global Healthcare Business Intelligence market size is expected to be worth around US$ 10.70 billion by 2028, according to a new report by Vision Research Reports.
The global Healthcare Business Intelligence market size was valued at US$ 4.65 billion in 2020 and is anticipated to grow at a CAGR of 12.12% during forecast period 2021 to 2028.
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.
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.
software emerged as one of the key potential segments, mainly owing to its wide usage in healthcare industry. The growing adoption of software such as SaaS that offers next generation cloud computing applications such as revenue cycle management, supply chain management, enterprise performance management, enterprise resource planning, and business process management are among few key factors boosting the healthcare business intelligence (BI) market growth.
Moreover, growing need for efficient management of workflows in the healthcare facilities, and increasing demand for personalized and customized information in emerging economies are driving growth of the software market. The adoption of healthcare BI software is majorly increasing due to the growing need to manage financial operations. These applications are continuously evolving and focus on enhancing the patient outcomes along with real-time sharing of patients’ data. BI software further allows to identify which services offered by healthcare organizations are most profitable and which ones are underused. This allows organizations to make necessary changes and to generate maximum profit.
Services segment is expected to emerge at a steady growth rate of 11.5% over the forecast period. Owing to increasing advancements in BI software, the demand for the services such as modernizing data infrastructure and legacy data migration is expected to increase. The development of next-gen customized solutions such as intuitive data modeling, robust database design for all the enterprise systems, and smart data visualizations, is a key factor boosting the growth of services segment.
In 2018, cloud-based delivery mode was the largest segment with a revenue share of 46.8% in the healthcare business intelligence market. However,hybrid (cloud-based/On-premise) mode of delivery is expected to be the fastest growing segment over the forecast period. Companies are increasingly adopting cloud-based business intelligence tools, such as Customer Relationship Management (CRM) applications by salesforce, patient engagement CRM, analytics cloud for HR, and others. This is due to the properties such as agility and accessibility of cloud-based tools. Increasing demand for cost-effective, user-friendly technology, and higher acceptance rate are the key factors contributing to the high share of the segment. Increasing penetration of cloud computing among healthcare providers for managing the revenue cycle and enhancing patient care is further boosting the market growth.
On-premise deployment is expected to register a moderate growth rate of 12.5% over the forecast period. Distinct challenges such as ineffective implementation and governance, staff recruitment, training, retention, and constant policy and process challenges along with high upfront infrastructure and set up costs, are a few key factors responsible for lower adoption of in-premise mode of delivery. In addition, due to the risk of security breaches in on-premise deployment, interrupted network performance, high costs associated with hosting servers; majority of the healthcare organizations are shifting towards cloud-based deployments. This is expected to positively impact the cloud-based segment growth over the forecast period.
financial analysis was the largest application segment with a revenue share of 37.2%. Whereas,patient care is expected to witness the fastest growth over the forecast period. According to a study published by McKinsey Global Institute, it is estimated that healthcare organizations opting for business intelligence and big data are capable of collectively saving between USD 300 to USD 450 billion annually, in U.S. Increasing adoption of financial analytic software among the providers for the management of revenue cycle, risk assessment and claims processing are further boosting the growth of healthcare business intelligence application in financial analysis.
However, revenue share in patient care segment is expected to register the fastest CAGR over the forecast period. Healthcare organizations are focused on providing advance patient and clinical care, decreasing readmissions, improving personnel distribution, and managing patient expenses. Thus, they require business intelligence tools in life science industry to offer enhanced patient care as well-analyzed data offer better insights.
Using a business intelligence tool in healthcare for patient care offer insights regarding time optimization. This allows the efficient implementation of labor distribution thereby offering more efficient patient management. Thus, the segment is expected to expand at the fastest growth rate over the forecast period.
healthcare payers accounted for the largest revenue share and the manufacturers is expected to be the fastest growing segment over the forecast period. Increasing healthcare costs coupled with rising need to increase memberships and reduce fraudulent claims are some of the factors propelling the adoption of healthcare business intelligence solutions among the payers. Moreover, the increasing need to optimize provider networks, efficiently reduce the operational costs, and increasing competition among the payers is further expected to boost the segment growth in the forthcoming years.
Healthcare manufacturers segment is expected to expand at a significant growth rate over the forecast period. Presence of a large number of pharmaceutical and medical device manufacturers in the developed as well as emerging economies is a major factor responsible for the rapid revenue generation in the segment. Increasing adoption of Software as a service (SaaS) software by healthcare manufacturers have enabled them to reduce maintenance and development cost, thus expected to boost the segment growth.
Furthermore, customer analytics tools including direct marketing and Customer Relationship Management (CRM) dashboards help the providers such as hospitals, government agencies, employers and private exchangers, and others to maximize their efficiency, improve revenue, and save costs. This in turn, is further expected to encourage the adoption of business intelligence tools among providers.
North America accounted for the largest market share in terms of revenue. The increased implementation of healthcare BI solutions and services by the providers to offer enhanced patient care and reduced expenses coupled with the presence of large manufacturing hubs are among the key factors driving the regional growth. Moreover, constantly upgrading healthcare and IT infrastructure along with increased adoption of cloud computing is contributing significantly to the market growth.
U.S. accounted for the highest revenue share in North America market in 2020 g to the easy availability of BI infrastructure and professional BIG data crowd. In addition, rapid technological advancements in the fields of biotechnology, high adoption of advanced BI technology coupled with changing analytics protocols are further anticipated to boost revenue growth in the U.S.
Oracle Corporation; SAP; Microsoft; Salesforce; Tableau Software; TIBCO Software Inc.; Sisense Inc.; Domo, Inc.; Looker Data Sciences Inc.; and Infor Inc.
Mode of Delivery Outlook
Revenue Cycle Management
Payment Integrity and Fraud, Waste, & Abuse (FWA)
Risk Adjustment and Risk Assessment
Supply Chain Analysis
Quality Improvement and Clinical Benchmarking
Clinical Decision Support
Regulatory Reporting and Compliance
Middle East & Africa
The Healthcare Business Intelligence market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Healthcare Business Intelligence market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Healthcare Business Intelligence market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Healthcare Business Intelligence market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Healthcare Business Intelligence market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Healthcare Business Intelligence capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Healthcare Business Intelligence by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Healthcare Business Intelligence market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Healthcare Business Intelligence market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Healthcare Business Intelligence market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Healthcare Business Intelligence industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Healthcare Business Intelligence market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Healthcare Business Intelligence market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Healthcare Business Intelligence market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Healthcare Business Intelligence market. These factors have benefited the growth of the global market for Healthcare Business Intelligence. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Healthcare Business Intelligence. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Healthcare Business Intelligence are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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