Healthcare Business Intelligence Market Analysis, Global Size, Industry Forecast to 2023

Healthcare Business Intelligence Market Scenario, Global healthcare business intelligence market is expected to register a healthy CAGR over the forecast period. The market held a market value of USD 3,650.1 million in 2017 and is projected to grow at a CAGR of 15.5% during the forecast period. Business intelligence (BI) is a technology-driven process wherein, a wide range of tools, applications, strategies, and technologies are used by organizations to collect data from both internal and external sources, arrange it for analysis, develop and run queries against the data. BI technologies offer historical, current, and futuristic views of business operations to the executives, managers, and other corporate end users in order to assist in making better-informed business decisions. Healthcare business intelligence is the aggregation, analysis, and use of clinical, financial, operational, and non-traditional data captured from internal and external sources of the healthcare settings to make effective decision-making. Some of the major factors driving the market growth are the emergence of big data in the healthcare industry, rising demand to curtail healthcare expenditure and improve patient outcomes, a growing number of patient registries, and increasing adoption of data-driven decision-making. For instance, according to Evariant, Inc., big data is helping the healthcare sector to transform the industry, paving the way for a more efficient and effective future. The big data is expected to add USD 300 million per year to the US’s USD 2.8 trillion healthcare industry in 2019., But on the flip side, the complexity of systems and requirement of high investments in the business intelligence sector are anticipated to restrain the market growth over the forecast period from 2018 to 2023., Healthcare Business Intelligence Market Segmentation, The global healthcare business intelligence market has been segmented into component, function, application, deployment model, end user, and region., By component, the market has been segmented into platforms, software, and services. The platforms segment is expected to hold substantial market share throughout the forecast period due to the growing need for customized BI soluti

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Healthcare Business Intelligence Market Scenario

Global healthcare business intelligence market is expected to register a healthy CAGR over the forecast period. The market held a market value of USD 3,650.1 million in 2017 and is projected to grow at a CAGR of 15.5% during the forecast period. Business intelligence (BI) is a technology-driven process wherein, a wide range of tools, applications, strategies, and technologies are used by organizations to collect data from both internal and external sources, arrange it for analysis, develop and run queries against the data. BI technologies offer historical, current, and futuristic views of business operations to the executives, managers, and other corporate end users in order to assist in making better-informed business decisions. Healthcare business intelligence is the aggregation, analysis, and use of clinical, financial, operational, and non-traditional data captured from internal and external sources of the healthcare settings to make effective decision-making. Some of the major factors driving the market growth are the emergence of big data in the healthcare industry, rising demand to curtail healthcare expenditure and improve patient outcomes, a growing number of patient registries, and increasing adoption of data-driven decision-making. For instance, according to Evariant, Inc., big data is helping the healthcare sector to transform the industry, paving the way for a more efficient and effective future. The big data is expected to add USD 300 million per year to the US’s USD 2.8 trillion healthcare industry in 2019.

But on the flip side, the complexity of systems and requirement of high investments in the business intelligence sector are anticipated to restrain the market growth over the forecast period from 2018 to 2023.

Healthcare Business Intelligence Market Segmentation

The global healthcare business intelligence market has been segmented into component, function, application, deployment model, end user, and region.

By component, the market has been segmented into platforms, software, and services. The platforms segment is expected to hold substantial market share throughout the forecast period due to the growing need for customized BI solutions catering to specific requirements of enterprises and enabling them the flexibility to build and integrate BI solutions into existing healthcare business applications for higher service efficiency and reduced healthcare costs.

On the basis of function, the market has been divided into OLAP and visualization, performance management, and query and reporting.

Based on application, the market has been categorized into financial analysis, clinical analysis, and operational analysis. The financial analysis is further categorized into claims processing, revenue cycle management, payment integrity and fraud, waste, and abuse, and risk adjustment and assessment. The clinical analysis segment is sub-segmented into quality improvement and clinical benchmarking, clinical decision support, regulatory reporting and compliance, comparative analytics/effectiveness, and precision health. The operational analysis segment is additionally divided into inventory analysis, workforce analysis, and strategic analysis.

By deployment model, the market has been divided into cloud-based, on-premise, and hybrid. On the basis of end user, the market has been categorized into payers, providers, and others.

The global healthcare business intelligence market has been segmented by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The healthcare business intelligence market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.

The European healthcare business intelligence market has been segmented into Western Europe and Eastern Europe. The Western Europe healthcare business intelligence market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.

The healthcare business intelligence market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The healthcare business intelligence market in the Middle East & Africa has been segmented into the Middle East and Africa.

Healthcare Business Intelligence Regional Market Summary

Global Healthcare Business Intelligence Market Share (%), by Region, 2017

Source: White Papers, Company Presentations, Annual Reports

Geographically, in 2017, the Americas led the global healthcare business intelligence market due to the presence of software and service providers (Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, and SAS Institute), availability of high-quality health services, rising adoption of healthcare intelligence solutions and services by healthcare enterprises in the US and Canada.

The rapid adoption of advanced medical technologies, growing healthcare industries, spreading internet of things (IoT) connectivity, increasing demand for predictive systems and electronic health record (EHR) software in the UK, Germany, France, and Spain are supporting the second-largest rank of Europe in the healthcare business intelligence market. For instance, the MedTech Europe, a European trade association stated that the medical technology industry continues to be one of Europe’s most diverse and innovative high-tech sectors and around 95% of Europe’s 25,000 medical technology companies are small and medium-sized enterprises (SMEs).

The market in Asia-Pacific will witness the fastest growth during the forecast period attributed to rising penetration of smartphones and internet, increasing investment in the healthcare infrastructure, advancement in algorithm development, and machine learning. Moreover, Indian companies are shifting from traditional, tactical, and tool-centric data and analytical projects to strategic, state-of-the-art, and architecture-centric data and analytics programs, which is assisting in the profitable market growth.

The healthcare business intelligence market in the Middle East & Africa would register the modest market growth rate from 2018 to 2023 owing to the presence of digital transformation initiatives and spending on business intelligence and analytics in the United Arab Emirates (UAE) and South Africa. The cloud-based deployments of enterprise application solutions are gaining momentum in the Gulf Cooperation Council (GCC) region as it offers flexibility, scalability, and cost benefits to healthcare enterprises.

Global Healthcare Business Intelligence Market, by Component

Platforms

Software

Services

Global Healthcare Business Intelligence Market, by Function

OLAP and Visualization

Performance Management

Query and Reporting

Global Healthcare Business Intelligence Market, by Application

Financial Analysis
- Claims Processing
- Revenue Cycle Management
- Payment Integrity and Fraud, Waste, and Abuse
- Risk Adjustment and Assessment

Clinical Analysis
- Quality Improvement and Clinical Benchmarking
- Clinical Decision Support
- Regulatory Reporting and Compliance
- Comparative Analytics/Effectiveness
- Precision Health

Operational Analysis
- Inventory Analysis
- Workforce Analysis
- Strategic Analysis

Global Healthcare Business Intelligence Market, by Deployment Model

Cloud-based

On-premise

Hybrid

Global Healthcare Business Intelligence Market, by End User

Global Healthcare Business Intelligence Market, by Region

Americas
- North America
- Latin America

Europe
- Western Europe
  - Germany
  - France
  - Italy
  - Spain
  - UK
  - Rest of Western Europe
- Eastern Europe

Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific

Middle East & Africa

Global Healthcare Business Intelligence Market, by Key Players

Microsoft Corporation

International Business Machines Corporation

SAP SE

Oracle Corporation

SAS Institute

Tableau Software

MicroStrategy Incorporated

Qlik Technologies

Information Builders

Sisense

Yellowfin International Pty Ltd

BOARD International S.A.

Intended Audience

Cloud service provider

SaaS providers

Network service providers

Storage providers

Research institutes

Hardware providers

Software developers

Venture capitalists

Association and government bodies

Market research and consulting service providers

Hospitals and clinics

Research and academic institutes

Corporate entities

Frequently Asked Questions (FAQ) :

The global healthcare business intelligence market was valued at USD 3.6 billion in 2017.

The global market is expected to exhibit a solid 15.5% CAGR over the forecast period.

The rising use of data-driven decision making in the healthcare sector is the major driver for the healthcare business intelligence market.

The Americas led the global market in 2017.

Leading players in the healthcare business intelligence market include Microsoft, SAP SE, Oracle Corporation, and Sisense, among others.

Table of Contents:

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1. Definition

2.2. Scope of the Study

2.2.1. Research Objective

2.2.2. Assumptions

2.2.3. Limitations

Chapter 3. Research Methodology

3.1. Introduction

3.2. Primary Research

3.3. Secondary Research

3.4. Market Size Estimation

Chapter 4. Market Dynamics

4.1. Drivers

4.2. Restraints

4.3. Opportunities

4.4. Challenges

4.5. Macroeconomic Indicators

4.6. Detection Technique Trends & Assessment

Chapter 5. Market Factor Analysis

5.1. Porter’s Five Forces Analysis

5.1.1. Bargaining Power of Suppliers

5.1.2. Bargaining Power of Buyers

5.1.3. Threat of New Entrants

5.1.4. Threat of Substitutes

5.1.5. Intensity of Rivalry

5.2. Value Chain Analysis

5.3. Investment Feasibility Analysis

5.4. Pricing Analysis

Chapter 6. Global Healthcare Business Intelligence Market, by Component

6.1. Introduction

6.2. Platforms