Healthcare Business Intelligence Market To Hit Value .64 Billion By 2025

Posted by Mrudula Anil Karmarkar on March 25th, 2021

The global healthcare business intelligence market size is expected to reach USD 10.64 billion by 2025, registering a CAGR of 12.8% during the forecast period, according to a new report by Grand View Research, Inc. Increase in adoption of data-driven decision making, emergence of cloud based business intelligence (BI) solutions for healthcare industry, increased focus to reduce spending, and emergence of mobile-based healthcare BI solutions are the key factors contributing to the growth. Growing requirement of business intelligence tools to reduce costs for operational performance, claims, and clinical analysis is another major factor positively impacting the market.

Factors, such as the constantly increasing volume of digital information and data sources, complexity of data generated in healthcare organizations, coupled with growing need for the advanced business intelligence solutions to support decision-making are boosting the demand for business intelligence solutions and services. The massive amounts of unstructured and structured data generated by medical organizations and institutions is critical to manage, thus there is huge requirement for advanced healthcare BI software by hospitals and other healthcare organizations.

Increasing adoption of cloud-based healthcare BI software solutions coupled with high dependency of healthcare on digital technology to operate functions of a complex healthcare system is further boosting the adoption of BI software over the past years. For instance, KenSci Clinical Analytics, a platform designed by Microsoft to predict clinical and operational risk involved in a healthcare facility to improve health outcomes and reduce operational costs.

In order to gain insights about patient care and satisfaction, clinical operations, labor distribution, physician practices, and administration and management; hospitals and other healthcare facilities require data visualization and predictive modeling tools, which in turn is increasing demand for healthcare business intelligence software among these end users.

Healthcare Business Intelligence Market Report Highlights

  • Software emerged as the largest product segment with a revenue share of 68.4% in 2018
  • Cloud-based mode of delivery accounted for the largest revenue share in 2018 and is expected to register the fastest CAGR over the forecast period
  • Healthcare payers emerged as the leading end use segment, however healthcare providers end use segment is expected to grow at a significant CAGR over the forecast period
  • North America accounted for the largest share of the healthcare business intelligence market due to increased implementation of healthcare BI solutions and services by the providers to offer enhanced patient care and reduced healthcare expenses
  • Market players, such Oracle Corporation; SAP; Microsoft; Salesforce; Tableau Software; TIBCO Software Inc.; Sisense Inc.; and Looker Data Sciences, Inc. are focused on increasing collaboration with powerful analytics platform providers to gain competitive edge in the market

Increasing adoption of this software by hospitals, health providers, payers, and life sciences manufacturers to convert their data into insightful dashboard and graphs is a significant factor anticipated to drive the growth. Implementation of BI platform offer end-users with the dashboard’s interactive graphs that allow them to directly manage revenues, patient care status, service rate comparisons, patient admission trends, and easy access to patient data by age, gender, Emergency Room (ER) visits without going through the endless information. The graphs in BI-enabled analytics allow end-users to efficiently make data supported decisions so as to reduce operating costs, improvise service, and propel the market growth. Moreover, introduction of mobile-friendly BI solution for staying updated and notified while on-the-go is another vital factor driving revenue growth.

Business intelligence and big data are expected to play key roles in future of healthcare industry as they have the potential to positively impact all the stakeholders including patients, clinical staff, physicians, employers, payers, and providers. This is projected to boost market growth.

BI solutions heavily rely on big data owing to the ever-growing volume of digital information generated by the providers, manufacturers, pharmaceutical professionals, and private insurance companies. Lately, insurance and clinical trial data has been made available to the public by the federal government and other regulatory bodies. Furthermore, Electronic Health Records (EHRs) have gained widespread implementation over the past few years. Owing to the introduction of advanced analytics in healthcare, it has now become easier to analyze patient data from multiple facilities, such as hospitals, post-acute care organizations, and private providers. Thus, the demand for these solutions is expected to rise in the forthcoming years.

Have a Query? Ask Our Expert:

https://www.grandviewresearch.com/inquiry/6854/ibb

These tools provide critical information in a simplified manner that can be easily interpreted by the users. They allow flexible integration and inter-operability within multiple modules such as HR, sales, and finance. This provides users with the option to gather data from any department either individually or in combination with other modules. Moreover, these solutions support large scale data distribution, wherein large volumes of personalized BI content can be efficiently shared with multiple end-users. Thus, owing to the valuable new data insights offered by healthcare BI, the demand for these software solutions and services is expected to increase at a steady pace over the forecast period.

Moreover, the increasing adoption of cloud computing across the globe has transformed the industry. Easy availability of cloud-based analytics and BI solutions and their vast applications are transforming the industry. The demand for cloud-based software is increasing due to focus of manufacturers and providers on achieving higher patient care and revenue optimization. Adoption of the cloud-based healthcare BI solutions among providers to optimize revenue cycle management, supply chain management, performance management, and clinical decision support has added to the significant growth in the market revenue.

Grand View Research has segmented the global healthcare business intelligence market on the basis of component, mode of delivery, application, and end use, and region:

Healthcare Business Intelligence Component Outlook (Revenue, USD Million, 2014 - 2025)

  • Software
  • Services

Healthcare Business Intelligence Mode of Delivery Outlook (Revenue, USD Million, 2014 - 2025)

  • On-premise
  • Cloud-based
  • Hybrid

Healthcare Business Intelligence Application Outlook (Revenue, USD Million, 2014 - 2025)

  • Financial Analysis

o    Claims Processing

o    Revenue Cycle Management

o    Payment Integrity and Fraud, Waste, & Abuse (FWA)

o    Risk Adjustment and Risk Assessment

  • Operational Analysis

o    Supply Chain Analysis

o    Workforce Analysis

o    Strategic Analysis

  • Clinical Analysis

o    Quality Improvement and Clinical Benchmarking

o    Clinical Decision Support

o    Regulatory Reporting and Compliance

o    Comparative Analytics/Effectiveness

o    Precision Health

  • Patient Care

Healthcare Business Intelligence End Use Outlook (Revenue, USD Million, 2014 - 2025)

  • Payers
  • Healthcare Providers
  • Healthcare Manufacturers

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

Like it? Share it!


Mrudula Anil Karmarkar

About the Author

Mrudula Anil Karmarkar
Joined: July 2nd, 2020
Articles Posted: 1,804

More by this author