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The Healthcare Business Intelligence (BI) market is a dynamic landscape, shaped by the intersection of healthcare and technology. As the industry strives for efficiency, cost-effectiveness, and improved patient outcomes, BI plays a pivotal role in transforming data into actionable insights.
Doctors and nurses are starting to understand the value of making decisions based on data. People are using BI tools in the healthcare business more and more. They want to use data analysis to make their operations run better and help doctors do a good job for patients.
Care that focuses on the patient is a big factor in the healthcare BI market. Giving special care to each patient needs strong tools that can mix and check big data about patients. These help find valuable results for making right choices in health services.
The way the market works is changed by using new technology like artificial intelligence (AI) and machine learning (ML). These tools make BI better by letting us do things like predict what will happen, find out if something is strange or wrong and see complex patterns. This helps manage healthcare more accurately.
Healthcare information is very private, and the way things work in this area is changing due to a growing focus on safety with data and following rules. Solutions for big data should address these issues by putting strong security rules in place and following health laws like HIPAA.
The ability of healthcare systems to work together is a big thing that affects the business intelligence market. As healthcare groups work hard to make data move easily from one system to another, BI tools that can join with different systems and let sharing of information happen are very popular right now.
The growth of online medical care and constant patient watching has changed how healthcare uses data. Getting information from far places is important. So, big data tools were created to handle lots of different types of info. This helps with online care and watching over people's health better.
Real-time analysis is becoming more popular in the health care BI market. Looking at data quickly helps doctors make fast choices. They can handle emergencies right away and use their resources better to improve patient care in the end.
The market is changing towards using cloud-based BI tools. Cloud technology gives stretch, adaptability and cost savings. This makes them want by health care groups to set up BI tools with no big money spent on hardware or software.
Managing health in the population is very important for business intelligence market in healthcare. BI tools are used to examine information about people's health, find patterns and put preventive steps into action. This makes public health results better while also managing costs more effectively.
The healthcare information market has a lot of companies competing with each other. Big companies and new ones are competing to get customers by giving fresh ideas, focusing on how easy things are to use, and solving special problems in the health industry.
Government initiatives and regulations play a significant role in shaping the healthcare BI market. Incentives for the adoption of BI tools, interoperability standards, and data-sharing mandates contribute to the evolving landscape, with governments encouraging the integration of BI in healthcare practices.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Function and Region |
Healthcare Business Intelligence Market Highlights:
Global Healthcare Business Intelligence Market Overview
The healthcare business intelligence market size was valued at USD 2.4 billion in 2022 and is projected to grow from USD 2.93 Billion in 2023 to USD 6.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.2% during the forecast period (2023 - 2032). The increased adoption of cloud-based healthcare business intelligence tools, including Customer Relationship Management (CRM) applications by renowned market players and patient engagement CRM owing to their properties, such as agility and accessibility, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In June 2024, Auscura, a prominent company specializing in cutting-edge healthcare technology solutions, is pleased to introduce its latest service, the Data Visioning Service. Auscura utilizes its vast experience and specialized knowledge in data transformation to harness the power of advanced automation and artificial intelligence (AI) in order to assist enterprises in fully realizing the potential of their data. This tool allows healthcare practitioners to transform intricate statistics into practical insights, improving all dimensions of value-based care: Quality, Utilization, Efficiency, Satisfaction, and Teamwork (QUEST).
In November 2023, the IT company Wipro revealed a partnership with NVIDIA to assist healthcare organizations in speeding up the use of generative artificial intelligence (AI). Wipro will utilize NVIDIA's artificial intelligence (AI) software designed for businesses to develop AI capabilities in its existing range of healthcare solutions for the affordable care act (ACA), Medicare, and Medicaid. By integrating these technologies with Wipro's Enterprise Generative AI (WeGA) platform, Wipro will be able to collaboratively design and implement personalized models for voice and translation AI, along with other language and learning models (LLMs). The agreement will enable the companies to provide AI-powered innovation for the healthcare sector on a large scale and promote healthcare solutions with advanced computing capabilities.
Healthcare Business Intelligence Market Trends
Rising adoption of advanced technologies to boost the market growth
The technological advancements and developments in the healthcare sector are providing growth prospects for the healthcare business intelligence market. Healthcare business intelligence is applicable in the healthcare business intelligence sector as it helps to manage financial aspects as well as patient care. Moreover, the healthcare business intelligence market is expanding due to the rising implementation of different platforms and devices in the healthcare industry. The data and information collected through healthcare business intelligence software and tools help provide the best patient care and treatment.
Further, adopting cloud-based software allows hospitals, health providers, payers, and life sciences manufacturers to convert their data into insightful dashboards and graphs, propelling the market growth. For instance, in March 2020, the Australian Department of Health introduced the Coronavirus Australia App using Google Cloud to deliver real-time information about the virus spread patterns, lockdowns and restrictions, and specific COVID-19 healthcare information. The interactive graphs and dashboard permit the end-user to directly manage revenues, service rate comparisons, patient care status, and patient admission trends and easily use patient data without going through various data siloes. The BI-enabled analytics graphs permit end-user efficiently data-supported decisions to decrease operating costs, improvise service, and propel market growth. Moreover, introducing a mobile-friendly healthcare Clinical intelligence solution for staying updated is another vital factor driving the growth of the healthcare business intelligence market revenue.
Additionally, the government of developed and developing countries is heavily investing in the growth and development of the healthcare business intelligence sector. In addition, the government is also taking significant steps for the growth of the healthcare business intelligence market. All of these aforementioned factors have enhanced the healthcare business intelligence market CAGR across the globe in recent years.
Healthcare Business Intelligence Market Segment Insights
Healthcare Business Intelligence Component Insights
The healthcare business intelligence market segmentation, based on components, includes platforms, software, and service. The software segment held the majority share in 2022, contributing to the healthcare business intelligence market revenue. This is owing to its wide usage in the healthcare industry. The business intelligence software permit administrators to track key performance that analyzes, manages, and helps organizations adapt their performance based on accurate data and analytics-based insights. However, service is the fastest-growing category over the forecast period. The services allow structured data-driven decision-making by extracting data from the core system and organizing it into a high-performance data warehouse. The growing advancements in BI software and the demand for the services such as modernizing data infrastructure are expected to increase over the forecast period.
Healthcare Business Intelligence Function Insights
The healthcare business intelligence market data has been bifurcated by function, including OLAP and visualization, and performance management. The performance management segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increased adoption of software such as SaaS that offers next-generation cloud computing applications that positively impact market growth. However, OLAP and visualization is the fastest-growing category over the forecast period due to the development of next-gen customized solutions.
Figure 1: Healthcare business intelligence market, by Function, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Healthcare Business Intelligence Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America healthcare business intelligence market accounted for USD 1.145 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed owing to the increased implementation of healthcare business intelligence solutions and services in healthcare business intelligence to offer enhanced patient care. The reduced expenses and large manufacturing hubs are among the key factors driving regional growth of the healthcare business intelligence industry. Additionally, the constant upgrading of healthcare and IT infrastructure, along with increased adoption of cloud computing, contributes to the region's growth. For instance, in April 2021, the United States Department of Energy's Oak Ridge National Laboratory (ORNL) deployed one of the world's most powerful and smartest supercomputers, named "Summit," built by IBM. This new system will help in emergency computation and can also be used to perform simulations at a very high speed.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: HEALTHCARE BUSINESS INTELLIGENCE MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's healthcare business intelligence market accounts for the second-largest market share owing to the rising awareness about healthcare business intelligence tools among healthcare business intelligence providers and organizations due to increasing government initiatives. Further, the Germany healthcare business intelligence market held the largest market share, and the UK healthcare business intelligence market was the fastest-growing market in the European region.
The Asia-Pacific healthcare business intelligence market is expected to grow at the fastest CAGR from 2023- 2032. The increased penetration of mobile-based solutions and enhanced implementation of technologically advanced healthcare business intelligence solutions in countries including India, China, and Japan is propelling the regional market growth. Moreover, China healthcare business intelligence market held the largest market share, and the India healthcare business intelligence market was the fastest-growing market in the Asia-Pacific region.
Healthcare Business Intelligence Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the healthcare business intelligence market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the healthcare business intelligence industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the global healthcare business intelligence industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. In the healthcare business intelligence market, major players, such as Microsoft Corporation, International Business Machines Corporation, SAP SE, Oracle Corporation, and others, are working on expanding the market demand by investing in research and development activities.
Snowflake Inc. is a cloud computing–based data cloud company based in Bozeman, Montana. It was introduced in July 2012 and was publicly established in October 2014 after two years in stealth mode. The firm allows cloud-based data storage and analytics service called "data-as-a-service.”It permits corporate users to store and analyze data utilizing cloud-based hardware and software. Snowflake services' prominent features are separation of storage and compute, on-the-fly scalable compute, data sharing, data cloning, and third-party tools support to handle the demanding needs of growing enterprises. In March 2022, Snowflake launched a cloud-based data-sharing platform for the healthcare industry that integrates the company’s core data warehousing, analytics, and healthcare business intelligence offerings with a data marketplace and on-demand consulting services.
Also, Microsoft Corporation is an American multinational technology corporation headquartered in Redmond, Washington, US. Microsoft's best-known software products are the Microsoft Office suite, the Windows line of operating systems, and the Internet Explorer and Edge web browsers. Its flagship hardware devices are the Xbox video game consoles and the Microsoft Surface lineup of touchscreen personal computers. In March 2022, Microsoft announced the general availability of Azure Health Data Services, a cloud-based platform for managing and analyzing various forms of patient data. The Azure Health Data Services platform-as-a-service (PaaS) helps organizations manage disparate forms of protected health information (PHI) across multiple data stores, letting them work with -- and make sense of -- patient data using less time and resources. Hence, the launch of technologically advanced products is driving the market growth.
Key Companies in the Healthcare Business Intelligence market include
- Microsoft
- Oracle Corporation
- SAP
- Tableau Software Inc.
- Perficient Inc.
- Tibco Software Inc.
- Infor Inc.
- Domo Inc.
- Sisense Inc.
- Panorama Software Inc, among others
Healthcare Business Intelligence Industry Developments
Jan 2022: PINC AI, the technology and services platform of Premier Inc., launched INsights, an enhanced self-service healthcare business intelligence solution to create customized, on-demand analytics. Insights is a vendor-agnostic analytics platform that accesses PINC AI's cleansed, standardized, and risk-adjusted healthcare data, covering more than 45% of all US hospital inpatient discharges.
Jan 2022: CareCloud Inc., one of the leaders in healthcare technology solutions for medical practices and health systems nationwide, announced the launch of its abridged business intelligence platform, PrecisionBI Lite (PBI Lite), to expand the company’s addressable market and extend powerful, financial analytics and business insights to small, independent practices.
Healthcare Business Intelligence Market Segmentation
Healthcare Business Intelligence Component Outlook
- Platforms
- Software
- Service
Healthcare Business Intelligence Function Outlook
- OLAP and Visualization
- Performance Management
Healthcare Business Intelligence Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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