Healthcare Business Intelligence Market Report

Market Insights

The global healthcare business intelligence market is expected to grow from USD 8.44 billion in 2022 to USD 22.23 billion by 2029 at a CAGR of 14.8% during the forecast period.

Want to know more about the market scope: 

What is Healthcare Business Intelligence?

Healthcare Business Intelligence (BI) refers to the use of data analytics and business intelligence technologies in the healthcare industry to gain insights into patient care, clinical outcomes, and operational efficiency. BI tools can be used to collect and analyze data from various sources, including electronic health records (EHRs), medical devices, and billing systems.

By leveraging BI technologies, healthcare organizations can identify trends, patterns, and opportunities for improvement in patient care and operational processes. Some examples of Healthcare BI applications include population health management, patient safety monitoring, and revenue cycle management.

BI tools can also be used to measure clinical outcomes and identify best practices, enabling healthcare organizations to make data-driven decisions and improve the quality of care. By leveraging Healthcare BI, organizations can improve patient outcomes, reduce costs, and enhance operational efficiency.

Key Players

The major players operating in the global healthcare business intelligence market are:

• IBM
• Microsoft
• SAP
• Oracle
• SAS Institute
• Microstrategy
• Qlik Technologies
• Information Builders
• Sisense
• Yellowfin International
• Board International

Market Dynamics

The outbreak of COVID-19 highlighted the impact of public health crises on emergency departments and hospital systems. Healthcare facilities on the front line have demonstrated effective management of limited resources using data analytics and applications in recent years. COVID-19 data, including transmissibility, risk factors, incubation period, and mortality rate, has been collected by workers at outbreak sites.

This information has been utilized to generate visualizations, mathematical models, and neural network training. For instance, a February 2022 study published by Elsevier revealed that digital technology adoption in Europe increased from 81% to 95% during the pandemic.

The use of business intelligence (BI) in emergency medical services (EMS) has shown remarkable benefits in enhancing pandemic management and expediting the decision-making process for outbreak response. As a result, the EMS market has been significantly influenced by the COVID-19 pandemic. Nevertheless, with the decline of the pandemic, the market may experience a reduction in momentum, but it is anticipated to have robust growth in the forecast period.

Within the software-as-a-service market, business intelligence is receiving more funding and attention. By leveraging large amounts of data to analyze and benchmark business operations, BI offers the potential to identify, develop, and create new revenue opportunities. The growing number of patient registries is a key driver of market growth.

Patient registries are viewed as a crucial source of healthcare data, drug utilization, and clinical outcomes, according to an August 2022 Frontiers article. These registries assist in addressing numerous challenges by providing information on rare disease epidemiology, care standards, and treatment patterns, among other things. As a result, the benefits of patient registries are anticipated to increase their usage, resulting in greater adoption of health business intelligence.

The healthcare business intelligence (BI) market is expected to experience rapid growth due to government initiatives aimed at increasing Electronic Health Record (EHR) adoption and the number of patient registries, as well as the emergence of big data in the healthcare industry.

According to a January 2021 article published by the Biomedical Journal of Scientific & Technical Research, the Government of India is focusing on digitizing its healthcare system, including EHR, to enhance patient data management, streamline coordination between healthcare providers, and improve healthcare research.

National-level policies, such as the National Digital Health Blueprint, are being developed to establish a pan-India digital health record system. At the provider level, large health systems like Tata Memorial Hospital and Max Hospitals Private Limited have implemented electronic medical record (EMR) systems and are transitioning to EHR, as stated in the same source.

Consequently, the benefits associated with BI and its increasing adoption rate throughout the healthcare industry are driving market growth. However, system complexity may hinder market growth during the forecast period.

Segment Analysis

By Deployment Model

The cloud-based delivery model is currently the fastest-growing segment in the business intelligence market as more companies adopt cloud-based BI tools like Salesforce's Customer Relationship Management (CRM) applications and patient engagement CRMs. This is primarily due to the agility and accessibility provided by cloud-based tools. Furthermore, cloud-based models are cost-effective, user-friendly, and have a higher acceptance rate compared to on-premise or hybrid models, contributing to the segment's significant share.

The healthcare industry's high dependence on digital technology to operate complex healthcare systems, coupled with the increasing adoption of cloud-based models, is driving market growth. Additionally, the launch of innovative products is contributing to the market's growth. For example, in March 2022, Snowflake launched a cloud-based data-sharing platform for the healthcare industry, integrating the company's core data warehousing, analytics, and business intelligence offerings with a data marketplace and on-demand consulting services.

In March 2022, Microsoft announced the general availability of Azure Health Data Services, a cloud-based platform that manages and analyzes various forms of patient data. The Azure Health Data Services platform-as-a-service (PaaS) assists organizations in managing various protected health information (PHI) forms across multiple data stores, allowing them to work with and analyze patient data more efficiently. The launch of technologically advanced products like Azure Health Data Services is driving the growth of the healthcare business intelligence market.

Regional Analysis

North America dominates the global healthcare business intelligence market due to the increasing adoption of healthcare BI solutions and services by providers to enhance patient care and the growing awareness about business intelligence.

Additionally, constant upgrades to healthcare and IT infrastructure, as well as increased adoption of cloud computing, significantly contribute to market growth in the region. For example, a study conducted in the United States found that the business intelligence (BI) process helped identify situations in which iodinated contrast agents (ICA) were being wasted during CT scans in patients. Hence, the increasing adoption of BI in various healthcare fields is expected to drive market growth in the North American region.

North America's tech sector is effectively utilizing data services to mitigate the effects of pandemics. In April 2021, IBM built one of the world's most powerful and intelligent supercomputers, called "Summit," which was deployed by the US Department of Energy's Oak Ridge National Laboratory (ORNL). This system can be used for emergency computing and high-speed simulations.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Product Portfolio, New Product Launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com

Recent Developments

• In April 2022, SAS Health and Azure Health Data Services teamed up to offer game-changing advantages to the healthcare industry.
• In April 2021, Microsoft completed the acquisition of Nuance to accelerate its industry cloud strategy for healthcare. The acquisition combined solutions and expertise of both the companies to deliver new cloud and AI capabilities across healthcare and other industries.