PUBLISHER: The Business Research Company | PRODUCT CODE: 1391288
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391288
“Healthcare Business Intelligence Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare business intelligence market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare business intelligence? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The healthcare business intelligence market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Healthcare business intelligence involves the utilization of dashboards, metrics, reports, and solutions specifically designed to identify patterns and drive outcomes. Healthcare providers leverage business intelligence to gain insights that facilitate increased revenue, reduced costs, and improved patient safety and outcomes.
The key components of healthcare business intelligence encompass platforms, software, and services. A platform, in this context, refers to software assisting healthcare businesses in gathering, understanding, and visualizing their data. The platform's functions include query and reporting, Online Analytical Processing (OLAP) and visualization, performance management, hybrid models, and cloud-based models. Modes of delivery encompass on-premise, hybrid, and cloud-based models, applied in financial analysis, clinical data analysis, patient care analysis, and other applications utilized by payers, healthcare providers, and various end-users.
The healthcare business intelligence Market Research Report is one of a series of new reports from The Business Research Company that provides healthcare business intelligence market statistics, including healthcare business intelligence industry global market size, regional shares, competitors with a healthcare business intelligence market share, detailed healthcare business intelligence market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare business intelligence industry. This healthcare business intelligence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare business intelligence market size has grown rapidly in recent years. It will grow from $8.92 billion in 2023 to $10.32 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth observed in the historical period can be attributed to several key factors, including a focus on regulatory compliance, heightened data integration, efforts in cost control, initiatives in population health management, and a commitment to quality improvement. These elements collectively played a significant role in driving growth during this historical timeframe.
The healthcare business intelligence market size is expected to see rapid growth in the next few years. It will grow to $18.49 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The anticipated growth in the forecast period can be attributed to various key factors, including the increasing adoption of telehealth and remote monitoring, efforts towards interoperability, heightened concerns over cybersecurity, preparedness for pandemics, and advancements in precision medicine. Major trends expected in the forecast period encompass the utilization of real-time data analytics, predictive analytics, a focus on data security and privacy, the adoption of cloud-based business intelligence solutions, and the integration of artificial intelligence (AI) and machine learning. These factors and trends collectively contribute to the projected growth in the upcoming period.
The growth of the healthcare business intelligence (BI) market is expected to be driven by the rise in healthcare spending. Healthcare spending encompasses all expenditures related to health services, family planning activities, nutrition activities, and emergency aid designated for healthcare purposes. Healthcare BI provides various benefits for enhancing patient safety and healthcare improvements, and an increase in healthcare spending contributes to the growing demand for healthcare BI solutions. As an example, a report published by the UK's Office for National Statistics in May 2023 revealed a 9.4% increase in healthcare spending in the UK between 2020 and 2021 in nominal terms and a 9.7% increase in real terms. This increase in healthcare spending is identified as a key factor driving the growth of the healthcare business intelligence market.
The rising incidence of chronic diseases is anticipated to propel the healthcare business intelligence market. Chronic diseases, which persist over an extended period, require ongoing medical management. Healthcare BI plays a crucial role in chronic disease management by enhancing patient care, optimizing resource allocation, reducing costs, and enabling data-driven decision-making for improved long-term patient health outcomes. According to projections from the National Center for Biotechnology Information (NCBI) in January 2023, the number of individuals aged 50 years and older with at least one chronic illness is expected to increase by 99.5% by the year 2050, rising from 71.522 million in 2020 to 142.66 million. The escalating incidence of chronic diseases is identified as a significant driver for the healthcare business intelligence market.
Technological advancement is a prominent trend gaining popularity in the healthcare business intelligence market. Companies operating in the BI sector are actively developing innovative solutions to strengthen their market positions. For example, in July 2022, Experity, a Brazil-based software services company, launched Experity Business Intelligence (BI). This new module, integrated within Experity's electronic medical record and practice management solution, features pre-built clinical, operational, and financial dashboards specifically tailored for urgent care, reflecting the industry's commitment to leveraging technological advancements to enhance healthcare BI solutions.
Key players in the healthcare business intelligence market are strategically focusing on technological advancements, exemplified by the development of the healthcare and life sciences data cloud platform, to sustain their positions in the market. The healthcare and life sciences data cloud platform is a Software as a Service (SaaS) solution designed to integrate data-related services and consulting to address challenges faced by the healthcare industry, particularly those related to the pandemic. In March 2022, Snowflake, a prominent US-based cloud computing company, launched the healthcare and life sciences data cloud platform. This cloud-based platform combines a data marketplace, on-demand consulting services, and Snowflake's core data warehousing, analytics, and business intelligence products tailored for the healthcare sector. The integration of third-party services with Snowflake's core applications creates a comprehensive SaaS option, emphasizing the commitment to leveraging technology to address the evolving needs of the healthcare industry.
In September 2021, Azalea Health, a US-based cloud-based health IT platform, made a strategic move by acquiring DashboardMD for an undisclosed amount. This acquisition of cloud-based software solutions enhances healthcare providers' ability to derive actionable insights directly from electronic health records, contributing to improved patient outcomes through the integration of technology and data-augmented care. DashboardMD, a US-based cloud provider of healthcare business intelligence services, aligns with the industry's focus on strategic acquisitions and partnerships to enhance capabilities in the healthcare business intelligence sector. This reflects the ongoing commitment to advancing technology and data-driven solutions for the benefit of healthcare providers and patients alike.
Major companies operating in the healthcare business intelligence market include Microsoft Corporation, Oracle Corporation, Tableau Software, SAP SE, IBM Corporation, QlikTech International AB, Sisense Inc., SAS Institute Inc., BOARD International, Yellowfin BI, MicroStrategy Incorporated, Infor Inc., Domo Inc., Information Builders, Perficient Inc., Tibco Software Inc., Panorama Software Inc., Definitive Healthcare, Dimensional Insight Inc., Looker Data Sciences Inc., GoodData Corporation, Phocas Software, Pyramid Analytics Inc., Dundas Data Visualization Inc., Alteryx Inc., ThoughtSpot Inc., Rapid Insight Inc., Aptean Inc., Health Catalyst Inc., Arcadia.io Inc., MedeAnalytics Inc., McKesson Corporation, Optum Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., Athenahealth Inc., Epic Systems Corporation, GE Healthcare, Philips Healthcare, Siemens Healthineers, Change Healthcare
North America was the largest region in the healthcare business intelligence market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare business intelligence market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the healthcare business intelligence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The healthcare business intelligence market includes revenues earned by entities by providing services such as treatment planning, facility supply chain management, and patient follow up planning. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.