Healthcare Business Intelligence Market

Healthcare Business Intelligence Market Size (2022 to 2027)

The global healthcare business intelligence market is registering a CAGR of 13.4% during the forecast period. The market size is estimated to be worth USD 10.46 billion by 2027 from USD 5.58 billion in 2022.

The high adoption rate of new technologies and the evolving analytical protocols help develop the healthcare business intelligence (BI) market. Global Pandemic COVID-19 is a boom for this BI healthcare industry with patient management and data management.

MARKET DRIVERS:

The implementation of government policies to increase EHR (Electronic Health Records) adoption and the growing adoption of data-driven decision-making are majorly propelling the demand of the healthcare business intelligence market.

The growing pressure to curb healthcare costs and enhance patient quality, big data in healthcare, and the number of patient registries are all driving this market forward. A significant factor expected to drive growth is the increasing adoption of this program by hospitals, health professionals, payers, and life sciences manufacturers to turn their data into informative dashboards and graphs. End-users benefit from the dashboard's interactive graphs, which enable them to manage sales, patient care status, service rate comparisons, patient admission patterns, and easy access to patient data by age, gender, and Emergency Room (ER) visits without having to scroll through endless data. In addition, end-users can use BI-enabled analytics graphs to make data-driven decisions that reduce operational costs and improve service, which is expected to accelerate market growth. Another important factor driving the market growth is implementing a mobile-friendly BI solution for keeping informed and updated.

MARKET RESTRAINTS:

The lack of skilled resources with cross-functional skills would limit market development.

However, over the forecast period, the complexity of systems and the need for high investments in the business intelligence sector are expected to restrain the market growth. Besides that, purchasing a suitable BI program or platform, integrating it in an enterprise, and retaining and educating workers on using it all entail significant initial investments that impede healthcare business intelligence market growth.

MARKET OPPORTUNITIES:

Due to the ever-increasing amount of digital information provided by suppliers, manufacturers, pharmaceutical practitioners, and private insurance firms, BI solutions heavily rely on big data. In addition, the federal government and other regulatory bodies have recently made insurance and clinical trial data accessible to the public. Furthermore, electronic health records (EHRs) have achieved widespread acceptance over the last few years. Due to the availability of advanced healthcare analytics, it is also easier to evaluate patient data from various facilities, such as hospitals, post-acute care agencies, and private providers. As a result, demand for these services is projected to increase in the coming years. These are the opportunities for the market during the forecast period.

MARKET CHALLENGES:

Distinct challenges such as ineffective implementation, lack of awareness, and set-up costs are a few key factors responsible for lower adoption BI. Difficulty in accessing data, data quality, and inconsistencies in the data are the challenges faced by the Healthcare business intelligence market. Healthcare is, without a doubt, the most hyper-personalized of all industries. Although patient-physician relationships are important, technology is inextricably linked to treatment. From EHRs to less widely used CRMs (Customer Relationship Management), any approach produces and processes a large amount of complex data. The challenge is developing a viable business intelligence (BI) strategy that provides actual, actionable data to base decisions. According to the study, a lack of an appropriate market intelligence approach continues to be a significant weakness in efforts to enhance healthcare business operations.

COVID-19 Impact on the global Healthcare Business Intelligence Market:

The epidemic of COVID-19 has increased scientific activity owing to attempts to consider the dynamics of the virus. The change in demand for appropriate technologies has pushed vital industry players to strategize their production capacities, concentrate on innovative product growth, and offer optimal supply chain solutions based on COVID-19 essentials. Many governments gather data with BI's help, which helps doctors and patients worldwide. For example, the National Health Care Safety Network (NHSN) of the CDC provided timely and reliable data for the COVID-19 country response through the COVID-19 module that allowed hospitals to report current inpatient and intensive care unit (ICU) bed occupancy, health care personnel, and personal protective equipment (PPE) status and availability. This data helps the arrangement and all related procedures.

Also, healthcare BI did predictive analytics forecast deterioration in COVID-19 Patients. There are many early warning devices that aim to use many different vital signs and inputs from the EHR to recognize the patient's worsening. Moreover, all the manufacturing facilities are shut down in pandemics, enhancing the healthcare business intelligence market demand.

Healthcare practitioners from various agencies also need to work together in sensitive situations like COVID-19. However, their coordination, eventual decision-making, and care were often postponed due to the lack of services, particularly tools, infrastructure, and complex system operations. In these critical situations, convenient and fast access to patient insights through a consolidated BI platform will help speed up communication between different teams and decision-making and eventually speed up patient care.

REPORT COVERAGE:

This research report on the global healthcare business intelligence market has been segmented and sub-segmented based on component, function, deployment model, end-users, and region.

Healthcare Business Intelligence Market – By Component:

• Platforms
• Software
• Services

By component, the Platforms segment contributes the largest share in the healthcare business intelligence market. Accounting for the large share by platforms segment is due to an increase in requirement for customized BI solutions catering to organizations' needs, allowing flexibility to build and integrate BI solutions into existing healthcare business applications, which helps in high-efficiency cost reduction.

Healthcare Business Intelligence Market – By Function:

• Query and Reporting
• OLAP and Visualization
• Performance Management        

The OLAP and Visualization segment accounts for the largest share based on the function by recording a high compound annual growth rate in the healthcare business intelligence market.

Healthcare Business Intelligence Market – By Application:

• Financial Analysis
• Claims Processing
• Revenue Cycle Management
• Payment Integrity and Fraud, Waste, & Abuse (FWA)
• Risk Adjustment and Risk Assessment
• Operational Analysis   
• Supply Chain Analysis
• Workforce Analysis
• Strategic Analysis
• Clinical Analysis
• Quality Improvement and Clinical Benchmarking
• Clinical Decision Support
• Regulatory Reporting and Compliance
• Comparative Analytics/Effectiveness
• Precision Health

Factors like rising in the focus of payers on early detection of fraud and reducing preventable costs boost the market demand. The Financial Analysis segment in the Application segment contributes the largest share of the healthcare business.

Healthcare Business Intelligence Market – By Deployment Model:

• On-premise Model
• Cloud-based Model
• Hybrid Model

The on-premise segment accounts for the largest share in the healthcare business intelligence market based on the deployment model. The rise in the awareness of the utilization of advanced technologies is elevating the market's growth rate.

Healthcare Business Intelligence Market – By End-User:

• Payers
• Private Insurance Companies
• Government Agencies
• Employers and Private Exchanges
• Providers       
• Hospitals, Physician Practices, and IDNS
• Post-acute Care Organizations
• Ambulatory Care Settings
• Others

Based on the End-user, the Payers segment accounts for the largest share by recording a compound annual growth rate in the healthcare business intelligence market. Attributing factors in the payer's segment are a rise in healthcare costs, growth in need of memberships, curb fraudulent claims, optimizing providers' networks, and reducing operating costs.

Healthcare Business Intelligence Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American Healthcare Business Intelligence Market contributes the largest revenue share to the global market. An increase in healthcare BI solutions and services to enhance the patient's care by market key players, reduction in expensed copulation with large manufacturing hubs, updating in healthcare and IT infrastructure, and an increase in cloud computing adoption are significant factors propelling the growth rate of the market. The US country is recording the most significant share due to owning the factors like easy availability of BI infrastructure and professional BIG data crowd. Additionally, the rapid increase in technology advancement and the high adoption of advanced BI technology.

Asia-Pacific Healthcare Business Intelligence Market is the most lucrative market accounting for the fastest compound annual growth rate of 13.6% in the forecast period. Attributing factors are an increase in mobile-based solutions and the implementation of advanced technology in countries like India, Japan, and China. Moreover, the rise in awareness of BI tools among healthcare providers and increased government initiatives propels market growth in Asia-Pacific.

KEY MARKET PARTICIPANTS AND SHARE INSIGHTS:

Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tableau Software, MicroStrategy Incorporated, QlikTech International AB, Information Builders, and Sisense Inc. are among the few core players responsible for the bulk of their market share due to their extensive global presence, diverse product offerings, and increased emphasis on innovations in healthcare business intelligence solutions. Moreover, key vendors' development of mobile business intelligence apps that empower consumers to access high-quality analytical resources remotely is a key driver of revenue growth.

In 2018, to secure critical IT systems deployed via cloud, on-premise, or hybrid hosting environments. Oracle acquired with Zenedge (US).

In 2018, an agreement was made between SAS and Deloitte to support the existing strategic alliance to leverage their combined expertise to introduce lower-risk and higher-quality outcomes in the marketplace's insurance.

In 2017, to drive business with innovative steps in the cloud and private joint support services, a partnership was made between Microsoft and SAP SE to ensure customers' best cloud experience.