Healthcare is one of the widest-grown industries and has also been a key driver for technology advancement and application in day-to-day diagnosis and treatment. With the introduction of artificial intelligence, automation, big data, robotics, the internet of things (IoT), etc., healthcare is evolving to be the empowering sector for many countries.

With the vast amount of data generated by electronic health records, medical devices, and other sources, healthcare organizations are now able to gather and analyze large amounts of information to gain new insights into disease prevention, diagnosis, and treatment. In the queue of technological advancements, big data carry the potential to revolutionize the healthcare sector by improving patient outcomes, reducing costs, and increasing efficiency.

This article will explore the ways in which big data is being used in the healthcare industry, including the leverage offered by big data in cost reduction and improved patient care.

How is big data applicable in the healthcare industry?

Big data refers to extremely large, complex sets of data that are difficult to process using traditional data processing techniques. It is often analyzed using advanced technologies such as distributed computing, machine learning, and natural language processing. These tools allow organizations to extract insights and make predictions from the data that would be impossible to uncover using traditional methods.

Speaking of the medical sector, big data can be used to create clinical decision support systems that help healthcare providers make more informed treatment decisions. For example, data from electronic health records (EHRs) can be analyzed to identify the most effective treatments for a given condition.

It can also be used to identify genetic and molecular markers that are associated with specific diseases. This information can be used to develop personalized treatment plans and drugs that are tailored to a patient's individual characteristics.

According to the BIS Research report, the global big data in healthcare market report highlights that the market was valued at $32.92 billion in 2021 and is expected to reach $130.13 billion by the end of 2031. The market is expected to grow at a CAGR of 13.96% during the forecast period 2022-2031.

Find more details on this report in this FREE sample.

Five Ways Big Data can Lower Costs and Improve Outcomes in the Healthcare Industry

Big data has the potential to provide organizations with valuable insights that can help them improve their operations, increase revenue, and gain a competitive advantage.

Here are five additional ways big data can be beneficial in the healthcare industry:

Streamlining administrative tasks: Big data can be used to automate administrative tasks such as scheduling appointments, processing claims, and managing patient records, which can help to reduce labor costs.

Improving patient outcomes: By using big data to identify patterns in patient outcomes, healthcare organizations can develop more effective treatment protocols, which can help to reduce readmissions and the need for additional care.

Improving the efficiency of clinical trials: By using big data to identify the most promising drug candidates and patient populations for clinical trials, healthcare organizations can reduce the costs associated with running ineffective trials.

Improving the accuracy of diagnoses: By using big data to create decision support systems, healthcare providers can improve the accuracy of diagnoses, which can help to reduce the costs associated with misdiagnosis and mistreatment.

Improving patient engagement: By using big data to create personalized patient engagement programs, healthcare organizations can help patients to better understand and manage their conditions, which can help to reduce the need for expensive treatments.

Moreover, big data can be used to identify patterns and trends in population health, which can be used to develop targeted public health interventions while optimizing supply chain management in healthcare organizations, such as managing inventory and tracking medical equipment.

Conclusion

From predictive analytics, personalized medicine, clinical decision support, population health management, supply chain management, medical research, and cybersecurity to streamlining administrative tasks, improving patient outcomes, efficiency of clinical trials, accuracy of diagnoses, and patient engagement, big data is being used in many different ways to improve the way healthcare is delivered including the potential to improve patient care, lower costs, and drive innovation.

Interested to know more about the developing technologies in your industry vertical? Get the latest market studies and insights from BIS Research. Connect with us at hello@bisresearch.com to learn and understand more.