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Healthcare Business Intelligence (BI) Market Worth USD 8.9 Billion Reshaping The Healthcare Industry

· Healthcare

Healthcare business intelligence is the process by which large scale data from the massive healthcare industry can be collected and refined into actionable insights from key healthcare areas like costs, pharmaceuticals, clinical data, and patient behaviour.

The study involved four major activities to estimate the current size of the market. Exhaustive secondary research was done to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
What the market looks like?
The healthcare business intelligence (BI) market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3%.
On the basis of component, the healthcare BI market is segmented into platforms, software, and services. In 2018, 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.
Key Factors Driving Market Growth:
1. Adoption of Data-Driven Decision-Making
2. Implementation of Government Initiatives to Increase EHR Adoption
3. Growing Pressure to Curb Healthcare Spending and Improve Patient Outcomes
4. Big Data in Healthcare
5. Increasing Number of Patient Registries
6. Advanced Analytics Enhancing Traditional Bi
7. Growing Demand for Cloud-Based Healthcare BI Solutions
Key Players in Healthcare Business Intelligence Market:
The market is highly competitive in nature, with several big as well as emerging players. Prominent players in this market include Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US).

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