The Ever-Evolving Healthcare Sector is Expected to Proliferate the Healthcare Business Intelligence Market

Healthcare Business Intelligence
  • Healthcare Business Intelligence Market

The Healthcare Business Intelligence Market is expected to grow from USD 7.28 Billion in 2021 to USD 16.58 Billion in 2028 Compound Annual Growth Rate (CAGR) of 14.70% within the forecast period of 2022-2028. Healthcare Business Intelligence refers to the process by which large-scale data from the massive healthcare industry can be collected and refined into actionable insights from 4 key healthcare areas. These consist of costs, pharmaceuticals, clinical data, and patient behavior. This information gleaned by healthcare analytics software gives invaluable insights that would otherwise be unavailable and has the power to not just improve the performance of the industry, but also to save lives.

Factors such as government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries are expected to drive the growth of Healthcare Business Intelligence. The growing integration of various technological devices and platforms in the Healthcare Business Intelligence has increased the amount of healthcare data collected through various healthcare establishments. This will also have a massive impact on decision making and can change the ways of disease management, clinical performance, patient management, and help in reducing cost and waste. The rapid adoption of healthcare business intelligence will benefit the healthcare sector largely.

The Healthcare Business Intelligence Market can be divided on the basis of components into platforms, software, and services. The software segment held the largest market share of 69.6% in 2021 owing to its wide usage in the healthcare industry. The business intelligence software allows administrators to track key performance that analyzes, manages, and helps organizations adapt their performance based on accurate data and analytics-based insights. Based on function, the market consists of query and reporting, OLAP and visualization, and performance management. Considering the deployment model, the market is divided into on-premise, cloud-based, and hybrid models. The cloud-based delivery mode segment held the largest market share of 47.5% in 2021. On the basis of application, the market is segmented into financial analysis, operational analysis, and clinical analysis. Financial analysis is the largest application segment. It offers multiple functionalities, such as cost management, cash flow management, claims management, and sales and profitability management. The market serves end users like payers like private insurance companies, government agencies, employers, and private exchanges. The segment also includes providers like hospitals, physician practices, IDNS, post-acute care organizations, and ambulatory care settings among others. In 2021, healthcare payers accounted for the largest revenue share. The increased need for optimizing provider networks, and adoption of various healthcare BI tools to efficiently reduce the operational costs and increasing competition among the payers is propelling the market growth.

Geographically, Healthcare Business Intelligence Market is studied across North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. North America has been the biggest in the Healthcare Business Intelligence market for the past few years and it will continue to grow in the years to come. North America has 39.60% of the global market. Although Asia Pacific is projected to grow at the fastest rate over the forecast period.

Key players operating in the Global Healthcare Business Intelligence Market are Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia), BOARD International (Switzerland).