Gulf’s healthcare operators set to embrace Big Data to improve patient care, cut costs

A survey, conducted by global consultancy firm Protiviti, has projected that the healthcare analytics market in the MENA region to reach $1.49 billion by 2024 from an estimated $630 million in 2018.

According to the survey, as many as 80 percent of the respondents – comprising industry leaders and C-suite executives – agree that analytics helps organisations improve their performance and accountability.

Significantly, 46 percent said they could improve their data governance, indicating that a substantial amount of providers will be looking at enhancing the way they use data in the coming months and years.

“While the existing usage of analytics is focused on revenue cycle functions to address effective and efficient payment cycles, the potential to use specific applications such as artificial intelligence and predictive analytics could lead to substantial improvement of patient care and patient throughput,” the survey said.

The survey was focused across the GCC and India, covering key opinion leaders within the healthcare industry, including regulators, providers, pharmaceuticals, life sciences and health insurance companies.

As many as 31 percent of those surveyed were from Saudi Arabia, while the UAE and Oman accounted for 24 percent each.

The survey pointed out that with aggregation, standardisation and analytical tools, data can offer highly valuable insights that will help regulators, healthcare providers, scientists, pharma and associated industries prevent and treat infectious diseases.

The healthcare analytics market in the MENA region is projected to reach $1.49 billion by 2024

It added: “This can also lead to lower costs, increase efficiency, comply with reporting and regulatory requirements, besides helping interact with patients and consumers more effectively. Developing and implementing a healthcare analytics strategy is a critical requirement for future success in a data rich environment.”

Veteran healthcare expert and founder of Aster Group, Dr Azad Moopen, previously told Arabian Business that technology is set to define the future of healthcare and chart the development of the industry.

“Every service provider needs to adapt itself to digitisation and innovation in order to survive in this ever-changing market scenario,” Moopen said, adding that his group was actively looking at the adoption of such innovative technologies.

The Protiviti survey said with the regulatory framework in countries such as the UAE and Saudi Arabia encouraging adoption of data analytics, it was now up to the healthcare providers to develop the right policies and procedures.

Protiviti said the global healthcare analytics market, estimated at $14 billion in 2019, is expected to increase to $24.5 billion this year, with the prescriptive analytics market holding the highest growth potential.