Healthcare Business Intelligence Market Size to Surpass US$ 23.6 BN by 2030

April 27, 2022
Healthcare Business Intelligence Market Size to Surpass US$ 23.6 BN by 2030

The global healthcare business intelligence market size was valued at USD 8.41 billion in 2021. The surge in demand for remote patient monitoring and telehealth is propelling the worldwide healthcare business intelligence market forward. Furthermore, the global healthcare business intelligence market is expected to develop due to the rising frequency of chronic conditions over the forecast period. Governments in both rich and developing countries are actively investing in the healthcare sector’s growth and development.

Furthermore, the government is taking considerable initiatives to help the healthcare business intelligence industry flourish. During the projected period, all of the aforementioned factors are expected to fuel the growth of the worldwide healthcare business intelligence market.

Regional Snapshot

North America is the largest segment of the healthcare business intelligence market in terms of region. The U.S. is dominating the healthcare business intelligence market in the North American region. The rise of the healthcare industry has contributed to the growth of the healthcare business intelligence market in North America. For the development of the healthcare sector in this region, business intelligence solutions are widely used. This technology also aids in the modernization and modification of the healthcare IT infrastructure. This factor is driving the growth of the healthcare business intelligence market in the region.

Scope of the report

The Asia-Pacific region is the fastest-growing region in the healthcare business intelligence market. The rising awareness of business intelligence solutions and technologies in the healthcare sector is driving the growth of the Asia-Pacific healthcare business intelligence market. In addition, the government is making ongoing attempts to expand the healthcare industry, which is propelling the region’s healthcare business intelligence market.

Report Highlights

Based on components, the software segment holds the largest market share in the global healthcare business intelligence market. Healthcare business intelligence software is widely employed in almost every aspect of the healthcare industry.

Based on mode of delivery, the cloud-based segment holds the largest market share in the global healthcare business intelligence market. Cloud computing aids in the efficient and effective storing of large amounts of data. The increased usage and acceptance of cloud-based healthcare business intelligence software is driving the market for healthcare business intelligence.

Based on application, the financial analysis segment holds the largest market share in the global healthcare business intelligence market. The use of healthcare business intelligence for financial analysis aids in the management of the healthcare industry’s cash flow. This type of solution can also assist in the evaluation of revenue cycle risks.

Based on end-use, the healthcare payers segment holds the largest market share in the global healthcare business intelligence market. The segment’s expansion is being fueled by reasons such as increased adoption of healthcare business intelligence software and tools, tough competition among payers, and advantages provided by healthcare business intelligence.

Market Dynamics

Drivers

Growing demand for data visualization

Data visualization is a key part of data analytics. Data visualization is helping to transform information and data into visualization. This helps the healthcare sector to convey messages to patients in an effective manner. This has resulted in a surge in demand for data visualization. As a result, the growing demand for data visualization is driving the growth of the global healthcare business intelligence market over the forecast period.

Restraints

Lack of reimbursement policies

The government of some countries does not provide favorable reimbursement policies for the development of healthcare business intelligence tools and solutions. In addition, the financial conditions of developing and underdeveloped nations are not so good that can help in offering reimbursement policies. The market players are trying to collaborate with government agencies of developed regions for the development of healthcare business intelligence. Thus, the lack of reimbursement policies is restricting the growth of the global healthcare business intelligence market.

Opportunities

Adoption of natural language processing

Natural language processing helps with conversation in business intelligence software and tools. The key market players are highly utilizing natural language processing in healthcare business intelligence. This helps in speech recognition. Thus, the adoption of natural language processing is creating lucrative opportunities for the growth of the global healthcare business intelligence market.

Challenges

High cost of information technology infrastructure investments

Small and medium-sized healthcare centers and hospitals find it difficult to implement healthcare business intelligence. The main factor that is restricting the deployment of healthcare business intelligence is the lack of resources. The resources such as information technology experts, consulting analysts, and data science experts are a crucial part of healthcare business intelligence solutions. Thus, the high cost of information technology infrastructure investments is a major challenge for the expansion of the global healthcare business intelligence market during the projected period.

Recent Developments

  • SAP SE and Microsoft joined in 2017 to encourage more business innovation in the cloud and deliver collaborative support services to guarantee clients have the best cloud experience possible.

Market Segmentation

By Component

  • Software
  • Services

By Mode of Delivery

  • On-premise
  • Cloud-based
  • Hybrid

By Application

  • Financial Analysis
    • Claims Processing
    • Revenue Cycle Management
    • Payment Integrity and Fraud, Waste, & Abuse (FWA)
    • Risk Adjustment and Risk Assessment
  • Clinical Analysis
    • Quality Improvement and Clinical Benchmarking
    • Clinical Decision Support
    • Regulatory Reporting and Compliance
    • Comparative Analytics/Effectiveness
    • Precision Health
  • Operational Analysis
    • Supply Chain Analysis
    • Workforce Analysis
    • Strategic Analysis
  • Patient Care

By End-Use

  • Payers
  • Healthcare Providers
  • Healthcare Manufacturers

By Function

  • Query and Reporting
  • OLAP and Visualization
  • Performance Management

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)