Healthcare Business Intelligence Market Scope
Healthcare organizations are implementing healthcare business intelligence solutions to improve efficiency and patient care. Business intelligence software industry allowing unique recommendation, personalization, and helps to reduce operational costs, improve quality of patient care, identify patterns. Healthcare data analytics helps healthcare organizations an easy way to prepare, analyze & visualize big and disparate data. A study revealed that the healthcare business intelligence platform market will be expected to reach USD~3.9 billion by FY 2023. Rapid digital transformation and continuous change in regulatory is the highest driving factor behind the growing requirement of business intelligence in the healthcare sector. As with the rising issue of COVID-19, artificial intelligence is on the top, because it has the potential to save lives, money, and resources altogether. There is huge no. of investments that are injected into AI across the globe. For instance, General Electric allocate almost half of its R&D budget in digital and artificial intelligence. Apart from these AI-powered applications also helping people to screen themselves for novel coronavirus, and reduce the pressure on healthcare institutions.
According to AMA, the Global Healthcare Business Intelligence market is expected to see growth rate of 11.0%
The companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focus on maintaining sustainable development. The players are focusing on securing the leading position in this industry. They are continuously looking for the opportunity to reinforce their competitive advantage. To meet a high market share, and developing a socially responsible business company is identifying various strategic pillars such as mergers & acquisitions, new product launch, product enhancement, and others. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Healthcare Business Intelligence market throughout the predicted period.
Microsoft (United States), IBM (United States), SAP SE (Germany), Oracle (United States), Cloudera (United States), Enigma (United States), Tellius (United States), H2O.ai (United States), Tableau Software (United States) and Micro Strategy Incorporated (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are QlikTech International AB (United States), Information builders (United States) and Sisense Inc. (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
The study have segmented the market of Global Healthcare Business Intelligence market by Type (Predictive Analytics, Centralization of Electronic Health Records, Personal Health Apps and Devices and The Social Media Wave), by Application (Predicting Patient Needs, Reporting Efficiency, Improving Response Rates, Mining Data to Treat Diseases and Identifying At-Risk Patients) and Region with country level break-up.
On the basis of geography, the market of Healthcare Business Intelligence has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
In Apr 2020, as artificial intelligence tools are becoming one of the powerful tools to fight with COVID-19. Regarding this, Partners HealthCare is turning towards AI to handle COVID-19 issues. Under this many governments and hospital systems across the globe are using AI-driven sensors to support triage in sophisticated ways. Additionally, in Oct 2019, Novartis and Microsoft announced a collaboration. Through this collaboration Novartis able to take benefit Microsoft’s AI and Data Science platform, and this will accelerate the discovery and development of transformative medicines for patients across the globe.
In Sep 2019, Digital Intelligence Systems announced the acquisition of ALTEK Information technology. Through this acquisition, Digital Intelligence Systems is able to expand its footprint and its expertise across the healthcare space in Washington DC and other metro areas in Chicago.
- Artificial Intelligence Based Business Intelligence Applications
- Machine Learning-Based Analytics Could Enable Hospitals
- Rise in usage of EHRs across hospitals and clinics along with the growing requirement to build up patient data is driving the healthcare business intelligence market. Along with rising concern towards the improvement of patient safety and management at lower costs. And simultaneously the companies are focusing on enhancing revenue by monitoring cash flow to the remaining compliant.
- Rapid growth in the healthcare analytics market, as the healthcare analytics market will triple in the coming five years, will be estimated to reach USD ~50.5 billion by FY2024. The four major segments including financial analytics, administrative and operational analytics, clinical analytics, and population health analytics. This shows strong growth potential for healthcare business intelligence in the coming years.
- Refusal to an IT-Based Approach by Medical Professionals
- Operational Gap between Payer and Provider Front
- Archaic regulatory infrastructure is a key regulatory issue which is becoming a barrier in the acceptance of AI in the healthcare industry
Key Target AudienceVenture Capitalists and Private Equity Firms, New Entrants/Investors, Analysts and Strategic Business Planners, Healthcare Business Intelligence Service Providers, Government Regulatory and Research Organizations and End-Use Industries