We all have witnessed a huge growth in technology, digitization, and specifically, the market has its beneficial products/services. With smart home to portable gadgets that answer questions, from 2G to now on 5G network, from excel sheet to cloud storage & big data, from simple application to AI-based application, technology has touched almost everything.
When every sector is reveling in its worth, it is time for the real and aiding factors of technology to showcase itself, especially in the healthcare industry
Till now we have learned how Predictive Analytics helps in analyzing the massive amount of data to provide better solutions that are cost-effective and efficient at the same time. When for different sectors it is becoming a trend, in the healthcare industry it is more of personalized medicine with predictive analytics.
The technology was, is, and will be of great aid to the Healthcare market, as it provides patients with a grip over their chronic illness/diseases. What is better than having a patient understanding their illness precisely as much as it is needed, for a good knowledge of their health brings in a better understanding of things to take care of? The real question is if the future is secured, having personalized medicine with predictive analysis, and are people really adopting it?
Personalized Medicine with predictive analytics is providing patients with smart sensors or wearable’s that track the required level of blood/glucose/heartbeat intensity so that the situation can be controlled before it gets worse.
This might seem as something trivial, but people with chronic diseases such as sugar, type 1 diabetes, POTS, etc require regular checkups and visits to the doctor to keep a check on the level of glucose/blood pressure/heartbeat intensity/ and a lot more. Some patients live their life by the term of tracking everything happening inside their body before it gets worse and impacts severely.
A normal bite of a sugar-coated donut can lead up to a major health issue if not tracked and controlled beforehand. That’s how sensors work, they let you in on your diet and a lot of things to help you check if something is getting out of line or if something needs to be taken care of immediately.
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AI and machine learning have brought such benefits to the healthcare analyticsthat it is capable of saving millions of lives if adopted and used according to health conditions. As per healthcare consultants, these systems will provide a safe and secured treatment that not only helps in cost-reduction as a whole but also give the patients the opportunity to take hold of things. Moreover, a report by the Society of Actuaries states that about 60% of healthcare executives believe predictive analytics will save them 15% or more in costs over the next five years
However, the same report also states that 16% of providers believe that the main obstacle to implementing predictive analytics in healthcare is “too much data”.
Big data analytics with machine learning and AI is how the healthcare industry is to comprehend personalized medicine with predictive analytics. With the data including the patient’s history, treatments, immunity level, etc, it will be much easier to evade regular sessions of illness.
AI, massive parallel genetic sequencing, and ML are to lead the healthcare industry with personalized medicine, offering patients on-demand treatment and care. With personalized medicine, the lifestyle and health of people are to take a positive turn with positive outcomes and a huge reduction in cost.
Another Society of Actuaries report stated- nearly 92% of payers and providers agree that predictive analytics is crucial concerning the future of their business. As it helps in identifying high-cost patients, there will be a demand to provide solutions based on quick treatments.
Moreover, the Expert in predictive analytics has deduced that after the pandemic- COVID-19, addressing healthcare would be of the highest priority and the need to leverage predictive analytics to enhance patient experience and treatment would be a crucial aspect for the whole healthcare industry.
With technologies such as IoT, Cloud storage, AI, machine learning, Food robotics, and 3D printing technology, the time is not far when predictive analytics will provide personalized medicine to everyone in need, especially with its low-cost and better results, it may as well have reached halfway there.