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Report Scope & Overview:

The Healthcare Business Intelligence (BI) Market Size was valued at USD 7.27 billion in 2022, and is expected to reach USD 20.32 billion by 2030, and grow at a CAGR of 13.7% over the forecast period 2023-2030.

The field of healthcare business intelligence (BI), which is rapidly developing, is supported by the compelling promise of data to provide value-based treatment. In the healthcare sector, tens of millions of data points have been collected that can help healthcare providers find new sources of income. They are therefore rushing to tap those. For the healthcare sector, data is becoming synonymous with competitive difference. One of the helpful data points that has been used with the aid of healthcare BI is electronic health records or medical records. Given that digitalization is anticipated to become widespread in developing economies over the course of the next several decades, the tendency has been especially helpful in giving the usage of BI a constant growing momentum.

Healthcare Business Intelligence (BI) Market Revenue Analysis

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Improved care and higher patient satisfaction, quicker decision-making with relation to the operational characteristics of the health systems, and better risk management are some benefits that healthcare providers and patients have seen. Healthcare BI's ability to provide information has benefited hospital facilities managers as well. Remote heath care is a crucial area where supporters of healthcare BI are eyeing enormous money. The demand for telehealth and remote patient monitoring among older patients and those with chronic illnesses is expected to increase, which would likely broaden the market's prospects. Recently, the pressure on healthcare BI tools and platforms has increased due to the industry's growing demand for new strategic models for unlocking new consumer propositions.

MARKET DYNAMICS

DRIVERS

  • Implementation of Data-Driven Decision-Making

  • Implementing Government Programs to Promote EHR Adoption

  • Increasing Pressure to Reduce Healthcare Spending and Enhance Patient Results

  • Using Big Data in Healthcare

  • Patient Registries are Growing in Number

RESTRAINTS

  • High Investments Are Necessary

  • Complicatedness of Systems

OPPORTUNITIES

  • Traditional Bi Improved by Advanced Analytics

  • Increasing Demand for Cloud-Based Healthcare BI Solutions

  • Value-Based Medicine is receiving more attention.

  • BI's use in individualised and precise medicine

CHALLENGES

  • Privacy of patient information

  • Unreliable and inconsistent data raises concerns

IMPACT OF COVID-19

With the exception of a small number of industries, such as the mobile business intelligence industry, the ongoing COVID-19 epidemic has cast a shadow over the globalized trade. Due to the disease's rapid spread, face-to-face interaction has been discouraged, which has increased usage of mobile devices. This pandemic has changed how people work, and as a result, employers are under more pressure to give remote workers the resources they need to use their smartphones and tablets productively.

VALUE CHAIN ANALYSIS

The global BI mobile market is divided into three categories: end users, business activities, and services, according to publications published in the BI industry statistics. Professional services and managed services categories form a global market for mobile business intelligence. Human resources, operations, information technology, finance, marketing, marketing, and other corporate activities make up the global mobile business intelligence industry. In addition, it is predicted that over time, the retail and wholesale industries will dominate the market.

BFSI, Healthcare, retail and e-commerce, information technology and telecommunications, governments, and manufacturing are the end-user segments that make up the global mobile business intelligence market. Among these, the BFSI industry is anticipated to dominate the world throughout the course of the anticipated time.

By Component Type

By analyzing, managing, and assisting firms in adapting their performance based on precise data and analytics-based insights, business intelligence software enables administrators to keep tabs on important performance. The real-time exchange of patient data and the ongoing evolution of these applications, which are both aimed at improving patient outcomes, are driving the segment's expansion. Additionally, it aids in the discovery of financial trends and offers knowledge that influences choices.

The market for healthcare business intelligence is expanding due to the rising popularity of SaaS software, which provides next-generation cloud computing applications like supply chain management, enterprise resource planning, revenue cycle management, enterprise performance management, and business process management. Over the course of the projection period, the services segment is anticipated to expand steadily. By removing data from the core system and arranging it into a high-performance data warehouse, the services make it possible for structured data-driven decision-making. Over the projected period, it is anticipated that demand for services like modernizing data infrastructure will rise in response to the growing improvements in BI software. The creation of cutting-edge tailored solutions, such as smart data visualizations, resilient database designs for all business systems, and intuitive data modelling, is a major driver of the services sector's expansion.

By Mode of Delivery

Part of the cloud-based delivery mode holds the largest market share. Cloud computing empowers all major data operations with the provision of mass storage and processing power. Increasing adoption of cloud-based business intelligence tools due to facilities such as speed and access to various cloud-based tools adopted by corporate customer management applications by salesforce, patient engagement, CRM, HR analytics cloud.

The growing demand for inexpensive, easy-to-use technology and a high level of acceptance are key factors that contribute to high segment allocation. Increased penetration of cloud computing among healthcare providers to manage the revenue cycle and improve patient care enhances market growth. Cloud computing empowers all major data operations with the provision of mass storage and processing power. Increased telehealth awareness among healthcare providers and the adoption of tele cloud are expected to boost the market.

Postage on the premises is expected to prove continued growth during the forecast period. These solutions allow customization according to the needs of the organization. However, various challenges such as operational failure and governance, staff recruitment, training, policy and process challenges as well as high-quality infrastructure and set-up costs, are a few of the key issues facing the slow adoption of the local service delivery model. Additionally, because of the risk of security breaches that disrupt network operations, most health care organizations switch to cloud-based applications.

By Application

With a budget of 37.0 percent in 2021, financial analysis is ranked as the largest phase of the program. It has various features, including cost control, cash flow, claims, sales and profit. The market is growing due to the increasing use of suppliers of financial analysis tools to manage the revenue cycle, risk assessment, and claims processing. Healthcare companies that prefer to use big data and business intelligence are thought to be able to save a combined total of $ 300 to 450 billion USD per year in the United States, according to a McKinsey Global Institute report.

However, over the course of the forecast period, revenue share in the patient care segment is anticipated to grow at the fastest CAGR due to healthcare organisations' focus on delivering cutting-edge patient and clinical care, lowering readmission rates, optimising staffing levels, and controlling patient costs. To provide better patient care, the life science sector needs business intelligence solutions since well-analyzed data yields more insightful results.

By End-use

The greatest revenue share in 2021—39.0 percent—was contributed by payers in the healthcare industry. The market is expanding due to factors such as the rising demand for provider network optimization, the adoption of various healthcare BI tools to effectively cut operational costs, and the escalating rivalry between payers. Additional factors driving the adoption of healthcare business intelligence systems among payers include rising healthcare expenses, along with the desire to expand memberships and decrease fraudulent claims.

Over the projection period, the healthcare manufacturers segment is anticipated to increase significantly. One of the main causes of the segment's quick revenue growth is the abundance of pharmaceutical and medical device makers in both developed and emerging economies. The segment growth is anticipated to be boosted by healthcare manufacturers' growing use of Software as a Service (SaaS) software, which has allowed them to cut maintenance and development costs.

MARKET SEGMENTS:

By Component Type

  • Software

  • Services

By Mode of Delivery

  • On-premise

  • Cloud-based

  • Hybrid

By Application

  • Financial Analysis

  • Operational Analysis

  • Clinical Analysis

  • Patient Care

By End-use

  • Payers

  • Healthcare Provider

  • Healthcare Manufacturers

Healthcare Business Intelligence (BI) Market Segmentation Analysis

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REGIONAL ANALYSIS

Due to the rising use of BI solutions and services in healthcare to provide better patient care, North America accounted for the greatest revenue share. One of the main elements promoting regional expansion is the lower costs combined with the presence of significant manufacturing hubs. Additionally, the expansion is being aided by rising adoption of cloud computing along with ongoing healthcare and IT infrastructure upgrades. The United States held the largest revenue share in the North American market as a result of the widespread use of cutting-edge BI technologies, evolving analytics protocols, readily accessible BI infrastructure, and skilled BIG data crowd.

But throughout the course of the forecast period, Asia Pacific is expected to be the most lucrative geographical market due to the growing awareness of BI tools among healthcare companies and providers as a result of expanding government initiatives. Additionally, the expansion of the regional market is being fueled by the rising adoption of BI solutions that are technologically cutting edge and mobile-based in nations like India, China, and Japan.

REGIONAL COVERAGE

  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

KEY PLAYERS:

Some of the major key players are as follows: Qlik, SAP SE, TIBCO Software, SAS Institute, Tableau Software, Yellowfin International Pty Ltd., IBM Corporation, Oracle Corporation, Microsoft Corporation, Information Builders, Micro Strategy and Other Players.

TIBCO Software-Company Financial Analysis

Healthcare Business Report Scope:
Report Attributes Details
Market Size in 2022  US$ 7.27 Billion
Market Size by 2030  US$ 20.32 Billion
CAGR  CAGR of 13.7% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Component Type (Software, Services)
• By Mode of Delivery (On-premise, Cloud-based, Hybrid)
• By Application (Financial Analysis, Operational Analysis, Clinical Analysis, Patient Care)
• By End-use (Payers, Healthcare Provider, Healthcare Manufacturers)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Qlik, SAP SE, TIBCO Software, SAS Institute, Tableau Software, Yellowfin International Pty Ltd., IBM Corporation, Oracle Corporation, Microsoft Corporation, Information Builders, Micro Strategy.
DRIVERS • Implementation of Data-Driven Decision-Making
• Implementing Government Programs to Promote EHR Adoption
• Increasing Pressure to Reduce Healthcare Spending and Enhance Patient Results
RESTRAINTS • High Investments Are Necessary
• Complicatedness of Systems

Frequently Asked Questions

Ans: The Healthcare Business Intelligence (BI) Market size was valued at US$ 7.27 billion in 2022.

Ans: The Healthcare Business Intelligence (BI) Market is to grow at a CAGR of 13.7% over the forecast period 2023-2030.

On-premise, Cloud-based, and Hybrid are the sub-segments of the Healthcare Business Intelligence (BI) market.

 Key drivers of the Healthcare Business Intelligence (BI) Market is Implementation of Data-Driven Decision-Making, Implementing Government Programs to Promote EHR Adoption

The field of healthcare business intelligence (BI), which is rapidly developing, is supported by the compelling promise of data to provide value-based treatment. In the healthcare sector, tens of millions of data points have been collected that can help healthcare providers find new sources of income.

Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies

4.3.2.1 US

4.3.2.2 Canada

4.3.2.3 Germany

4.3.2.4 France

4.3.2.5 United Kingdom

4.3.2.6 China

4.3.2.7 Japan

4.3.2.8 South Korea

4.3.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

  

8. Healthcare Business Intelligence (BI) Market Segmentation, By Component Type

8.1 Software

8.2 Services

9. Healthcare Business Intelligence (BI) Market Segmentation, By Mode of Delivery

9.1 On-premise

9.2 Cloud-based

9.3 Hybrid

10. Healthcare Business Intelligence (BI) Market Segmentation, By Application

10.1 Financial Analysis

10.2 Operational Analysis

10.3 Clinical Analysis

10.4 Patient Care

11. Healthcare Business Intelligence (BI) Market Segmentation, By End-use

11.1 Payers

11.2 Healthcare Provider

11.3 Healthcare Manufacturers

12. Regional Analysis

12.1 Introduction

12.2 North America

12.2.1 USA

12.2.2 Canada

12.2.3 Mexico

12.3 Europe

12.3.1 Germany

12.3.2 UK

12.3.3 France

12.3.4 Italy

12.3.5 Spain

12.3.6 The Netherlands

12.3.7 Rest of Europe

12.4 Asia-Pacific

12.4.1 Japan

12.4.2 South Korea

12.4.3 China

12.4.4 India

12.4.5 Australia

12.4.6 Rest of Asia-Pacific

12.5 The Middle East & Africa

12.5.1 Israel

12.5.2 UAE

12.5.3 South Africa

12.5.4 Rest

12.6 Latin America

12.6.1 Brazil

12.6.2 Argentina

12.6.3 Rest of Latin America

13.Company Profiles

13.1 Qlik

13.1.1 Financial

13.1.2 Products/ Services Offered

13.1.3 SWOT Analysis

13.1.4 The SNS view

13.2 SAP SE

13.3 TIBCO Software

13.4 SAS Institute

13.5 Tableau Software

13.6 Yellowfin International Pty Ltd.

13.7 IBM Corporation

13.8 Oracle Corporation

13.9 Microsoft Corporation

13.10 Information Builders

14.1 Competitive Benchmark

14.2 Market Share Analysis

14.3 Recent Developments

15.Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.

 

The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

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Step 5: Final QC/QA Process:

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