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 11.86 billion by 2028 from USD 6.32 billion in 2023.
Healthcare business intelligence (BI) refers to data analytics and visualization tools to help healthcare organizations make more informed decisions. The adoption of new technologies, such as electronic health records and wearable devices, has increased the availability of data in the healthcare industry, making it possible to use BI to gain insights into various areas, such as patient outcomes, cost management, and population health. The global COVID-19 pandemic has also led to an increased demand for BI in the healthcare industry as organizations have had to adapt to the challenges posed by the virus quickly. For example, BI has been used to track and manage the virus's spread and identify and prioritize the needs of patients. Additionally, BI has been used to help manage patient care and treatment data, such as identifying trends in patient symptoms and predicting the demand for certain types of care. Overall, the high adoption rate of new technologies and the evolving analytical protocols in the healthcare industry have helped to drive the growth of the healthcare BI market.
The growing number of government initiatives to promote the adoption of electronic health records (EHR) are propelling the growth of healthcare business intelligence.
Electronic health records (EHRs) are digital versions of a patient's medical history that healthcare organizations maintain. They can include various information, such as demographic data, medical history, medications, allergies, test results, and treatment plans. EHRs can be accessed and shared by authorized healthcare providers, improving patient care coordination and efficiency. An increasing number of governments worldwide are promoting the adoption of EHRs as a way to improve the quality and efficiency of healthcare. This is because EHRs can help reduce errors and duplication in patient care and improve patient outcomes by making it easier to track and manage patient data. In addition, EHRs can help to reduce the administrative burden on healthcare providers by automating specific tasks, such as scheduling appointments and ordering tests.
The growing preference for data-driven decision-making further fuels the market’s growth rate.
The growing preference for data-driven decision-making in the healthcare industry is also contributing to the growth of the healthcare BI market. By using BI tools to analyze large amounts of data from EHRs and other sources, healthcare organizations can gain insights into trends and patterns that can inform decision-making and improve patient care. Overall, the combination of government initiatives to promote EHR adoption and the growing preference for data-driven decision-making is driving the growth of the healthcare BI market.
The increasing amount of digital information available in the healthcare industry, including data from suppliers, manufacturers, pharmaceutical practitioners, and private insurance firms, as well as data made accessible by regulatory bodies and the widespread adoption of electronic health records (EHRs), has created a wealth of data that can be used to inform decision-making in the healthcare industry. Business intelligence (BI) solutions can take advantage of this big data to help healthcare organizations gain insights into various areas, such as patient outcomes, cost management, and population health. In addition, the availability of advanced healthcare analytics tools makes it easier to evaluate patient data from different facilities and compare the performance of different providers. These factors are expected to drive the demand for BI solutions in the healthcare industry in the coming years as organizations look to use data to improve the efficiency and effectiveness of their operations and to deliver better care to their patients.
The lack of skilled human resources with cross-functional skills is expected to hinder the growth of the healthcare BI market.
To effectively use BI tools, individuals need to have a combination of technical skills, such as knowledge of programming languages and data analysis tools, as well as domain expertise in the healthcare industry. However, this can be not easy to find in a single individual, as these skills are often developed in different academic and professional contexts. As a result, healthcare organizations may struggle to find personnel with the necessary skills to use BI tools and effectively extract value from their data. This can limit the adoption of BI in the healthcare industry and hinder the development of the healthcare BI market. In addition, the complexity of systems and the high costs involved with establishing and maintaining healthcare business intelligence systems are hampering the market’s growth rate. Furthermore, factors such as ineffective implementation, lack of awareness regarding the advantages of business intelligence, difficulty in accessing data, data quality issues, and inconsistencies in data are expected to contribute to the decline in the market's growth rate during the forecast period.
COVID-19 Impact on the global Healthcare Business Intelligence Market:
The COVID-19 pandemic has significantly impacted the healthcare business intelligence (BI) market. The global health crisis has highlighted the importance of data analytics and visualization in the healthcare industry, as organizations have had to adapt to the challenges posed by the virus quickly.
BI has been used in a variety of ways to respond to the pandemic, including:
Overall, the COVID-19 pandemic has increased the demand for BI in the healthcare industry, as organizations have had to rely on data analytics and visualization to respond to the challenges posed by the virus.
Market Size Available
2022 to 2028
2023 to 2028
Based on Component, Function, Deployment Model, End-Users, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges; PESTLE Analysis; Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
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:
Based on components, the platforms segment held the largest share of the healthcare BI market in 2022 and is expected to hold a leading market share in the coming years. The growing demand for customized BI solutions to address the needs of organizations by providing flexibility to build and integrate the business solution into their healthcare business applications that gives various advantages such as improved efficiency and reduction in costs is one of the major factors propelling the segmental growth.
Healthcare Business Intelligence Market – By Function:
Based on the function, the OLAP and visualization segment is anticipated to hold the largest global healthcare business intelligence market share during the forecast period.
Healthcare Business Intelligence Market – By Application:
Based on application, the financial analysis segment had the major share of the global healthcare BI market in 2022 and is anticipated to continue leading the market during the forecast period. Factors such as raising the focus of payers on early detection of fraud and reducing preventable costs are contributing to the segment's growth.
Healthcare Business Intelligence Market – By Deployment Model:
Based on the deployment model, the cloud-based model led the market in 2022, and the domination is expected to continue in the global market in the coming years. The growing adoption of cloud-based services is the primary factor driving the segment’s growth. In addition, the advantages associated with cloud-based technology, such as ease to use and affordability, further contribute to segmental growth.
The on-premises segment is anticipated to hold a substantial share of the global market during the forecast period owing to the growing awareness of using advanced technologies.
Healthcare Business Intelligence Market – By End-User:
Based on the end-user, the payers segment occupied the major share of the global healthcare BI market in 2022 and is estimated to register a healthy CAGR during the forecast period. Factors such as growing healthcare expenditure, the increasing need to reduce fraudulent claims, and the rising need to reduce operational costs propel segmental growth.
Healthcare Business Intelligence Market – By Region:
Geographically, the North American Healthcare Business Intelligence Market had the largest share of the global market in 2022. The North American healthcare business intelligence (BI) market is one of the world's largest and most developed markets. The region is home to several advanced healthcare systems, and the adoption of BI in the healthcare industry has been widespread. The adoption of electronic health records (EHRs), the availability of advanced analytics tools, and government initiatives to promote BI are majorly propelling the healthcare BI market growth in the North American region. The U.S. market has shown significant domination in the North American regional market in 2021. It is anticipated to be one of the potential countries worldwide in the coming years.
The healthcare BI market in the Asia-Pacific is predicted to witness the highest CAGR among all regions in the worldwide market owing to an increase in mobile-based solutions and rising adoption of technological developments in countries such as India, Japan, and China. Moreover, the rise in awareness of BI tools among healthcare providers and increased government initiatives are contributing to the growth of the regional market.
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 some of the notable companies in the global healthcare BI market.
RECENT HAPPENINGS IN THE MARKET:
The global healthcare business intelligence market size is forecasted to grow USD 10.46 billion by 2027.
The global healthcare business intelligence market is estimated to grow at a CAGR of 13.4% from 2022 to 2027.
Yes, we have studied and included the COVID-19 impact on the global healthcare business intelligence market in this report.
Companies playing a promising role in the global healthcare business intelligence market are Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, SAS Institute Inc., Tableau Software, MicroStrategy Incorporated, QlikTech International AB, Information Builders, and Sisense Inc.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]