The global healthcare business intelligence industry is on an upward trajectory, with an anticipated steady Compound Annual Growth Rate (CAGR) of 8.1% between 2022 and 2032, projecting substantial expansion from a valuation of US$ 3.4 Billion in 2022 to a striking US$ 7.4 Billion by 2032.
The healthcare business intelligence market, which encompasses sophisticated data analytics solutions tailored for the healthcare industry, is witnessing substantial growth due to its pivotal role in streamlining operations, enhancing patient care, and optimizing decision-making processes within healthcare organizations.
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In the constantly evolving healthcare industry, data has become a vital resource for enterprises attempting to deliver high-quality patient care while optimising operational effectiveness. With the help of data, the global healthcare business intelligence market has developed into a formidable tool that may alter the way healthcare businesses operate. By leveraging robust analytics and reporting capabilities, healthcare business intelligence (BI) enables stakeholders to uncover priceless insights, streamline processes, and improve outcomes.
Organisations may gather, analyse, and visualise huge volumes of data from various sources, such as financial systems, operational databases, and electronic health records, using healthcare business intelligence (BI). By merging and integrating this data, healthcare professionals can get a complete picture of patient demographics, resource usage, and financial performance. Decision-makers can see trends, patterns, and potential improvement areas thanks to the abundance of data at their disposal.
The volume of business data that various healthcare institutions have gathered has expanded as a result of the deeper integration of numerous technological platforms and devices into the healthcare sector. The information gathered from a variety of healthcare facilities must be managed in order to obtain the most essential facts.
The healthcare sector is expected to greatly profit from the widespread adoption trends in the market for business intelligence in healthcare. Healthcare business intelligence is anticipated to grow rapidly as a result of government initiatives to encourage EHR use and the growing patient population. The implementation of government programmes to encourage the adoption of EHRs, the rise of big data in the healthcare sector, and the expanding number of patient registries are all expected to cause the healthcare business intelligence market to expand quickly.
Key Takeaways:
- In 2021, the cloud-based delivery mode segment had the biggest healthcare business intelligence market share, accounting for 47.5 percent.
- In 2021, healthcare payers contributed 39.0 percent of total revenue. The market is expected to grow due to a rising requirement for provider network optimization, as well as the adoption of various healthcare business intelligence solutions to efficiently reduce operating costs and increased competition among payers.
- Over the projection period, the healthcare manufacturers category is expected to increase at a significant rate. The existence of a significant number of pharmaceutical and medical device producers in both developed and emerging nations is one of the main reasons for the segment’s strong revenue growth.
- The Indian market size is expected to grow at a CAGR of 12.8%, with the global healthcare business market valuation likely to reach US$ 684 Million by 2032.
- As per the global industry analysis, due to increased policy measures, Asia Pacific is expected to be the most lucrative regional market throughout the projected period, as healthcare providers and businesses become more aware of business intelligence tools.
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Competitive Landscape:
The healthcare business intelligence market is moderately competitive, with a number of large and growing firms. The market’s expansion has been aided by product innovation and continuous R&D activities to produce improved technologies.
Due to their strong global footprints, large product portfolios, and a greater focus on innovations in healthcare business intelligence solutions, Oracle Corporation, Microsoft, and Sisense Inc. are among the few main competitors accounting for the majority of the market share.
Key Players:
- IBM Corporation
- Microsoft
- Oracle Corporation
- OpenText Corporation
Key Segments:
By Function:
- Clinical Analytics
- Financial Analytics
- Operational Analytics
By Deployment:
- On-Premise
- Cloud-Based
By Deployment:
- Self-service BI
- Corporate BI
By Region:
- USA
- Brazil
- India
- China
- Japan
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