Healthcare Business Intelligence Market To Advance At A CAGR Of 8.1% Amidst The Growing Government Support

Thehealthcare
business intelligence marketis 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 ofhealthcare businessdata 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
widespreadhealthcare business intelligence market
adoption trends. Owing to the government measures to
encourage EHR adoption and the growing number of patients,
thehealthcare business intelligence market sizeis
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, thehealthcare
business intelligence marketis likely to experience rapid
expansion.  

Theglobal healthcare business
intelligence market studyshows 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
ofhealthcare business intelligenceplatforms 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
forhealthcare business analytics.Furthermore, the
growth and expansion of thehealthcare 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 ofhealthcare business intelligenceamong 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.  

Thesales of healthcare business
intelligenceare 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 growinghealthcare business intelligence marketis
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. 

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Key
Takeaways 

• In 2021, the cloud-based
  delivery mode segment had the
  biggesthealthcare 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
  varioushealthcare business intelligencesolutions to
  efficiently reduce operating costs and increased competition
  among payers. 
• Over the projection period,
  thehealthcare manufacturerscategory 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 theglobal healthcare
  businessmarket valuation likely to reach US$ 684 Mn by
  2032. 
• As per theglobal 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.