Growing Demand for Business Intelligence in Healthcare Industry : Market Growth Worth $8.9 billion
Factors such as the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries are expected to drive the growth of the healthcare business intelligence market.
Healthcare Business Intelligence Market Dynamics: Impact Analysis
1. Healthcare Business Intelligence Market Overview
2. Adoption of Data-Driven Decision-Making
3. Growing Pressure to Curb Healthcare Spending
4. Big Data in Healthcare
5. Growing Demand for Cloud-Based Healthcare BI Solutions
6. Increasing Focus on Value-Based Medicine
The healthcare business intelligence market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3%.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global Healthcare Business Intelligence market?
2. What are the drivers, restraints, opportunities, and challenges in the Healthcare Business Intelligence Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of Healthcare Business Intelligence in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
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Component: The healthcare business intelligence platforms segment are expected to account for the largest share of the market. The large share of this market segment is mainly driven by the increasing requirement for customized BI solutions catering to individual requirements of organizations and allowing them the flexibility to build and integrate BI solutions into existing healthcare business applications for higher efficiency and reduced costs.
Application: Financial analysis segment are expected to account for the largest share of the market. Due to the rising focus of payers on the early detection of fraud and reducing preventable costs, the market for financial analysis is expected to register a significant growth during the forecast period.
End Users: The payers segment is expected to account for the largest share of the market. Factors such as rising healthcare costs; the growing need to increase memberships and curb fraudulent claims, optimize provider networks, and reduce operational costs; and increasing competition are compelling healthcare payers to adopt BI solutions.
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Geographical Growth Analysis: The market is dominated by North America, followed by Europe, Asia, and RoW. The market in North America is expected to witness the highest growth during the forecast period. The high growth of the North American market can be attributed to the increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth.