Global Healthcare Business Intelligence Market - 2023-2030

Global Healthcare Business Intelligence Market - 2023-2030

Global Healthcare Business Intelligence Market reached US$ XX million in 2022 and is expected to reach US$ XX million by 2030, growing at a CAGR of XX% during the forecast period 2023-2030.

Business Intelligence (BI) refers to technology, systems, and procedures for gathering, integrating, analyzing, and presenting corporate data, as well as the data itself. The goal of business intelligence is to help people make better business decisions.

Business intelligence is used by healthcare organizations to organize clinical, business, and operational data for decision-making purposes. The data is used to support programs like disease management, outcomes management, clinical performance and process improvement, cost and waste reduction, quality accreditation, and predictive analytics.

Market Dynamics: Drivers & Restraints

Improving healthcare facilities

The increase in technological advancements in the healthcare industry and improved healthcare facilities are expected to drive market growth. The increase in the introduction of highly advanced software and services by the companies is also expected to drive market growth.

In November 2023, Genzeon launched HIP One, a secure intelligence platform designed specifically for healthcare. Through HIP One, health plans, providers, and other healthcare organizations will transform their clinical and business operations within a single platform that reduces the burdens of cost and overwhelming management.

In February 2023, the Apollo Hospitals group launched the Apollo Clinical Intelligence Engine (CIE), a clinical decision support tool, to be open to use by all Indian doctors on the Apollo 24/7 platform. Thus, the improved healthcare facilities and the increase in advancements are expected to drive market growth.

Restraint

Stringent regulations and laws associated with the software and services

The laws and regulations associated with the introduction of many platforms are expected to hinder market growth. There are limitations imposed by technology on the development or adoption of new products or services by the authorities to protect data and privacy.

Segment Analysis

The global healthcare business intelligence market is segmented based on component, application, end-user and region.

Software segment accounted for 58.3% of the market share

The software segment is expected to hold a dominant position in the market share due to the introduction of a number of platforms that are being introduced by the companies.

In September 2023, SAS the artificial intelligence and analytics company launched a new transformative healthcare platform that will simplify health data and management, improve data governance, and accelerate patient insights.

Additionally, in July 2023, HCLTech launched HCLTech Advantage Analytics, an AI-powered business intelligence solution that leverages Snowflake’s Data Cloud to offer enterprises a range of services by integrating AI business intelligence for enhanced customer experiences and business.

Geographical Analysis

North America is expected to hold a significant position in the global healthcare business intelligence market share

North America is expected to hold a dominant position in the market share owing to the increase in technological advancements, increased healthcare infrastructure, and the increasing business analysis tools in the healthcare industry. The increased implementation of AI tools in all sectors has been a boon for the growth of the market.

For instance, in March 2022, Icertis launched Icertis Contract Intelligence (ICI) for Healthcare Providers. The industry-first CLM solution helps healthcare providers accelerate digital transformation by modernizing complex agreements such as payer, supplier, and contract services.

Additionally, in July 2022, Experity launched Experity Business Intelligence (BI), a new module within Experity’s electronic medical record and practice management solution (EMR/PM). Experity BI joins the urgent care teams with insightful, accessible metrics that will empower them to make data-driven business decisions that guide action. Thus, the increasing technological advancements are expected to hold the region in the dominant position throughout the forecast period.

COVID-19 Impact Analysis

COVID-19 has the least impact on the healthcare business intelligence market growth. The disruptions in proper communication and the lack of signals have created an interruption in market growth. The healthcare providers have sorted the interruptions the growth of the market has been continued.

Market Segmentation

By Component
• Software
• Services
• Hybrid

By Application
• Clinical Analysis
• Financial Analysis
• Patient Care Analysis
• Others

By End-User
• Healthcare Payers
• Healthcare Providers
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Spain
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The leading companies with a significant market share include SAS Institute Inc., SAP SE, MedeAnalytics, Inc., IBM, Apixio, Inovalon, Alteryx, Definitive Healthcare, LLC., Turquoise Health, and Clarify Health Solutions among others.

Why Purchase the Report?
• To visualize the global healthcare business intelligence market segmentation based on component, application, end-user, and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of healthcare business intelligence market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global healthcare business intelligence market report would provide approximately 61 tables, 58 figures, and 180 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies