Healthcare is undergoing a drastic shift from conventional practices, and one of the factors playing a key role here is the unprecedented growth of data. From patient records to wearable device metrics, the digital footprint of every individual is growing exponentially. This large amount of data comes with both challenges and opportunities for healthcare businesses. To use this data constructively and to its full potential, it is important for businesses to stay aligned with the latest healthcare analytics trends and emerging healthcare technologies. Let's explore these trends to help your business stay up to date.
Healthcare Data Trends 2024: Here’s our pick!
1. AI’s Integration in Healthcare
Artificial intelligence (AI) in the healthcare market is experiencing rapid growth. According to a report by Data Bridge Market Research, this sector, valued at $9.64 billion in 2022, is projected to grow to $272.91 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 51.87%. This sharp increase reflects the increasing adoption of AI technologies across the healthcare industry.
AI-enabled tech can analyze vast datasets, identify and break down complex patterns into comprehensible information, and anticipate outcomes. From medication discovery to personalized medicine, AI is augmenting human capabilities and leading to more efficient processes. As AI matures, we can expect to see even more innovative applications in areas like disease prevention, early diagnosis, and treatment optimization.
2. The Rise of Telehealth
The COVID-19 pandemic accelerated the adoption of telehealth services, and practices like remote patient consultations and became much more common. This trend is expected to continue, with telehealth becoming an integral part of healthcare delivery. By looking more closely into practices that support this, healthcare providers can make access to care more accessible, reduce healthcare costs, and increase patient convenience.
Telemedicine is becoming more and more normal. A recent report by Rock Health showed that 80% of people have accessed care through telemedicine at some point, with many using it for routine check-ups and prescription refills. This highlights that patients appreciate the convenience and accessibility of virtual care.
3. Cloud Computing: Scaling Healthcare Data Management
Cloud computing offers scalable and cost-effective solutions for storing, processing, and analyzing vast amounts of healthcare data. By making use of cloud-based platforms, healthcare businesses can enhance data accessibility, improve collaboration, and reduce IT infrastructure costs. The cloud also facilitates the rapid deployment of new analytics tools and applications, encouraging innovation and agility within the healthcare ecosystem.
A study by DuploCloud revealed a very high adoption rate, with 70% of healthcare IT professionals already using cloud solutions and an additional 20% planning to migrate by 2025. This widespread adoption shows how much impact cloud computing has in healthcare.
4. Interoperability: Breaking Down Data Silos
The siloed nature of healthcare data has long been a stumbling block to progress. Efforts to achieve data interoperability are gaining momentum, facilitating seamless data exchange between different systems. This trend is crucial for creating a unified patient record, pushing for better care coordination, and supporting population health management initiatives. By breaking down data silos, healthcare businesses can further explore their data assets and apply information wherever suited.
5. Predictive Analytics
Predictive analytics in healthcare is becoming more prominent. By examining previously stored data and seeking out trends within it, healthcare businesses can anticipate further trends and streamline processes in order to observe better results in patient care. From anticipating patient readmissions to identifying high-risk populations, predictive analytics encourages healthcare providers to make proactive decisions. This technology is particularly significant in areas such as chronic disease management, where early intervention can have a lasting impact on patient outcomes.
6. Advancing Data Literacy
As data becomes increasingly central to healthcare, developing and cultivating a data-literate workforce is essential. Healthcare professionals, from clinicians to administrators, need to understand how to interpret data, draw insights, and make informed decisions. Investing in data literacy programs can be an asset to healthcare businesses in fully realizing the potential of their data assets.
7. Patient-Generated Health Data (PGHD)
Data analysis in healthcare also includes patient-generated health data (PGHD). Patients are becoming active participants in their healthcare processes, generating vast amounts of PGHD through wearable devices, mobile health apps, and personal health records. This data offers in-depth insights into patient behavior, preferences, and health status. By integrating PGHD with traditional healthcare data, businesses can gain a more comprehensive understanding of the patient experience, leading to more personalized and effective care. However, ensuring data privacy, security, and interoperability remains crucial for realizing the full potential of PGHD.
8. Value-Based Care
The shift towards value-based care necessitates a data-driven approach to healthcare delivery. By surveying patient populations and identifying high-risk individuals, healthcare businesses can implement targeted interventions, improve outcomes, and reduce costs. Data analysis in healthcare plays a crucial role in demonstrating value and achieving better health outcomes through provision of deep insights.
These eight healthcare data trends are reshaping the healthcare industry, giving way to new opportunities for innovation and improvement. By welcoming these trends and investing in advanced data analytics capabilities, healthcare businesses will be able to notice significant improvements in their processes and business outcomes.
Are you a healthcare professional looking to incorporate data analytics into your business? Get in touch with us and we’ll help you get started.
