Global Healthcare Business Intelligence Market, By Component (Platforms, Software, Services), Function (Query and Reporting, Online Analytical Processing (OLAP) and Visualization, Performance Management), Application (Financial Analysis, Operational Analysis, Clinical Analysis), Deployment (On-premise Model, Cloud-based Model, Hybrid Model), End-User (Payers, Providers, Health Information Exchanges (HIEs), Accountable Care Organizations (ACOs), Managed Care Organizations (MCOs), and Third-Party Administrators (TPAs))– Industry Trends and Forecast to 2029
Market Analysis and Size
On daily basis, there is increase in the patient population in hospitals, clinics and similar healthcare providing institution. This indicates that with the rising patient pool, there is a subsequent rise in the information to be recorded, stored and managed. Healthcare business intelligence is one such solutions that allows efficient and effective management and storage of healthcare organizational data.
- Data Bridge Market Research analyses that the healthcare business intelligence market is expected to undergo a CAGR of 14.55% during the forecast period of 2022 to 2029. “On-premise Model” accounts for the largest deployment segment in the healthcare business intelligence market owing to the rising adoption of cloud-based models coupled with the high dependency of healthcare on digital technology to operate functions of a complex healthcare system.
Market Definition
Healthcare business intelligence is a technological driven process involving the application of a wide range of tools, applications and strategies to collect the data from external and internal resources, analyse it, develop and run queries against the data. Healthcare business intelligence helps in making actionable insights by analysing all kinds of structured and unstructured healthcare data.
Healthcare Business Intelligence Market Dynamics
Drivers
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Rising adoption of advanced technologies
Growing adoption, integration and deployment of advanced technologies with the healthcare systems is proving to be a masterstroke for the healthcare industry. Technologies such as artificial intelligence and machine learning have improved the efficiency and effectiveness of healthcare operations by manifolds.
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Research and development proficiencies
Rising expenditure for research and development proficiencies especially in the developed and developing economies will further create lucrative market growth opportunities. Researches being conducted on the integration of information technology with healthcare services has widened the scope of growth for the healthcare business intelligence market.
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Government investments on healthcare infrastructure
The increase in the funding by the federal government is set to drive the demand for healthcare business intelligence. Moreover, growth and expansion of healthcare industry being driven by both public and private players especially in the developing economies will create lucrative healthcare business intelligence market growth opportunities.
Additionally, surge in the personal disposable income level, rising awareness about the several advantages of healthcare business intelligence among small and medium scale players, rise in awareness about the advantages of advanced analytical solutions and increasing investment for the development of advanced and innovative technology, positively affect the market growth rate.
Opportunities
Furthermore, upsurge in the public-private funding for target research activities and rising penetration of cloud services will extend profitable opportunities for the market players in the forecast period of 2022 to 2029. Additionally, growing adoption of data-driven decision-making, surging number of strategic collaborations, increasing number of patient registries, favourable initiatives taken up by the government and increasing per capita expenditure on health care will further expand the market's growth rate in the future.
Restraints/Challenges
On the other hand, high cost associated with the research and development proficiencies, lack of awareness in the underdeveloped economies, limited infrastructural facilities, growing instances of unprecise and mismanaged data and dearth of skilled medical professionals and researchers are expected to obstruct market growth. Also, lack of favourable reimbursement scenario and technology penetration in the developing economies and requirement of high end capital investment to propose and maintain such services are projected to challenge the market in the forecast period of 2022-2029.
This healthcare business intelligence market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare business intelligence market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Healthcare Business Intelligence Market
COVID-19 has had a staggering and unprecedented impact on the healthcare business intelligence market. One of the major factors responsible for fostering this market growth is the increase in the patient population. Rising cases of COVID-19 induced the increase in number of patient registries, thereby widening the scope of growth for the healthcare business intelligence market. Data-driven decisions being made invited the deployment of healthcare business intelligence.
Recent Developments
- In August 2020, Knarr Analytics LLC was acquired by Qlik Technologies Inc. to improve Qlik's Cloud Platform Active Intelligence capability, which offers comprehensive insights to enable data-driven activities.
Global Healthcare Business Intelligence Market Scope
The healthcare business intelligence market is segmented on the basis of component, function, application, deployment, and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Platforms
- Software
- Services
On the basis of component, the healthcare business intelligence market is segmented into platforms, software, and services.
Function
- Query and Reporting
- Online Analytical Processing (OLAP) and Visualization
- Performance Management
On the basis of function, the healthcare business intelligence market is bifurcated into query and reporting, online analytical processing (OLAP) and visualization, and performance management.
Application
- Financial Analysis
- Operational Analysis
- Clinical Analysis
Based on application, the healthcare business intelligence market is fragmented into financial analysis, operational analysis, and clinical analysis. Financial analysis is further sub-segmented into claims processing, revenue cycle management, payment integrity and fraud, waste, & abuse, risk adjustment and risk assessment. Operational analysis is further sub-segmented into supply chain analysis, workforce analysis, and strategic analysis. Clinical analysis is further sub-segmented into quality improvement and clinical benchmarking, clinical decision support, regulatory reporting and compliance, comparative analytics/effectiveness, and precision health.
Deployment
- On-premise Model
- Cloud-based Model
- Hybrid Model
On the basis of deployment, the healthcare business intelligence market is divided into on-premise model, cloud-based model, and hybrid model.
End-user
- Payers
- Providers
- Health Information Exchanges (HIEs)
- Accountable Care Organizations (ACOs)
- Managed Care Organizations (MCOs)
- Third-Party Administrators (TPAs)
Based on the end-user, the healthcare business intelligence market is segregated into payers, providers, health information exchanges (HIEs), accountable care organizations (ACOs), managed care organizations (MCOs), and third-party administrators (TPAs). Payers are further sub-categorized into private insurance companies, government agencies, employers and private exchanges. Providers are further sub-categorized into hospitals, physician practices, post-acute care organizations, and ambulatory care settings.
Healthcare Business Intelligence Market Regional Analysis/Insights
The healthcare business intelligence market is analysed and market size insights and trends are provided by country, component, function, application, deployment, and end-user as referenced above.
The countries covered in the healthcare business intelligence market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare business intelligence market because of the strong base of healthcare facilities, growing use of healthcare business intelligence tools by healthcare providers to optimize clinical outcomes and decrease expenses and presence of leading market players in the region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives to promote awareness, rise in medical tourism, growing research activities in the region, increasing adoption of healthcare intelligence solutions and services by healthcare providers and the growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The healthcare business intelligence market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare business intelligence market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare business intelligence market. The data is available for historic period 2010-2020.
Competitive Landscape and Healthcare Business Intelligence Market Share Analysis
The healthcare business intelligence market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare business intelligence market.
Some of the major players operating in the healthcare business intelligence market are Microsoft, IBM, Oracle, SAP SE, SAS Institute Inc., TABLEAU SOFTWARE, LLC, MicroStrategy Incorporated., QlikTech International AB, Information Builders, Sisense Inc., Yellowfin International Pty Ltd, Board International, Perficient, Inc., TIBCO Software Inc., Infor. and Domo, Inc.among others.
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