SAS, a United States-based analytics software service company, minimizes latency and processing time by moving analytics to the cloud. In addition to improving efficiency, it also augments the value of analytics through a securely governed cloud-based infrastructure

On the other hand, the shortage of efficient data governance processes, acquiring information is another major hindrance faced by the market. Therefore, it is vital for data to be to-the-point, concise, clear, and suitably formatted for convenient implementation across diverse healthcare verticals.

Aligning with this, Oracle’s Clinical One Data Collection offers a single, integrated environment that accelerates and simplifies design, validation, as well as data collection. With the capability to capture data from any source into a single, unified platform, the cloud service redefines how technology strengthens clinical research and fuels its adoption in the global healthcare analytics market.



What are the key application areas of healthcare analytics?

The key applications of healthcare analytics range across clinical data, population health analytics, medical expenses, operational and administrative analytics, pharmaceuticals, patient behavior, and others.

What are the main features of EHR?

EHR, or electronic health record, is a systemized collection of patients’ health information stored in an electronic and digital format. These records can be collectively shared within various healthcare settings. EHR also has the potential to strengthen and support other care-associated activities like quality management, evidence-based decision assistance, and outcomes reporting.