About Healthcare Business Intelligence
Healthcare organizations are implementing healthcare business intelligence solutions to improve efficiency and patient care. Business intelligence software industry allowing unique recommendation, personalization, and helps to reduce operational costs, improve quality of patient care, identify patterns. Healthcare data analytics helps healthcare organizations an easy way to prepare, analyze & visualize big and disparate data. A study revealed that the healthcare business intelligence platform market will be expected to reach USD~3.9 billion by FY 2023. Rapid digital transformation and continuous change in regulatory is the highest driving factor behind the growing requirement of business intelligence in the healthcare sector. As with the rising issue of COVID-19, artificial intelligence is on the top, because it has the potential to save lives, money, and resources altogether. There is huge no. of investments that are injected into AI across the globe. For instance, General Electric allocate almost half of its R&D budget in digital and artificial intelligence. Apart from these AI-powered applications also helping people to screen themselves for novel coronavirus, and reduce the pressure on healthcare institutions.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 11.0% |
The companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focus on maintaining sustainable development. The players are focusing on securing the leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet a high market share, and developing a socially responsible business company is identifying various strategic pillars such as mergers & acquisitions, new product launch, product enhancement, and others. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Healthcare Business Intelligence market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Microsoft (United States), IBM (United States), SAP SE (Germany), Oracle (United States), Cloudera (United States), Enigma (United States), Tellius (United States), H2O.ai (United States), Tableau Software (United States) and Micro Strategy Incorporated (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are QlikTech International AB (United States), Information builders (United States) and Sisense Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Healthcare Business Intelligence market by Type (Predictive Analytics, Centralization of Electronic Health Records, Personal Health Apps and Devices and The Social Media Wave), Application (Predicting Patient Needs, Reporting Efficiency, Improving Response Rates, Mining Data to Treat Diseases and Identifying At-Risk Patients) and Region.
On the basis of geography, the market of Healthcare Business Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Technology, the sub-segment i.e. Big Data will boost the Healthcare Business Intelligence market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On-Premises Model will boost the Healthcare Business Intelligence market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Compoment, the sub-segment i.e. Platforms will boost the Healthcare Business Intelligence market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Artificial Intelligence Based Business Intelligence Applications and Machine Learning-Based Analytics Could Enable Hospitals
Market Growth Drivers:
Rise in usage of EHRs across hospitals and clinics along with the growing requirement to build up patient data is driving the healthcare business intelligence market. Along with rising concern towards the improvement of patient safety and management at lower costs. And simultaneously the companies are focusing on enhancing revenue by monitoring cash flow to the remaining compliant.
Challenges:
Archaic regulatory infrastructure is a key regulatory issue which is becoming a barrier in the acceptance of AI in the healthcare industry
Restraints:
Refusal to an IT-Based Approach by Medical Professionals and Operational Gap between Payer and Provider Front
Opportunities:
Rapid growth in the healthcare analytics market, as the healthcare analytics market will triple in the coming five years, will be estimated to reach USD ~50.5 billion by FY2024. The four major segments including financial analytics, administrative and operational analytics, clinical analytics, and population health analytics. This shows strong growth potential for healthcare business intelligence in the coming years.
Market Leaders and their expansionary development strategies
In Apr 2020, as artificial intelligence tools are becoming one of the powerful tools to fight with COVID-19. Regarding this, Partners HealthCare is turning towards AI to handle COVID-19 issues. Under this many governments and hospital systems across the globe are using AI-driven sensors to support triage in sophisticated ways. Additionally, in Oct 2019, Novartis and Microsoft announced a collaboration. Through this collaboration Novartis able to take benefit Microsoft’s AI and Data Science platform, and this will accelerate the discovery and development of transformative medicines for patients across the globe.
Jan 2022: CareCloud Inc., one of the leaders in healthcare technology solutions for medical practices and health systems nationwide, announced the launch of its abridged business intelligence platform, PrecisionBI Lite (PBI Lite), to expand the company's addressable market and extend powerful, financial analytics and business insights to small, independent practices.
Key Target Audience
Venture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Healthcare Business Intelligence Service Providers, Government Regulatory and Research Organizations and End-Use Industries
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.