The global healthcare business intelligence market is expected to reach USD 3,973.3 million by the end of 2024. The market is expected to ascend at an 8.10% CAGR, reaching a valuation of USD 8,657.9 million throughout 2034.
The growing number of patients in hospitals, clinics, and other healthcare facilities is the primary driver of demand for healthcare business intelligence services. The increased prevalence of chronic illnesses, along with an increase in demand for telehealth and remote patient monitoring for senior patients, is driving growth in this market.
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This market is expected to rise as developed and emerging nations increase their investment in research and development. As small and medium sized businesses become more aware of the benefits of healthcare business intelligence, demand for this industry grows.
The cloud based delivery model is growing at a stellar pace, as businesses increasingly use cloud based business intelligence tools like Salesforce Customer Relationship Management (CRM) apps, patient engagement CRM, and others. This is owing to the flexibility and accessibility of cloud based solutions.
Cloud based models are less expensive, easier to use, and have a greater adoption rate than on premise or hybrid models contribute to the market demand. The increasing use of cloud based models, along with healthcare reliance on digital technology to handle complex healthcare systems, is driving market expansion.
High costs associated with research and development, lack of awareness in developing economies, limited infrastructure, increasing instances of imprecise and mismanaged data, and a scarcity of skilled medical professionals and researchers are expected to stymie market growth.
China is anticipated to flourish at a CAGR of 14.6% until 2034. The widespread usage of sophisticated analytics tools in the healthcare business is driving this growth. Clinical analytics is expected to account for 41.2% of the healthcare business intelligence market over the forecast period. The increased usage of data driven clinical decision making procedures is driving up demand for advanced analytics solutions in global healthcare market.
Key Takeaways from the Healthcare Business Intelligence Market:
- China healthcare business intelligence market is expected to thrive at a 14.6% CAGR during the forecast period.
- Spain is expected to thrive at a CAGR of 11.8% throughout 2034.
- Japan is likely to ascend at a CAGR of 10.9% from during the projected period.
- Clinical analytics is projected to hold a market share of 41.20% during the forecast period.
- On premise is expected to hold a market share of 80% throughout 2034.
“Integration of cloud technology is forecasted to present potential opportunities for the market players during the forecast period,” says an FMI analyst.
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Competitive Landscape:
The healthcare business intelligence market is relatively competitive, with a few major players and new entrants. Product innovation and continued research and development initiatives to create improved technologies are projected to propel the market forward.
The global footprint of leading players, large product portfolios, and growing emphasis on improvements in healthcare business intelligence solutions are all influencing market growth. Leading vendors are developing mobile based business intelligence solutions that enable customers to access high quality analytic services remotely, which is boosting revenue growth.
Recent Developments:
- In April 2024, Oracle Corporation introduced the Autonomous Shield initiative to help healthcare clients transition to a full EHR and Cloud Infrastructure solution that reduces risk and enhances performance.
- In March 2024, Stanford Medicine and Microsoft announced the enterprise-wide implementation of Nuance Dragon Ambient eXperience Copilot (DAX Copilot), offering conversational, ambient, and generative AI to practitioners.
Key Companies Profiled:
Microsoft; Oracle Corporation; SAP; Tableau Software Inc.; Perficient Inc.; Tibco Software Inc.; Infor Inc.; Domo Inc.; Sisense Inc.; Panorama Software Inc.
Segmentation Analysis of the Healthcare Business Intelligence Industry
By Function:
The healthcare business intelligence market is classified into clinical analytics, financial analytics and operational analytics.
By Deployment:
The healthcare business intelligence market is classified into on premise and cloud based.
By Region:
Analysis of the healthcare business intelligence market has been carried out in key countries of North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe and Middle East & Africa.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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