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The Healthcare industry is changing rapidly, especially after the pandemic. Data and Analytics find themselves at the crux of this change and are the most crucial aspect in making sense of the immense data available.
Everything from prescriptions and diagnostic tests to patient records and insurance claims is now being digitized and used to better the state of healthcare.
Data Analytics truly is the future of healthcare, not only because of its capability to put in perspective large numbers and data but for its use case of developing treatments in a short time frame. Pre-Covid, the global “big data analytics’ market was at approximately $16 billion which is now projected to reach $67 billion by 2025.
The adoption of healthcare analytics in India, for the longest time, has trailed behind other industries like retail, manufacturing, and banking which had integrated technology and analytics much before.
The most common reasons for this delayed adoption can be cited as:
a) A dearth of skilled professionals with enough knowledge in the field
b) The steep costs which then limit the access of such facilities only to organizations with deep pockets
c) Security. In India security has been the biggest roadblock in technology development and adoption.
But the country has moved past these hindrances and is now witnessing an increasing acceptance of data analytics technology for various reasons. And it isn’t only legacy players but even D2C start-ups with the requisite skills and knowledge that are entering the realm of healthcare and health tech with their tools.
There are a plethora of benefits or impacts that data analytics and diagnosis can have on healthcare
Data collection
The main aim of data analytics in healthcare is to analyze patterns and trends based on diagnosis, treatment, and continued patient care.
In India, data analytics enables large-scale data collection from lakhs of patients which can then be processed to identify the clusters and the correlation between the data sets. This has subsequently helped cut down on the otherwise exorbitant healthcare costs for the patients and the companies investing in expensive resources.
Consumer Insights
For health-tech companies, it provides easy access to consumer data. Data analytics helps advance facilities and in turn, boost productivity. With the help of various consumer data points, healthcare companies can now target an issue before it even surfaces.
This helps reduce the cost to both the company, as well as the consumers and no doubt, improves efficiency, thus making healthcare more equitable. Additionally, with the help of data analytics, health tech companies can test theories and understand the result of the solutions.
Cost-Effective Solutions
Digital health has become a big part of healthcare companies. While Indians still prefer to visit a clinic physically in case of any health issues, the rising popularity of data analytics and diagnosis in this sector means that patients don’t have to walk into a clinic and take appointments for all health problems.
Big data also has an advantage for healthcare manufacturers as it helps in cost reduction. It has helped the healthcare industry with increased sales and minimal losses.
Data Analytics and Health-tech saw a boom in the period during and immediately after the pandemic. With the world opening up, people are resuming their visits to the doctor and clinics. While this may be necessary for larger health problems that require a doctor to physically examine the patient, there are health issues that can be treated without the patient ever having to visit a clinic.
Today, many start-ups are catering to this niche specifically. Hair Health, Basic Vitamin Deficiencies, and others no longer require one to physically get a check-up. Research shows that only 8% of the Indian population suffering from hair fall visit a dermatologist, while the remaining end up investing time and money on OTC products with no efficacy.
This is exactly where D2C start-ups in the health-tech space come in, they use their skills and knowledge to set up systems that allow consumers/patients to access quality healthcare at the tap of a finger.