Healthcare Business Intelligence Market to Reach Valuation of USD 16.58 Billion by 2028 - Increasing Demand for Healthcare Business Intelligence in Retail and Healthcare Sector to Drive the Market Growth

From the period 2022 to 2028, the Global Healthcare Business Intelligence market is expected to reach USD 16.58 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 14.50%.

Healthcare Business Intelligence is a technologically driven process that includes the use of a variety of tools, applications, and methods to gather data from external and internal sources, analyze it, and design and run queries against it. The patient population in hospitals, clinics, and other healthcare institutions is growing regularly. This means that as the number of patients grows, so does the amount of data that has to be captured, saved, and managed. The Healthcare Business Intelligence (BI) market is expected to grow due to factors such as the implementation of government initiatives to increase EHR adoption, the growing adoption of data-driven decision-making, the growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the growing number of patient registries.

Key Highlights from the Report

• Based on application, the Healthcare Business Intelligence (BI) market is segmented into clinical analysis and financial analysis. The financial analysis segment is contributing the largest share of the market. The market for financial analysis is predicted to rise significantly throughout the forecast period, owing to payers' increased focus on early identification of fraud and lowering avoidable expenditures. Cost management, cash flow management, claims management, and sales and profitability management are just a few of the features available. Market growth is being fueled by providers' growing use of financial analytic software for revenue cycle management, risk assessment, and claims processing.

• Based on the deployment model, On-premise Model, Cloud-based Model, Hybrid Model, Payers, Providers, and Others are the various segments of the market. The On-premise model category is predicted to have the biggest market share in 2021. This is mostly because the On-premise deployment approach is more configurable than the other two. Over the projection period, on-premises deployment is expected to rise steadily. These solutions allow for adjustments based on an organization's needs.

• Asia Pacific is the fastest regional segment. The Asia Pacific is anticipated to witness significant growth due to increasing penetration, spreading loT connectivity, and growing investment in healthcare infrastructure. Furthermore, healthcare organizations are moving away from conventional tool-centric data and tactical initiatives in favor of strategic and architecture-centric data, which may help them increase revenues. Mobile business intelligence solutions are becoming more popular, as are technologically sophisticated business intelligence solutions. Higher government initiatives are expected to boost the market throughout the forecast period, resulting in increased awareness of business intelligence tools among healthcare providers and enterprises.

Some of the key players in the Healthcare Business Intelligence market include - 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), BOARD International (Switzerland).

Market Dynamics:

An increase in healthcare spending, growing adoption of data-driven, decision-making solutions, and government initiatives to increase EH adoption are some of the driving factors of the Global Healthcare Business Intelligence market. Increased pressure on healthcare organizations to cut costs and improve patient outcomes, as well as an increase in the number of patient registries to maintain and strategic initiatives by market players to raise awareness about the benefits of healthcare BI solutions, will drive market growth over the forecast period.

The quantity of healthcare data acquired by various healthcare facilities has expanded as various technology devices and platforms have become more integrated with the healthcare industry. The data collected from a variety of healthcare facilities must be handled to get the most useful information. This will have a significant influence on decision-making and may affect disease management, clinical performance, patient management, and cost and waste reduction.

North America holds more than 39.60% of the Healthcare Business Intelligence Market share. During the projected period, the market in North America is predicted to expand the most. The rising use of healthcare intelligence solutions and services by healthcare providers (particularly in the US) to deliver better quality treatment and decrease healthcare costs is a prominent driver in the expansion of the North American industry.