Global Healthcare Business Intelligence (BI) Market Insights, Forecast to 2028

Healthcare Business Intelligence Market Analysis - 2028

The global Healthcare Business Intelligence (BI) market size is projected to reach US$ 15700 million by 2028, from US$ 6633.3 million in 2021, at a CAGR of 12.9% during 2022-2028. Key drivers of the healthcare business intelligence market include rising use by healthcare professionals for important financial analysis. 

The increasing use of Business intelligence tools for quality performance and improving safety will drive the healthcare business intelligence market in the coming years. The use for marketing purposes will fuel the growth of the market during the forecast period. The advent of big data and cloud computing together with  AI capabilities will further enhance the growth prospects of the market in the subsequent years. Moreover, the benefits associated with these advanced tools will lead to massive adoption ultimately surging the market expansion in the forthcoming years. 

Trends Influencing Healthcare Business Intelligence Market

Financial aspect

Business intelligence( BI) tools are being implemented rapidly across the wide spectrum of the healthcare industry. The burden of providing better patient health outcomes along with the massive explosion of online data necessitates the need for business intelligence.  Healthcare IT integration is a must. Good financial decisions form the foundation of an organization's operations. These tools help in budget management, tracking the inventory, and costs related to supply. Key performance indicators like return on net assets and total profits can be measured easily on an efficient assessment model. Then on the go, busy decision-makers can gain powerful insights in an easily understandable dashboard. Moreover, physicians and general practitioners can extract crucial lifestyle-related data from wearable devices like fitness bands, pedometers, eHealth and mHealth apps, etc. These factors will bolster the growth of the healthcare business intelligence market during the forecast period. 

Quality patient care

Patient satisfaction is the utmost goal of the medical industry. Several key metrics can be enhanced drastically with the help of business intelligence solutions. Patient stay is a tricky business as shorter stays can create medical complications while longer than usual stays will create operational inefficiency.  Managers can gather data based on the average stay duration of patients with particular ailments and check whether the targeted stay duration is being met or not. Often patients recover at home and do not inform the healthcare facility about the end outcome of their treatment procedures. BI tools can mitigate this issue by following up with surveys, and calls and then matching the collected data with the patient’s past stays. This sheds light on the success rate of the surgical procedures, enhances drug efficacy, and helps in conveying important messages to the onsite staff. Ensuring patient safety is the topmost priority. The intelligence tools can provide a visual display of the complications thereby pinpointing the exact areas for further diagnosis. Frustrating readmissions and worsening health conditions immediately after release can be decreased to a great extent as data sorting based on specific patient categories help administrative staff to track KPIs and prevent the discrepancies that might have occurred. This is going to spur the growth of the healthcare business intelligence market during the forthcoming period. 

Marketing analysis

Responsible sales and marketing should be the norm in the healthcare industry. Business intelligence can help offer a solid evidence-based foundation on which smart clinical decisions are made. The pricing structure is optimized and doctor-patient relationships are improved as financial exploitation is eliminated. The brand reputation of hospitals can be optimized significantly through highly advanced data collection strategies which are then implemented radically through these business intelligence tools. Such factors will augment the growth of the healthcare business intelligence market in the subsequent years. 

Cloud computing strategies and Big data analysis

The medical industry is booming and is expected to produce significant amounts of patient data collected from electronic health cards, modern medical equipment, laboratories, and patients themselves. These data examinations will become exhausting for the healthcare IT teams. Herein cloud computing will solve certain major problems as data computing, storage, and sharing between physicians, hospitals, data analysts will become cheaper and pretty straightforward. Medical imaging like radiology, X-rays, CT scans, and genomic offloading will have no boundaries with quick collaboration and security. Then Big data analytics collects all the data from every possible source including smartphones, fitness apps, pedometers, and wearables devices to formulate it together in an easy-to-understand way with business intelligence. This will be used as a diagnostic toolbox by doctors to improve their treatment methods. Additionally, big data can help scrutinize crucial information related to genetic makeup to augment the expansion of personalized medicine. All these possibilities will provide immense opportunities for the growth of the healthcare business intelligence market in the coming years. 

Advantages of healthcare business intelligence 

The beneficial features of business intelligence involve efficient claim analysis, patient care, and clinical data analysis. Operational performance and cost management are further enhanced as data is presented in a single place regarding resource allocation and information related to lab tests, unfilled prescriptions, etc. The costing and billing process will become faster and less time-consuming with AI removing the effect of human errors. Moreover, ad-hoc analysis is possible where patients with severe complications are lined up first for better allocation of the scarce hospital resource staff. This in turn will drive the growth of the healthcare business intelligence market during the forecast period.

Healthcare Business Intelligence Market Size and Share

Based on application, the financial analysis segment is expected to dominate in the healthcare business intelligence market share due to growing opportunities for BI tools in optimizing wasteful spending and preventing fraud transactions.

Based on region, North America is most likely to lead in the healthcare business intelligence market share owing to the huge adoption of intelligence solutions by the healthcare industry to enhance patient diagnosis quality. 

Healthcare Business Intelligence Market by Type

• Traditional BI
• Cloud BI
• Mobile BI

Healthcare Business Intelligence Market by Application

• Financial Analysis
• Quality Performance & Safety Analysis
• Marketing Analysis
• Claims Analysis
• Clinical Data Analysis
• Patient Care Analysis
• Operational Performance & Cost Management

Healthcare Business Intelligence Market by Regional/Country-Level Analysis

• North America
• United States
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Russia
• Nordic
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia-Pacific
• Latin America
• Mexico
• Brazil
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of Middle East & Africa

Top Players in the Healthcare Business Intelligence Market

• IBM Corporation
• Information Builders
• Microsoft Corporation
• MicroStrategy
• Oracle Corporation
• Qlik Technologies, Inc
• SAP AG
• SAS Institute, Inc
• TIBCO Software Inc
• MicroStrategy
• Oracle Corporation
• Siemens Healthcare
• Perficient, Inc.
• Others

Scope of the Healthcare Business Intelligence (BI) Market Report