Healthcare HEALTHCARE BUSINESS INTELLIGENCE (BI) MARKET IS PROJECTED TO GROW UP TO 15.5% CAGR DURING ...


HEALTHCARE BUSINESS INTELLIGENCE (BI) MARKET IS PROJECTED TO GROW UP TO 15.5% CAGR DURING THE FORECASTING PERIOD 2021-2027.

From cash flow monitoring to remaining compliant, the healthcare industry is becoming more data-driven. Healthcare business intelligence (BI), also known as healthcare analytics, seeks to gain insights into key health areas such as clinical treatment, financial processes, and administration with the goal of improving care and lowering costs. Healthcare organisations use analytics and reporting tools to obtain data-driven insights and optimise patient care. "Hospital business intelligence" or "healthcare BI" is the term for this system. Clinical organisations have used business intelligence to store data in a centralised data warehouse, keep patient data secure, conduct accurate research, and share reports among departments as part of a modern, integrated approach to healthcare. Clinical BI is important because healthcare organisations generate a lot of data, including electronic health records (EHRs), patient reviews, organisational data, and financial data.

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Key Driving Factors:In the healthcare BI market, the cloud-based model is expected to develop at the fastest pace.

Companies are rapidly implementing cloud-based business intelligence tools, such as Salesforce's Customer Relationship Management (CRM) applications, patient experience CRM, and others, and the cloud-based distribution model has been found to be the fastest growing segment. This is due to cloud-based tools' attributes such as agility and usability. Furthermore, they are cost-effective, user-friendly solutions with a higher acceptance rate, so all of these factors contribute to the segment's large share. The increasing acceptance of cloud-based models, combined with healthcare's high reliance on digital technology to run the functions of a complex healthcare system, is propelling the industry forward.

This report offers the major market player’s profiles, such as Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia), and BOARD International (Switzerland).


Opportunities: Changes in government regulations: 

Government regulations in many nations, including the United States and Europe, are spurring the adoption of healthcare business intelligence platforms. For example, the Affordable Care Act in the United States mandates that the healthcare sector replace obsolete platforms with newer ones. As a result of these changes, healthcare organisations are forced to implement innovative healthcare BI platforms. In the near future, however, government policy reforms and efforts to improve healthcare infrastructure are expected to accelerate the growth of the healthcare BI platform market in emerging economies.

By End User:

The market is divided into payers, providers, and other end users based on the end user. The payers segment is projected to take the largest share of the market in 2018. Healthcare payers are being compelled to implement BI solutions by factors such as the healthcare prices, the the need to increase memberships and curb fraudulent claims, improve provider networks, and minimise operational costs, and increased competition.

The Healthcare Business Intelligence (BI) Market report has been categorized as below

By Component

  • Services
  • Software
  • Platforms

By Deployment Mode

  • On-premise Delivery Mode
  • Cloud-based Delivery Mode
  • Hybrid Delivery Mode

By Function

  • Query and Reporting
  • OLAP and Visualization
  • Performance Management

By Application

  • Financial Analysis
  • Claims Processing
  • Revenue Cycle Management
  • Payment Integrity and Fraud, Waste, & Abuse (FWA)
  • Risk Adjustment and Risk Assessment
  • Operational Analysis     
  • Supply Chain Analysis
  • Workforce Analysis
  • Strategic Analysis
  • Clinical Analysis
  • Quality Improvement and Clinical Benchmarking
  • Clinical Decision Support
  • Regulatory Reporting and Compliance
  • Comparative Analytics/Effectiveness
  • Precision Health

By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World

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Published Date : May-2021