The Healthcare Business Intelligence (BI) Market Size was valued at USD 8.28 billion in 2023, and is expected to reach USD 21.14 billion by 2031, and grow at a CAGR of 13.9% over the forecast period 2024-2031.
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.
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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.
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
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.
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
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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
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.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 8.28 Billion |
| Market Size by 2031 | US$ 21.14 Billion |
| CAGR | CAGR of 13.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| 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 |
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
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