Technology and data revolution has started to influence the healthcare sector as well. This is evident from the wide range of technology investments and data that the industry collects. In order to make proper use of this data, the industry is also making use of healthcare business intelligence, which is a great way of utilizing this data to improve the quality of healthcare and financial efficiency. It helps to easily handle the large amount of data from hospitals and clinical research centers and presents it at the convenience of the user. Growth in the global healthcare business intelligence market is attributed to the rising adoption and strong demand from emerging markets.
Drivers for Healthcare BI Market
The global healthcare organizations and small hospitals are interested in adopting business intelligence to manage their medical data, which includes patient information, images and medical history. The market is mainly driven by five vital factors, which include rising demand from reduction of the healthcare cost. This reduction is vital in order to achieve market growth during the estimated span. Growth in data availability is also driving the market. Crucial federal healthcare mandates play a significant role in the demand for the healthcare business intelligence market. Growing need for regulatory compliance and reporting is also a vital driving factor. In terms of emerging regions, the need to improve the quality of healthcare is a significant factor to drive the demand and rate of adoption.
The global healthcare business intelligence market is segmented on the basis of the types of functions, applications, technologies, end-users, and geographic regions. The major functions are sub-segmented into query and reporting tools, performance management and monitoring tools, on-line analytical processing or OLAP and visualization tools. The three major applications include operational performance and cost management, financial analysis and clinical applications. The major technologies available in the industry include cloud, traditional and mobile business intelligence. Major end user segments of the market include providers (hospitals, clinics, MCOs, HIEs, IDNs, etc.) and payers. Geographically, the healthcare BI market is divided into North America, RoW, Europe and Asia.
According to the experts, the healthcare business intelligence market is expected to grow at a steady CAGR of over 14%. At this estimated rate, the market is expected to become worth more than $4,738.2 million by the end of the year 2018. During the forecasting period, the market is expected to be dominated by North America. Federal mandates and regulatory reforms are expected to be major drivers for this industry in the American region. Emerging markets like Asia are also expected to witness healthy rise in demand and rate of adoption. In terms of the functions, visualization tools and OLAP are expected to witness strong growth. The clinical applications segment is also expected to grow at the highest compound annual growth rate during the forecasting period.