Personalized medicine, a deterministic model that argues medical science, specifically molecular data, will be able to provide tailored, individual care, has yet to deliver on the promise of its powers. In the meantime, its precursor, predictive analytics, which has proven effective in many industries, is now tackling the healthcare industry.
Predictive analytics isn’t anything new (think Amazon, Netflix, and Google searches). It’s simply the process of learning from historical data to make predictions about the future or any unknown. And in healthcare, this is what physicians do every day—look at patient symptoms and apply training and experience to diagnose and predict the best treatment. Taking what physicians do and scaling it with technology enables calculated probabilities to deliver more personalized care. Digital health venture funding reflects the interest in finding the best treatment for each patient with $1.9B raised for companies utilizing predictive analytics. (Note: For the purpose of this report, the scope of predictive analytics only includes companies using algorithms to directly impact patient care. We’re focused on solutions such as clinical decision support, readmission prevention, adverse event avoidance, disease management, and patient matching.)