The global healthcare business intelligence market size was estimated at USD 8.41 billion in 2021 and it is expected to hit USD 23.6 billion by 2030 with a registered CAGR of 12.15% from 2022 to 2030.
Growth Factors
The business intelligence in healthcare sector is creating growth opportunities for the growth of the healthcare sector globally. All the data of patients are stored with the help of healthcare business intelligence solutions. This data helps healthcare providers to track and monitor the health of patients. For this, electronic health records have been developed which keep records of health-related data and information. The healthcare business intelligence helps healthcare providers to take accurate and precise decisions in favor of improvement of patient’s health.
The growth of the global healthcare business intelligence market is being driven by the surge in demand for remote patient monitoring and telehealth. In addition, the growing prevalence of chronic disorders is driving the growth of the global healthcare business intelligence market over the forecast period.
The technological advancements and developments in the healthcare sector is providing for growth prospects for the healthcare business intelligence market. The business intelligence is applicable in healthcare sector as it helps to manage financial aspects as well as patient care. Moreover, the healthcare business intelligence market is expanding due to rising implementation of different platforms and devices in the healthcare industry. The data and information collected through healthcare business intelligence software and tools help to provide best care and treatment to the patients.
The government of developed and developing countries is heavily investing in the growth and development of healthcare sector. In addition, government is also taking significant steps for the growth of the healthcare business intelligence market. All of these aforementioned factors are boosting the expansion of the global healthcare business intelligence market during the forecast period.
The key market players are adopting various strategies for the development of the healthcare business intelligence market. Some of the market players are collaborating with government for creating lucrative opportunities for the growth of the global healthcare business intelligence market. The market players are adopting strategies such as joint venture, partnership, mergers, acquisitions, and business expansion. All of these strategies help firms to create their position in the healthcare business intelligence market.
Report Scope of the Healthcare Business Intelligence Market
| Report Coverage | Details |
| Market Size by 2030 | USD 23.6 Billion |
| Growth Rate from 2022 to 2030 |
CAGR of 12.15% |
| Software Segment Market Share in 2021 | 70% |
| North America Makret Share in 2021 | 47.5% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Component, Mode of Delivery, Application, End Use, Function, Geography |
| Companies Mentioned | IBM Corporation, Microsoft, Oracle, SAP SE, SAS Institute Inc., Tableau Software, QlikTech International AB, MicroStrategy Incorporated, Information Builders, BOARD International |
Component Insights
The software segment accounted revenue share 70% in 2021. The software used for healthcare business intelligence are adopted largely for each and every operation of healthcare sector. The healthcare business intelligence software is used for financial analysis, clinical analysis, and operational analysis. The software of healthcare business intelligence use data analytics for accurate results.
The services segment is fastest growing segment of the healthcare business intelligence market in 2021. The factors such as the surge in demand for services in healthcare industry and growing advancements in business intelligence software are driving the growth of the segment. In addition, information technology firms are also offering services for healthcare business intelligence solutions.
Mode of Delivery Insights
The cloud-based segment led the market in 2021 with revenue share of 48%. The cloud computing helps in the storage of big data efficiently and effectively. The market for healthcare business intelligence is being driven by the growing adoption and acceptance of cloud-based healthcare business intelligence solutions. The cloud-based healthcare business intelligence also helps healthcare practitioners to manage revenue cycle which helps to provide utmost care to the patients.
The on-premises segment is fastest growing segment of the healthcare business intelligence market in 2021. The healthcare service providers and practitioners help to customize their requirements through on-premises healthcare business intelligence. As a resulted, hospitals and healthcare centers are implementing on-premises healthcare business intelligence solutions on large scale.
Application Insights
The financial analysis segment dominated the market in 2021 with revenue share 38%. The healthcare business intelligence for financial analysis helps in the management of cash flow of healthcare sector. This type of solution also helps in the assessment of risks associated with revenue cycle. The healthcare business intelligence also helps to analyze profit and loss for the hospitals.
The patient care segment is fastest growing segment of the healthcare business intelligence market in 2021. The patient care is the prominent application for the healthcare business intelligence. The main motto of hospitals and healthcare centers is to provide care to the patients in an effective manner. The healthcare business intelligence also helps doctors to provide accurate treatment by analyzing the condition of patient.
End Use Insights
The healthcare payers segment accounted largest revenue share of around 40% in 2021. The factors such as growing adoption of healthcare business intelligence tools and software, fierce rivalry among healthcare payers, and benefits provided by healthcare business intelligence such as reduction in claims for frauds are propelling the growth of the segment.
The healthcare manufacturers segment is fastest growing segment of the healthcare business intelligence market in 2021. The growth of the segment is being driven by huge number of market players of medical device and pharmaceuticals and growing adoption of healthcare business intelligence in emerging and established countries. The healthcare manufacturers are also adopting Software as a Service on a large scale, which is driving the growth of the healthcare business intelligence for healthcare manufacturers.
Region Insights
North America dominated the market in 2021 with revenue share of 47.5%. The growth of the healthcare business intelligence market in North America is attributed to the expansion of the healthcare sector. The healthcare sector in this region is largely adopting business intelligence solutions for enhancing the expansion of healthcare industry. This technology also helps to upgrade and modify the healthcare information technology infrastructure. In addition, the region has presence of large number of market players. All of these aforementioned factors are driving the growth of the healthcare business intelligence market in North America.
Asia-Pacific is expected to develop at the fastest rate during the forecast period. The growth of the healthcare business intelligence market in Asia-Pacific region is being driven by growing awareness about business intelligence solutions and tools in healthcare sector. Furthermore, government is taking constant efforts for the expansion of healthcare industry, which is also driving the healthcare business intelligence market in the region. In addition, government is also investing for the development of healthcare business intelligence market.
Key Developments
Some of the prominent players in the global healthcare business intelligence market include:
Segments Covered in the Report
(Note*: We offer report based on sub segments as well. Kindly, let us know if you are interested)
By Component
By Mode of Delivery
By Application
By End Use
By Function
By Geography
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence Research client
