Patient Data Analytics Market Trends

Growth Drivers

• Rising Popularity of Digital Healthcare – patient data analytics helps find hidden patterns of users and trends in the digital world of healthcare. Using modern, digital information and communication technology in healthcare is likely to give around 1 billion people better healthcare services and improved attention at the time of emergencies.

• Higher Data Generation in Healthcare Sector– Huge data generated by healthcare admission can leverage patient data analytics for organizing and analyzing this data. By the end of 2020, the healthcare data massively increased from 500 petabytes in 2012 to 25,000 petabytes.

• Growing Prevalence of Chronic Disease – Rising cases of chronic illness, lead to higher hospital admission, therefore it is likely to boost the demand for patient data analytics. It was discovered that between 300,000 and 500,000 people worldwide experience spinal cord injuries every year. Around 15 million people between the ages of 30 and 69 pass away from noncommunicable or chronic diseases, according to the World Health Organization.

• Rising Use Electronic Medical Records – Growing adoption of electronic health records is expected to drive the market growth. In 2021, 97% of doctors recorded BDOH data electronically and 85% of doctors recorded SDOH data electronically. Primary care physicians recorded SDOH and BDOH data electronically at slightly higher rates than other medical professionals

• Increasing Use of Smart Healthcare Devices – The patient data recorded on smart diagnostic and monitoring medical devices can be analyzed by experts with the integration of patient data analytics. Around 80% of people who use wearable health devices and are at risk for cardiovascular disease say they would be prepared to improve their care by sharing the health data collected by the device with their medical team.

Challenges

• Increasing risk of data theft- Healthcare organizations’ prime concern is data security, in the light of digitization of medical services, the risk of breaches, data thefts , scams has increase. Any sort of cyber breach can lead to theft of sensitive and personal data on patient health. Therefore rising concern associated with data theft is expected to hamper the market growth.
• Lack of IT professionals in the industry
• High cost of implementation of patient data analytics