The healthcare business intelligence market is projected to grow at a healthy CAGR of 8.1%. The market valuation is forecasted to reach US$ 7.4 Bn by 2032 from US$ 3.4 Bn in 2022. The amount of healthcare business data acquired by various healthcare establishments has expanded as various technological devices and platforms have become more integrated into the healthcare industry. The data collected from a variety of healthcare facilities must be managed in order to get the most useful information. The healthcare industry is expected to profit greatly from the widespread healthcare business intelligence market adoption trends. Owing to the government measures to encourage EHR adoption and the growing number of patients, the healthcare business intelligence market size is projected to experience substantial growth. Due to the execution of government measures to encourage EHR adoption, the growing number of patient registries, and the rise of big data in the healthcare business, the healthcare business intelligence market is likely to experience rapid expansion.
The global healthcare business intelligence market study shows that patient data is rapidly being recognized by healthcare decision-makers as a source of commercial insight. When patient data is analyzed with business intelligence tools, it can aid in improving clinical performance, patient management, illness management, and cost and waste reduction. The adoption of healthcare business intelligence platforms is being boosted by government legislation in numerous nations, including the United States and Europe. The federal government’s increased spending is expected to boost demand for healthcare business analytics. Furthermore, the growth and expansion of the healthcare business intelligence industry, which is driven by both public and private actors, would generate profitable healthcare business intelligence market growth possibilities, particularly in developing economies. The study by future market insights quotes an increase in personal disposable income, increased awareness of the numerous benefits of healthcare business intelligence among small and medium-sized players, increased awareness of the benefits of advanced analytical solutions, and increased investment in the development of advanced and innovative technology all contribute to the market’s positive growth rate.
The sales of healthcare business intelligence are expected to be hampered by high costs associated with research and development initiatives, insufficient knowledge in developing economies, limited physical infrastructure, increasing instances of inaccurate and misappropriated data, and a scarcity of skilled medical professionals and researchers.
In addition, the growing healthcare business intelligence market is expected to face challenges in the forecast period due to a lack of favorable regulatory scenarios, technological penetration in developing nations, and the demand for high-end capital investment to present and sustain such services.
Key Takeaways
· In 2021, the cloud-based delivery mode segment had the biggest healthcare business intelligence market share, accounting for 47.5 percent.
· In 2021, healthcare payers contributed 39.0 percent of total revenue. The market is expected to grow due to a rising requirement for provider network optimization, as well as the adoption of various healthcare business intelligence solutions to efficiently reduce operating costs and increased competition among payers.
· Over the projection period, the healthcare manufacturers category is expected to increase at a significant rate. The existence of a significant number of pharmaceutical and medical device producers in both developed and emerging nations is one of the main reasons for the segment’s strong revenue growth.
· The Indian market size is expected to grow at a CAGR of 12.8%, with the global healthcare business market valuation likely to reach US$ 684 Mn by 2032.
· As per the global industry analysis, due to increased policy measures, Asia Pacific is expected to be the most lucrative regional market throughout the projected period, as healthcare providers and businesses become more aware of business intelligence tools.
Competitive Landscape
The healthcare business intelligence market is moderately competitive, with a number of large and growing firms. The market’s expansion has been aided by product innovation and continuous R&D activities to produce improved technologies.
Due to their strong global footprints, large product portfolios, and a greater focus on innovations in healthcare business intelligence solutions, Oracle Corporation, Microsoft, and Sisense Inc. are among the few main competitors accounting for the majority of the market share.
Qlik Technologies Inc. bought Knarr Analytics LLC in August 2020 to expand Qlik’s Cloud Platform Active Intelligence capability, which provides complete insights to enable data-driven operations.
Information Source:
https://www.futuremarketinsights.com/reports/healthcare-business-intelligence-market
