In the rapidly evolving healthcare industry, data has become a critical asset for organizations striving to deliver quality patient care while optimizing operational efficiency. Healthcare Business Intelligence Market has emerged as a powerful tool that harnesses the potential of data to drive informed decision-making and transform the way healthcare organizations operate. By leveraging sophisticated analytics and reporting capabilities, healthcare BI empowers stakeholders to unlock valuable insights, streamline processes, and improve outcomes.
Healthcare BI enables organizations to collect, analyze, and visualize vast amounts of data from various sources such as electronic health records, financial systems, and operational databases. By aggregating and integrating this data, healthcare professionals gain a comprehensive view of patient populations, resource utilization, and financial performance. With this wealth of information at their fingertips, decision-makers can identify trends, patterns, and potential areas for improvement.
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Business intelligence in the healthcare industry A robust CAGR of 8.1% is anticipated for market expansion. By 2032, the market valuation is anticipated to increase from US$ 3.4 billion to US$ 7.4 billion. As numerous technological platforms and gadgets have been more thoroughly integrated into the healthcare industry, the amount of business data that various healthcare institutions have amassed has increased. In order to obtain the most pertinent information, the data gathered from a range of healthcare facilities must be controlled.
The extensive adoption trends in the healthcare business intelligence market are predicted to considerably benefit the healthcare sector. The government initiatives to promote EHR adoption and the rising patient population are expected to significantly increase the size of the healthcare business intelligence industry. The healthcare business intelligence market is anticipated to grow quickly as a result of the implementation of government initiatives to promote EHR adoption, the rise of big data in the healthcare industry, and the rising number of patient registries.
- 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.
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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.
- Clinical Analytics
- Financial Analytics
- Operational Analytics
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