Healthcare Business Intelligence Market Growth & Trends
The global healthcare business intelligence market size is expected to reach USD 21.4 billion by 2030 and is expected to expand at a CAGR of 13.5% during the forecast period, according to a new report by Grand View Research, Inc. Increased adoption of data-driven decision making, penetration of cloud-based business intelligence (BI) solutions for the healthcare industry, increased focus to reduce spending, and the emergence of mobile-based BI solutions are the key factors contributing to the market growth. The 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, the complexity of data generated in healthcare organizations, coupled with the growing need for 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 are critical to managing, thus there is a huge demand for advanced healthcare BI software by hospitals and other medical organizations.
To gain insights about patient care and satisfaction, clinical operations, labor distribution, physician practices, and administration and management; hospitals and other medical facilities require data visualization and predictive modeling tools, which in turn is increasing demand for healthcare business intelligence software among these end-users. Increasing adoption of cloud-based BI software solutions coupled with the high dependency of healthcare on digital technology to operate functions of a complex healthcare system revenue cycle management, supply chain management, and performance management, is further boosting the adoption of BI software over the past years. For instance, KenSci Clinical Analytics is a platform designed by Microsoft to predict clinical and operational risks involved in a healthcare facility to improve health outcomes and reduce operational costs.
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Healthcare Business Intelligence Market Report Highlights
- The market for healthcare business intelligence market size is anticipated to be valued at USD 21.4 billion by 2030, owing to the increasing adoption of cloud BI tools and complex data generated in healthcare organizations in large volumes
- Software component segment dominated the in 2021 owing to its increased adoption by hospitals, health providers, payers, and life sciences manufacturers to manage their data and financial operations
- Cloud-based delivery mode dominated the market in 2021 due to the adoption of cloud-based business intelligence tools, such as Customer Relationship Management (CRM), and increased penetration of cloud computing among healthcare providers for managing the revenue cycle and enhancing patient care
- In 2021, the financial analysis application segment dominated the market due to the increased adoption of financial analytic software among the providers for the management of the revenue cycle
- Healthcare payers accounted for the largest market share in 2021 owing to increased healthcare costs coupled with the rising need to increase memberships and reduce fraudulent claims
Healthcare Business Intelligence Market Segmentation
Grand View Research, Inc. has segmented the global healthcare business intelligence market based on the type of component, mode of delivery, application, deployment, end use, and region:
Healthcare Business Intelligence Component Outlook (Revenue, USD Million, 2016 - 2030)
- Software
- Services
Healthcare Business Intelligence Mode of Delivery Outlook (Revenue, USD Million, 2016 - 2030)
- On-premise
- Cloud-based
- Hybrid
Healthcare Business Intelligence Application Outlook (Revenue, USD Million, 2016 - 2030)
- Financial Analysis
- Claims Processing
- Revenue Cycle Management
- Payment Integrity and Fraud, Waste, & Abuse (FWA)
- Risk Adjustment and Risk Assessment
- Operational Analysis
- Supply Chain Analysis
- Workforce Analysis
- Strategic Analysis
- Clinical Analysis
- Quality Improvement and Clinical Benchmarking
- Clinical Decision Support
- Regulatory Reporting and Compliance
- Comparative Analytics/Effectiveness
- Precision Health
- Patient Care
Healthcare Business Intelligence Deployment Outlook (Revenue, USD Million, 2016 - 2030)
- Self-service BI
- Corporate BI
Healthcare Business Intelligence End-Use Outlook (Revenue, USD Million, 2016 - 2030)
- Payers
- Private Insurance Companies
- Government Agencies
- Employers and Private Exchanges
- Healthcare Providers
- Hospitals, Physician Practices, and IDNS
- Post-acute Care Organizations
- Ambulatory Care Settings
- Health Information Exchanges (HIEs)
- Accountable Care Organizations (ACOs)
- Managed Care Organizations (MCOs)
- Third-party Administrators (TPAs)
Healthcare Business Intelligence Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- Spain
- Italy
- France
- Russia
- Asia Pacific
- Japan
- China
- India
- Singapore
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players in the Healthcare Business Intelligence Market
- Microsoft
- Oracle Corporation
- SAP
- Tableau Software Inc.
- Perficient Inc.
- Tibco Software Inc.
- Infor Inc.
- Domo Inc.
- Sisense Inc.
- Panorama Software Inc
