Software applications undergo upgradation, while hardware innovations with energy ratings reduce electricity consumption. The healthcare analytics industry also witnesses technological disruptions. So, digital innovations affect market research and analytics consulting firms specializing in healthcare intelligence development. This post will list the current trends in healthcare analytics.
What is Healthcare Analytics?
Healthcare analytics combines computing technologies and statistical modeling methods to diagnose patients, process clinical trial data, and accelerate reporting practices. Pharmaceutical companies and different medical businesses utilize healthcare analytics for business improvement insights.
The advantages of healthcare data analytics services include intuitive reporting and data validation. So, doctors, pharmacists, patients, and authorities experience seamless communication. All stakeholders also became more confident about the reliability of the diagnosis.
Moreover, the healthcare and life sciences consulting will identify the latest industry trends using data analytics for clinical research & market intelligence. Every organization gets dashboard customizations to increase the relevance of healthcare analytics for specific patient outcomes. Additionally, new technologies extend the value creation possibilities.
What Are the Current Trends in Healthcare Analytics?
1| Predictive Market Analytics
The prevalence of particular illnesses depends on seasonal variations and how the human body responds to changes in the external atmosphere. Therefore, several clinics and pharmacists plan their inventory by estimating the most frequently requested prescriptions. Healthcare market research consulting firms streamline these efforts using data analytics services.
You can track the pricing strategies employed by various pharmaceutical businesses. Simultaneously, market insights provide intelligence on the generic medicine movement and legal requirements affecting the health and life sciences industries. The demand statistics associated with clinical equipment and laboratory technologies are vital to manufacturing businesses.
Predictive data modeling often leverages machine learning (ML) for healthcare research & analytics that empower corporate strategists. So, allocating the budget to different departments becomes more realistic due to the precise forecasts. You can also use predictive analytics to estimate changes in government policies.
2| Integrating the “5 V’s” of Big Data
Big data continuously grows in volume using uninterrupted data aggregation across news publications, medical magazines, research literature, and social media platforms. The “5 V’s” of big data analytics includes the following principles that have made big data popular among healthcare businesses.
- Volume indicates the availability and necessity of constantly updating data sources featuring unlimited scalability. Also, you want to invest in data lakes and warehousing to benefit from big data in healthcare.
- Velocity highlights how wearable technologies and mobile devices have helped realize real-time data collection and processing.
- Variety encompasses structured, semi-structured, and unstructured datasets. After all, healthcare organizations have stepped up their efforts to digitalize investigation methods for evaluating audio, video, and sensory experiences.
- Value denotes that healthcare market analytics operates on more sensitive databases, dwarfing other activities like credit records or demographic research.
- Veracity demands cautious inquiry into the authoritative status of each data source. For example, a highly reputable news provider might produce biased interpretations due to human errors.
Therefore, big data analytics services contribute to the most significant trends in healthcare market research consulting. Many other software applications directly integrate big data for extensive intelligence development.
3| Modernized Electronic Health Records (EHR)
The healthcare reforms and policy discussions affect the well-being of every citizen in the United States. A healthy population contributes to national income, and EHRs (Electronic Health Records) aim to simplify decision intelligence services in healthcare using data analytics and market research consulting.
HIPAA refers to America’s health insurance portability and accountability act of 1996. Obama administration has also brought health information technology for the economic and clinical health act, i.e., HITECH 2009. Meanwhile, today’s technological enhancements have enabled healthcare businesses to comply with such requirements more efficiently.
These historical events built the foundation of electronic health records. However, healthcare research & analytics have marked a new era of transparent data processing, automated intelligence development, flexible real-time reporting, and scalable value creation.
EHRs have evolved into more complex data warehouses, sourcing data from virtually uncountable resources. Smart home appliances, the Internet of Things (IoT), and virtual assistants designed for voice commands have reconceptualized what it means to acquire patient diagnosis data.
4| Telemedicine Revolution
World Development Report (WDR) 2021 by the World Bank indicates that up to 34% of citizens living in low-income countries witness a connectivity coverage gap. Remember, this statistic signals that a remarkable number of individuals had no means of tracking the global health crisis of 2020 due to a lack of internet connectivity.
However, more investors, non-governmental organizations (NGOs), and public authorities are actively promoting infrastructure development projects to make affordable internet access universally available. Increased connectivity gives patients and their family members more options to learn scientifically proven healthcare facts.
The healthcare market research consulting firms also expect telemedicine and pharmaceutical e-commerce platforms to leverage the mobile web for frequently requested medical facilities. Therefore, pharma companies, medical device manufacturers, and software developers specializing in assistive technologies will require healthcare data analytics services for digital business strategies.
5| Genetic Data Democratization
Cancer is a dangerous disease, and genetic disorders have lifelong consequences. Meanwhile, individuals want to avoid birth complications. Others have requested data on their ancestors. Also, nations want to curb illegal migration and immigration.
The world can find solutions to all these challenges using healthcare analytics services and research consulting to manage the clinical genomic data on deoxyribose nucleic acids (DNAs). Consider the University of Toronto’s WGS project, i.e., whole genomic sequencing. Such initiatives increase your understanding of genetics, hereditary disorders, and mutation risks among newborns.
Moreover, clinical genomic intelligence has a scope encompassing all the life forms on Earth. After all, the world’s first whole genome described Haemophilus influenza. The bacteria are present in the human respiratory tract, exhibiting pathogenic behavior that is positively correlated with pneumonia and meningitis among infants.
- influenzae’s infectious activity will be resistant to the penicillin family, but the patients can recover from mild cases with the help of augmentin or amoxicillin-clavulanic acid. So, genomic data can help us develop advanced medical interventions to combat such illnesses.
6| Health Economics and Outcomes Research (HEOR)
HEOR addresses the financial aspects of conducting business operations in the healthcare, animal vaccination, life sciences, and pharmaceutical industries. Health economics and outcomes research uses data analytics services to identify risks related to business mergers and insurance claim settlements.
More efficient pricing strategies and data-driven budgeting can positively affect affordable healthcare ambitions. Besides, you want to explore service expansion opportunities after due diligence involving competitor data analytics. Healthcare market research consulting firms will guide you in collecting reliable data to develop business growth strategies.
Macroeconomic considerations and professional ethics in the medical field are indispensable to health economics and outcomes research. Therefore, your risk management techniques will also satisfy relevant legal requirements and accounting standards. Such compliances are familiar to the HEOR firms operating healthcare data analytics services.
7| Privacy Laws in Clinical Data Processing
A patient’s medical history data includes sensitive insights into their physical, psychological, familial, professional, and financial attributes. While extensive clinical intelligence is vital to innovating more effective treatment strategies, you must also understand data-sharing ethics.
Healthcare organizations have a moral obligation and legal mandate to protect patients’ databases. Simultaneously, there are issues like the potential threat of clinical intelligence transferred to foreign institutions for healthcare research and market analytics consulting.
Authorities are also concerned about unconditional knowledge transfer from a national security perspective. However, protectionism in healthcare data analytics will restrict these services from maximizing the advantages of modern automation services.
Therefore, the healthcare industry will receive stricter privacy compliance directives from regional and international organizations. Companies must track these events. Otherwise, medical research institutes, pharmaceutical businesses, and telemedicine cloud platforms might be liable to pay noncompliance penalties.
8| Mobile Apps, Patients, and Cloud
Smartphones and online cloud computing services are responsible for generating professionally verified clinical intelligence resources. Nevertheless, severe problems like fake information and unscientific content plague the reliability of online experiences.
Consumers want simple solutions like virtual consultation sessions when suffering from minor inconveniences. So, cloud-based mobile applications have demonstrated the power of telemedicine platforms.
More investments in research and development efforts emphasizing wearable technologies are necessary to take telemedicine services to the next level. This situation suggests that telemedicine platforms will be crucial to healthcare data analytics services.
Also read: Better Investment: Hedge Funds or Private Equity Funds
Conclusion
The current trends in the healthcare analytics market range from cloud integration to machine learning. Still, there are legal and financial implications associated with infrastructure upgrades. How can a healthcare organization prepare for future events in the industry?
Market research consulting firms have optimized their data modeling and reporting systems to meet the expectations of healthcare institutions. Their stakeholders comprise multispecialty hospitals, pharmaceutical corporations, medical device vendors, and telemedicine software developers.
Therefore, modernizing data management is non-negotiable if you want business growth in the healthcare industry. Consider reaching out to a reliable data processing partner with a documented track record of helping companies like yours.
SG Analytics is a leader in healthcare analytics & research, empowering medical services organizations to extract valuable data from clinical intelligence. Contact us today for data-driven market entry strategies and holistic business merger assistance.