Exploring Key Insights of the Healthcare Business Intelligence Market: Growth Prospects, Emerging Trends, and Opportunities
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What fueled the previous growth in the healthcare business intelligence market?
In recent times, the healthcare business intelligence market has seen significant expansion. From a valuation of $10.38 billion in 2024, it is projected to reach $11.97 billion in 2025, growing at a compound annual growth rate (CAGR) of 15.3%. Factors such as regulatory compliance, enhanced data integration, cost management, management of population health, and quality enhancement have contributed to this growth during the historical period.
What will be the healthcare business intelligence market size in the future?
Expectations are high for a swift expansion in the healthcare business intelligence market size over the coming years, with projections indicating an increase to $21.75 billion by 2029. This represents a compound annual growth rate (CAGR) of 16.1%. Factors contributing to this anticipated growth during the forecast period include telehealth and remote monitoring, interoperability, cyber security concerns, pandemic readiness, and precision medicine. Key trends predicted for this timeframe encompass real-time data analytics, predictive analytics, data security and privacy, cloud-based bi solutions, and the application of artificial intelligence and machine learning.
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What main drivers are fueling expansion in the healthcare business intelligence market?
The growth of the healthcare business intelligence (BI) market is predicted to be fuelled by a surge in healthcare expenditure. This encompasses all costs associated with health services provision, family planning initiatives, nutrition-related activities, and emergency aid allocated for healthcare expenses. Healthcare BI provides numerous advantages, including enhancing patient safety and promoting other healthcare advancements, thereby its market demand increases with the surge in healthcare expenditure. For instance, The Centers for Medicare & Medicaid Services, a US federal agency reported in September 2024, that healthcare spending in the US rose by 4.1% in 2022, amounting to a total of $4.5 trillion. This equates to an expenditure of $13,493 per individual and makes up 17.3% of the country’s Gross Domestic Product (GDP). Consequently, this surge in healthcare expenditure is a trend that’s encouraging the growth of the healthcare business intelligence market.
What key areas define the segmentation of the global healthcare business intelligence market?
The healthcare business intelligence market covered in this report is segmented –
1) By Component: Platforms, Software, Services
2) By Function: Query and Reporting, OLAP and Visualization, Performance Management, Hybrid Model, Cloud-Based Model
3) By Mode of Delivery: On-Premise Model, Hybrid Model, Cloud-Based Model
4) By Application: Financial Analysis, Clinical Data Analysis, Patient Care Analysis, Other Applications
5) By End-User: Payers, Healthcare Providers, Other End-Users
Subsegments:
1) By Platforms: Cloud-Based Platforms, On-Premise Platforms,
2) By Software: Analytics Software, Reporting Software, Data Visualization Tools, Dashboard Software
3) By Services: Consulting Services, Implementation Services, Training and Support Services, Maintenance Services
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Who are the dominant players expanding their reach in the healthcare business intelligence market?
Major companies operating in the healthcare business intelligence market include Microsoft Corporation, Oracle Corporation, Tableau Software, SAP SE, IBM Corporation, QlikTech International AB, Sisense Inc, SAS Institute Inc, BOARD International, Yellowfin BI, MicroStrategy Incorporated, Infor Inc, Domo Inc., Information Builders, Perficient Inc., Tibco Software Inc., Panorama Software Inc, Definitive Healthcare, Dimensional Insight Inc., Looker Data Sciences Inc., GoodData Corporation, Phocas Software, Pyramid Analytics Inc., Dundas Data Visualization Inc., Alteryx Inc., ThoughtSpot Inc., Rapid Insight Inc., Aptean Inc., Health Catalyst Inc., Arcadia.io Inc., MedeAnalytics Inc., McKesson Corporation, Optum Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., Athenahealth Inc., Epic Systems Corporation, GE Healthcare, Philips Healthcare, Siemens Healthineers, Change Healthcare
How are evolving market trends shaping healthcare business intelligence Strategies?
The healthcare business intelligence market is increasingly being shaped by trends in technological advancement. Business intelligence companies are pioneering new solutions to enhance their market position. For example, in July 2022, Experity, a software services firm based in Brazil, introduced Experity Business Intelligence (BI). This new addition lies in Experity’s electronic medical record and practice management solution, featuring pre-set clinical, operational, and financial dashboards specifically for urgent care.
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Which regions are emerging as leaders in the healthcare business intelligence market?
North America was the largest region in the healthcare business intelligence market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare business intelligence market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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