Growing demand for better cost management and claim management solutions in the healthcare industry is one of the major factors expected to drive the global market revenue growth.
Growing demand for better cost management and claim management solutions in the healthcare industry is one of the major factors expected to drive the global market revenue growth
According to Emergen Research, the global healthcare business intelligence market size was USD 6.18 billion in 2020 and is expected to reach USD 17.35 billion in 2028 and register a revenue CAGR of 14.6% during the forecast period, 2021-2028.
Market Dynamics:
Some of the major factors contributing to revenue growth of the global healthcare business intelligence market are increasing global geriatric population, rising prevalence of chronic and acute illnesses, growing rate of hospital admissions, and rapid adoption of healthcare business intelligence solutions for improved clinical decision-making and better patient outcomes. Increasing adoption of healthcare information technology (HCIT) solutions, growing need for improved healthcare infrastructure management and enhanced patient care, rising trends of telehealth and telemedicine, and rapid adoption of mHealth (mobile health) solutions are among the other major factors supporting the global healthcare business intelligence market revenue growth.
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Growing preference for digital payments in the healthcare sector, increasing adoption of electronic health records (EHRs), rapid incorporation of technologies such as AI, Internet of Things (IoT), big data, and blockchain in numerous healthcare processes, and emergence of cutting-edge healthcare business intelligence tools and platforms are factors that further drive market revenue growth.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Patient Care Analysis Segment Accounted for Largest Revenue Share in 2020:
The patient care analysis segment dominated other segments in terms of revenue share in the global market in 2020. Growing use of healthcare business intelligence solutions for deeper analysis of patient health, reduced need for repeated tests, and decreased costs is a key factor driving this segment’s revenue growth. Rising need for personalized care and improved patient experiences is another key driver.
Healthcare Payers Segment to Account for Fastest Revenue CAGR:
The healthcare payers segment is expected to register the fastest revenue growth rate in the global market over the forecast period. Increasing healthcare costs, increasing need to curb fraudulent claims and increase memberships, and growing need for reduction in healthcare operational costs and optimized provider networks are among the key factors contributing to this segment’s revenue growth.
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North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America healthcare business intelligence market accounted for the largest revenue share in the global market in 2020. Growing awareness of the benefits of business intelligence solutions in the healthcare sector, rapid adoption of healthcare business intelligence tools, rising need for improved patient care and reduced operational costs, growing demand for mobile healthcare business intelligence solutions, and presence of major market players in the region, including Microsoft Corporation, Salesforce.com, Inc., and Oracle Corporation, drive revenue growth of the regional market.
Major Companies in the Global Healthcare Business Intelligence Market Include:
- Domo Inc.
- Tableau Software
- Sisense Inc.
- Microsoft Corporation
- Qlik Technologies Inc.
- Infor Inc.
- SAP SE
- Salesforce.com, Inc.
- Oracle Corporation
- MicroStrategy Incorporated
For the purpose of this report, Emergen Research has segmented the global healthcare business intelligence market based on component, deployment, function, application, end-use, and region:
Component Outlook (Revenue, USD Billion; 2018-2028)
- Software
- Services
Deployment Outlook (Revenue, USD Billion; 2018-2028)
- Cloud-based
- On-premise
- Hybrid
Function Outlook (Revenue, USD Billion; 2018-2028)
- Analytical Performance Management
- Query & Reporting
- Online Analytical Processing (OLAP) & Visualization
Application Outlook (Revenue, USD Billion; 2018-2028)
- Clinical Analysis
- Financial Analysis
- Patient Care Analysis
- Operational Analysis
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare Payers
- Healthcare Providers
- Others
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Region Outlook (Revenue, USD Billion; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Turkey
- Rest of Middle East & Africa
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