Healthcare Business Intelligence Market Opportunities in Healthcare Industry
Posted by HealthcareNews on April 8th, 2020
Factors such as the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries are expected to drive the growth of the healthcare business intelligence market.
The healthcare business intelligence market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3%.
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Objectives of Study:
1. To define, describe, and forecast the market on the basis of component, function, application, deployment model, end user, and region.
2. To provide detailed information regarding the factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
3. To analyze market opportunities for stakeholders and provide details of the competitive landscape for market leaders
The healthcare business intelligence platforms segment are expected to account for the largest share of the market. The large share of this market segment is mainly driven by the increasing requirement for customized BI solutions catering to individual requirements of organizations and allowing them the flexibility to build and integrate BI solutions into existing healthcare business applications for higher efficiency and reduced costs.
The market, by function, is segmented into OLAP & visualization, performance management, and query & reporting. In 2018, OLAP & visualization is expected to account for the largest share of the market. OLAP & visualization provides quick insights for decision-making, allows for productivity improvement, and provides competitive advantages; these benefits have supported the growth of this market segment.
In 2018, the payers segment is expected to account for the largest share of the market. Factors such as rising healthcare costs; the growing need to increase memberships and curb fraudulent claims, optimize provider networks, and reduce operational costs; and increasing competition are compelling healthcare payers to adopt BI solutions.
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Geographic Growth Analysis:
The market is dominated by North America, followed by Europe, Asia, and RoW. The market in North America is expected to witness the highest growth during the forecast period. The high growth of the North American market can be attributed to the increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.
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