Market Analysis
The global healthcare business intelligence market size had been valued at USD 3,650 million in 2017 and is anticipated to develop at a 15.5% CAGR between 2018- 2023. Healthcare business intelligence, simply put, is the analysis, aggregation, and usage of non-traditional, operational, financial, and clinical data that are captured from external and internal healthcare setting sources for making effective decision-making. Some of its key applications include healthcare management analysis, clinical intelligence analysis, clinical business intelligence in healthcare, and more.
Market Drivers and Restraints
Various factors are propelling the global healthcare business intelligence market growth. As per the latest MRFR report, such factors include the rising adoption of decision-making that is data-driven, increase in patient registries, growing demand to improve patient outcomes, growing demand to curb healthcare expenditure, and the emergence of big data in healthcare industry.
On the contrary, the need for high investments in the business intelligence industry, impact of COVID-19, and the complexity of systems are factors that may limit the global healthcare business intelligence market growth over the forecast period.
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Market Segmentation
The MRFR report offers an inclusive segmental analysis of the healthcare business intelligence market report based on end user, application, deployment model, function, and component.
By component, the healthcare business intelligence market is segmented into services, software, and platforms. Among these, platforms will lead the market over the forecast period.
By function, the healthcare business intelligence market is segmented into query and reporting, performance management, and OLAP visualization.
By application, the healthcare business intelligence market is segmented into operational analysis, clinical analysis, and financial analysis. Financial analysis is further sub-segmented into waste, fraud, and abuse risk adjustment assessment, payment integrity, revenue cycle management, and claims processing. Clinical analysis is further segmented into precision health, comparative analytics/effectiveness, regulatory reporting compliance, clinical decision support, and quality improvement clinical benchmarking. Operational analysis is further segmented into strategic analysis, workforce analysis, and inventory analysis.
By deployment model, the healthcare business intelligence market is segmented into hybrid, on-premise, and cloud-based.
By end user, the healthcare business intelligence market is segmented into providers, payers, and others.
Regional Analysis
Based on the region, the healthcare business intelligence market report covers recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), the Middle East and Africa. Of these, the Americas will spearhead the market over the forecast period. Emerging fields of predictive prescriptive analytics, increasing use of decision-making that is data-driven, and the presence of sophisticated healthcare infrastructure service and software vendors are adding to the global healthcare business intelligence market growth in the region.
The global healthcare business intelligence market in Europe is predicted to hold the second-largest share over the forecast period. The presence of leading vendors, increasing use of innovative medical technologies, and rising healthcare vertical are adding to the global healthcare business intelligence market growth in the region.
The global healthcare business intelligence market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing number of start-ups laying emphasis on mobile application development, rapid industrialization in Japan, India, and China, growing investment in healthcare infrastructure, and rising penetration of the internet and smartphones are adding to the global healthcare business intelligence market growth in the region.
The global healthcare business intelligence market in the MEA is predicted to have the smallest share over the forecast period. A major market share is held in the Eastern region for the paramount importance of business intelligence analytics solutions in the GCC countries.
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Key Players
Notable players profiled in the global healthcare business intelligence market report include BOARD International S.A., Yellowfin International Pty Ltd, Sisense, Information Builders, Qlik Technologies, MicroStrategy Incorporated, Tableau Software, SAS Institute, Oracle Corporation, SAP SE, International Business Machines Corporation, and Microsoft Corporation.