Big data is quite the buzzword of today’s organizational structure. Considering the surmounting amounts of data generated, big data analytics offers the right opportunity to uncover hidden patterns, correlations, and other insights. Using today’s technology, a large amount of productive data can be generated. This data can then be used for revolutionizing several business intelligence solutions.
To define the term, big data analytics is the process of examining large data sets containing a variety of data types, to uncover customer preferences, market trends, and other useful information. Big data analytics helps business to embark upon a new segment with effective marketing campaigns, discovering new revenue opportunities, improve customer delivery, provide efficient business operations, and achieve competitive advantage over the others.
Several big data analytics companies hire professionals that can work as data scientists and predictive modelers, analyze the data from several sources, and make something out of it.
The relation between big data analytics and healthcare models
The world population consists of 7.8 billion people.
More than 90% of the world’s population has visited a hospital in their life, and have their medical record registered with the institution.
Consider this, if that data can be stored and analyzed for every individual, it will detail important information like their medical history, any diseases they are suffering from, and demographic study of patients residing in a region. The bigger picture is, big data analytics can stop diseases before they spread in a community.
Big data analytics in healthcare refers to collecting, analyzing, and leveraging consumer, patient, physical, and clinical data which is too vast and complex to be completely understood by data processing. Instead, companies employ big data analytics services by using tools like machine learning and other tedious algorithms to bring it up to some value. The rise of healthcare in big data analytics has made analyzing such large data possible, and overcome several challenges encountered to produce actionable insights.
What are the benefits of big data analytics in healthcare
Collecting and analyzing such medical data can help to produce more details about people’s health, and why specific health ailments affect certain locations. AI-enabled machines offer faster diagnosis about various types of diseases, helping to further the actionable results of big data analytics.
In the long run, big data analytics services improve the treatment and care experience of a patient. It can predict a deadly disease before it even happened, and monitor public health with better patient management systems.
- Improve the efficiency of a medical treatment
Big data can help to understand the medical history of a patient and the discharge rate of patients suffering from a particular disease. It also helps in analyzing the productivity of the staff while handling different volumes of the patient at a given time. Overall, it cuts down the operational cost of medical treatment and improves patient care.
- Allows medical institutions to offer advance patient care and treatment
Through big data analytics services, healthcare units can understand the electronic health records, gather demographic data like clinical records, pathology tests, previous medical conditions, and diagnosis and drug history to provide patients with the best overall care. Once a doctor knows the medical history of a person, they can provide the right care solution.
Big data analytics also keeps the patients well-informed about their illness, and help them take care of themselves to minimize the overall dependency on others. It makes, a patient’s as well as a doctor’s life easier.
- Help discover the right cure for diseases
One of the biggest advantages of big data analytics is that it will help to find the right cure for a disease. The gene pool of a person can have a lot of impact on the response to medical treatment for a disease. Big data can explore the source of the disease, and discover the right medicine and cure for the same.
Big data analytics services can provide information to disclose the correlations, hidden patterns, and deep insights about large sets of medical data to discover the right treatment or medicine.
- Enhance the access to key information
Rather than dismissing hospital records like old newspapers, big data analytics sieve through the data, find useful information, and use it to enhance the current healthcare industry. Thanks to cloud storage, medical information can now be stored over it, so that any operating doctor can read the past medical data of a patient. It benefits doctors since they can access such electronic records anytime and anywhere, and improves the patient care system.
- Enable heterogeneity in-patient treatments
Big data can help identify high-risk and high-cost patients to customize their medical treatment. Furthermore, big data analytics companies can study this data to find heterogeneity in patient responses to tailor treatments and fulfill the specific needs of the patients. All these aspects together will lead to a reduction in the inefficiency of medical treatment and reduce its costs.
The future of Big data analytics in the healthcare industry
The market research for big data analytics in the healthcare market is expected to reach $34.27 billion by 2022 at a CAGR of 22.07%. The market is mostly driven by North America owing to the investments made in electronic health records, practice management tools, and workforce management solutions.
With over 30 billion healthcare transactions conducted in a year, big data analytics services can study and use this data to construct a strong healthcare landscape around the world. Big data analytics can evolve the healthcare market into a promising field whilst solving drawbacks like cost inefficiencies and medication errors.
Big data is already changing the way the entire healthcare scenario functions. Along with IoT, it is being subjected to health tracking using user statistics and vitals. The research in the field of big data is reducing the medical expenses incurred in a hospital, accessing previously stored data to understand the patterns of many patients, reducing human errors conducting during medical trials, and studying the data collected to find solutions for various diseases. A big chunk of Big Data has not been utilized currently due to tools, equipment, research technologies, and funds limitations. Investing in big data analytics services can play a big role in evolving the healthcare industry.