Healthcare Business Intelligence Market
Number of pages: 100 | Report Format: PDF | Published date: March 15, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market size value in 2022 |
US$ 4.31 billion |
|
Revenue forecast in 2031 |
US$ 9.75 billion |
|
Growth Rate |
CAGR of 9.5% from 2023 to 2031 |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Component, Mode of Delivery, Application, Deployment, End User, and Region. |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global healthcare business intelligence market was valued at US$ 4.31 billion in 2022 and is expected to register a revenue CAGR of 9.5% to reach US$ 9.75 billion by 2031.
Market Fundamentals
Healthcare business intelligence (BI) is a technology-driven process of analysing and interpreting complex healthcare data to improve clinical outcomes, reduce costs, and optimize operational efficiency. Healthcare organizations generate a massive amount of data every day from various sources, such as electronic health records (EHR), claims data, financial data, and patient satisfaction data. Healthcare business intelligence solutions enable organizations to collect, process, and analyse this data to gain actionable insights and make informed decisions. Healthcare business intelligence has emerged as a critical tool for healthcare organizations to address challenges such as rising healthcare costs, the need for improved patient outcomes, and the transition to value-based care models. Business intelligence solutions help healthcare organizations identify patterns and trends, predict patient outcomes, monitor performance, and make data-driven decisions. With the increasing emphasis on data-driven healthcare decision-making, healthcare business intelligence is expected to play a critical role in transforming the healthcare industry and improving patient outcomes.
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Market Dynamics
The growing incidence of chronic diseases such as cancer, diabetes, respiratory disease, and kidney disease is the major driver for the growth of the global healthcare business intelligence market. For instance, according to the WHO’s September 2022, chronic diseases kill almost 41 million every year, which is equivalent to 74% of all deaths globally. As healthcare organizations generate vast amounts of data, there is a growing need for advanced analytics solutions that can process and analyze this data to derive meaningful insights. Business intelligence solutions can help healthcare providers improve patient outcomes by identifying patterns and trends in patient data, predicting disease outbreaks, assessing treatment effectiveness, and boosting the global healthcare business intelligence market. Additionally, business intelligence solutions can help providers gain insights on patient behavior, preferences, and satisfaction levels, which can be used to develop personalized treatment plans and improve patient outcomes, and fuel the growth of the global healthcare business intelligence market. Moreover, technological advancements such as artificial intelligence (AI) and machine learning (ML) are transforming the healthcare industry. Business intelligence solutions that incorporate these technologies can help healthcare providers automate processes, identify new opportunities, and optimize operations, thus helping in the growth of the healthcare business intelligence market.
However, implementing and managing business intelligence solutions require specialized skills and expertise. Healthcare providers struggle to find staff members with the necessary skills, which can limit their ability to implement and maintain business intelligence solutions. Additionally, the demand for skilled resources may drive up the cost of implementation and maintenance. Moreover, healthcare data is highly sensitive and must be protected to ensure patient privacy. As BI solutions access and analyze patient data, there is a risk that the data could be breached or misused. Healthcare providers must ensure that they have robust security measures in place to protect patient data and comply with regulations such as HIPAA. Additionally, data privacy and security concerns, high maintenance costs, and limited interoperability are some of the restraints impeding the overall healthcare business intelligence market growth.
Market Ecosystem
The global healthcare business intelligence market is analyzed from six perspectives: component, mode of delivery, application, deployment, end user, and region.
Healthcare Business Intelligence Market by Component
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Based on the component, the global healthcare business intelligence market is segmented into platform, service, and software.
The software segment dominated the market with the principal revenue share in 2022, attributed to owing to its widespread usage in the healthcare industry. The healthcare business intelligence market is supported by a variety of software solutions that help healthcare providers to analyze and leverage data to improve patient care, reduce costs, and increase efficiency. Software helps healthcare providers to analyze patient data, identify patterns and trends and develop personalized treatment plans. This can lead to improved patient outcomes and a higher quality of care. They provide advanced security features, including data encryption, access controls, and audit trails, ensuring that patient data is protected and compliance with regulations such as Health Insurance Portability and Accountability Act (HIPAA) is maintained. Additionally, software solutions can automate processes, reduce manual tasks, and optimize operations, leading to increased efficiency and productivity. This can help healthcare providers to reduce costs and improve patient care. Moreover, software solutions can facilitate collaboration and communication among healthcare providers, enabling them to share data and insights, and work together to provide better patient care. This can lead to improved coordination and efficiency across the healthcare organization. These advantages contribute to the growth of the software segment.
Healthcare Business Intelligence Market by Mode of Delivery
Based on the mode of delivery, the global healthcare business intelligence market is segmented into on-premise and cloud-based.
The cloud-based segment dominated the market with the principal revenue share in 2022. Cloud-based delivery refers to software solutions that are delivered over the internet, hosted on a remote server, and accessed through a web browser or mobile application. They eliminate the need for on-premise infrastructure and hardware, reducing upfront capital costs and ongoing maintenance expenses. Healthcare providers pay for cloud-based solutions on a subscription basis, which can help to reduce costs and improve financial management. Additionally, cloud-based solutions can be accessed from any location with an internet connection, providing healthcare providers with the flexibility to work remotely or from multiple locations. This can help to improve collaboration and communication among healthcare providers. Cloud-based solutions often have advanced security features, such as data encryption, access controls, and audit trails, to protect patient data and comply with regulations such as HIPAA. Cloud-based providers also typically have dedicated teams focused on security and compliance, providing an added layer of protection. These advantages contribute to the growth of the cloud-based segment.
Healthcare Business Intelligence Market by Application
Based on the application, the global healthcare business intelligence market is segmented into financial analysis, operational analysis, clinical analysis, and patient care.
The financial analysis segment dominated the market with the principal revenue share in 2022, attributed to its functionalities such as cash flow, sales, and profitability management. Financial analysis offers healthcare providers the ability to analyze financial data and improve their financial performance. Financial analysis applications in the healthcare business intelligence market typically provide features such as budgeting, forecasting, revenue cycle management, and financial reporting. Additionally, financial analysis applications can provide healthcare providers with real-time financial data, enabling them to create accurate budgets and forecasts. This can help healthcare providers to plan and make informed decisions about resource allocation. Financial analysis applications can help healthcare providers to streamline their revenue cycle management processes, from patient registration and billing to claims management and collections. This can help to reduce administrative costs and improve cash flow. These overall aspects contribute to the growth of the financial analysis segment.
Healthcare Business Intelligence Market by Deployment
Based on the deployment, the global healthcare business intelligence market is bifurcated into self-service BI and corporate BI.
The corporate BI segment accounted for the major revenue share of the market in 2022 since it is widely used in the corporate space. Corporate BI solutions provide healthcare organizations with a centralized platform for data management, integrating data from multiple sources and providing a single source of truth for analytics and reporting. Corporate BI solutions provide healthcare organizations with real-time data and insights, enabling them to make informed decisions about patient care, operations, and financial management. Corporate BI solutions can help healthcare organizations reduce costs by identifying inefficiencies, optimizing resource utilization, and improving revenue cycle management. These factors contribute to the growth of the corporate BI segment.
Healthcare Business Intelligence Market by End User
Based on the end user, the global healthcare business intelligence market is segmented into payers, healthcare providers, health information exchanges (HIEs), accountable care organizations (ACOs), managed care organizations (MCOs), and third-party administrators (TPAs).
The healthcare payers segment dominated the market with the largest market share in 2022. Healthcare payers leverage business intelligence solutions to analyze claims data, covering claims volume, claims denial rates, and claims processing times. This enables payers to spot trends and patterns, streamlining claims processing and payments. Furthermore, BI solutions aid payers in managing risk by evaluating the risk of insuring patient populations and identifying high-risk patients who may necessitate extra care or interventions. They use business intelligence solutions to analyze population health data, including disease prevalence, healthcare utilization rates, and health outcomes. This helps payers to identify areas where they can intervene to improve population health and reduce costs. These factors contribute to the growth of the healthcare payers segment.
Healthcare Business Intelligence Market by Region
Geographically, the global healthcare business intelligence market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the global healthcare business intelligence market with the largest revenue share in 2022, attributed to the presence of key market players, fast adoption of technology, and rising prevalence of chronic disorders. Additionally, companies across the region are continuously involved in launching new and improved business intelligence solutions, which are also helping in the growth of the region. For instance, in July 2022, Experity, a national leader in on-demand healthcare solutions, introduced Experity Business Intelligence, a new module inside Experity's electronic medical record and practice management system (EMR/PM). Experity BI provides informative, easily available information to urgent care teams, allowing them to make data-driven business choices that direct action. Experity BI contains clinical, operational, and financial dashboards that are pre-built for urgent care. With Experity BI, one can discover insights rapidly to improve staff performance and responsibility, resulting in better business and patient results.
Competitive Landscape
The prominent players operating in the global healthcare business intelligence market are:
Strategic Developments
The global healthcare business intelligence market was valued at US$ 4.31 billion in 2022.
The estimated market size of the global healthcare business intelligence market in 2031 is US$ 9.75 billion.
The CAGR of the healthcare business intelligence market during the forecast period will be 9.5% from 2023 to 2031.
New cloud storage is one of the latest key development that will provide several options for greater data integration within the organization's servers.
Some prominent players operating in the global healthcare business intelligence market are Cloud Software Group, Inc., OpenText Business Intelligence, Sisense Inc., Panorama Software Inc., Perficient Inc., Oracle Corporation, and DataBricks Inc.
*Insights on financial performance are subject to the availability of information in the public domain
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