Healthcare Business Intelligence Market Set to Reach USD 23 Billion by 2030, Driven by Increased Data Analytics Adoption

 

According to Next Move Strategy Consulting, the global Healthcare Business Intelligence (BI) Market is expected to grow significantly, reaching USD 23 billion by 2030. With a compound annual growth rate (CAGR) of 14% from 2024 to 2030, the market is witnessing substantial growth driven by the increasing adoption of data analytics tools to optimize healthcare operations, improve patient care, and enhance financial management.

Download FREE Sample Report: https://www.nextmsc.com/healthcare-business-intelligence-market/request-sample

What is Healthcare Business Intelligence?

Healthcare business intelligence refers to the application of data analytics tools and methodologies within the healthcare industry to process and analyze vast amounts of healthcare data. BI systems allow healthcare providers and organizations to gain actionable insights, make informed decisions, and improve operational efficiency. By utilizing data from electronic health records (EHRs), telemedicine platforms, and other sources, healthcare BI helps organizations streamline patient care, enhance financial management, forecast demand, optimize supply chains, and reduce operational costs.

Key Drivers of Market Growth

1. Adoption of Electronic Health Records (EHRs): A significant factor driving the growth of the healthcare business intelligence market is the widespread adoption of EHRs. According to the Office of the National Coordinator for Health Information Technology (ONC), over 60% of hospitals in the U.S. have adopted EHR systems. The large volumes of data generated by these systems need advanced BI tools to extract actionable insights, leading to improved patient outcomes and operational efficiency.
2. Growth of Telemedicine and Remote Monitoring: The rise of telemedicine and remote patient monitoring technologies, particularly following the COVID-19 pandemic, has contributed to the growth of the market. As these technologies generate massive amounts of patient data, healthcare organizations increasingly rely on BI tools to analyze the data, track patient progress, and make data-driven decisions that enhance care quality and operational efficiency.
3. Rising Chronic Health Conditions: The increasing prevalence of chronic diseases, such as diabetes and heart disease, has escalated the demand for advanced BI tools. These tools help healthcare professionals analyze complex patient data, track the progression of chronic conditions, and optimize treatment plans, leading to better patient management and clinical outcomes.
4. Integration of Big Data and Blockchain: The combination of big data analytics with blockchain technology is expected to drive significant growth in the healthcare BI market. Blockchain ensures the security, privacy, and transparency of healthcare data, while big data analytics helps process and extract valuable insights. This synergy enables efficient, secure, and innovative data management solutions, providing new growth opportunities for the market.

Market Segmentation

The healthcare business intelligence market is segmented based on several key factors:

• By Component: Software, services, and platforms.
• By Function: Online analytical processing (OLAP) and visualization, query and reporting, and performance management.
• By Deployment Model: On-premise, cloud-based, and hybrid models.
• By Application: Financial analysis, operational analysis, and clinical analysis.
• By End User: Healthcare manufacturers, healthcare providers, and other healthcare organizations.

Inquiry Before Buying: https://www.nextmsc.com/healthcare-business-intelligence-market/inquire-before-buying

Geographical Insights

• North America: North America currently dominates the healthcare business intelligence market, driven by the adoption of advanced technologies and a well-established healthcare infrastructure. In 2023, BurstIQ acquired Olive AI’s business intelligence solution, which bolstered its position in the healthcare BI market. Government initiatives in the U.S. to enhance healthcare services, including the Applied AI Healthcare Challenge, are further fueling the market’s growth.
• Asia-Pacific: The Asia-Pacific region is expected to show steady growth, primarily driven by the increasing adoption of digital solutions like telemedicine and the integration of AI and big data analytics in healthcare. Countries like India, China, and Japan are leading the charge, with initiatives such as India’s eSanjeevani telemedicine platform, which connects patients and doctors remotely, contributing to the growth of healthcare BI in the region.

Competitive Landscape

The healthcare business intelligence market features several key players, including SAP, Tableau Software, MicroStrategy Incorporated, IBM, Microsoft Corporation, QlikTech International AB, Information Builders, Oracle, and Yellowfin BI. These companies are adopting strategies such as acquisitions, product innovations, and strategic partnerships to stay competitive in the market.

For example, in September 2023, MicroStrategy expanded its global partner program to drive growth in the AI and BI markets, offering enhanced tools specifically designed for healthcare applications. Similarly, QlikTech acquired Talend in May 2023, enabling better data access and analytics, which is particularly beneficial for the healthcare industry.

Also, Browse Related Reports:

• Explore the Growth of the Dental Imaging Market
• Discover Key Insights in Population Health Management
• Uncover Trends in the Pharmaceutical Glass Packaging Market

For more information, please contact:

Next Move Strategy Consulting

E-Mail: info@nextmsc.com

Direct: +1-217-650-7991

Website: www.nextmsc.com

Follow Us: LinkedIn | Twitter | Facebook | Instagram | YouTube

 

About Next Move Strategy Consulting:

Next Move Strategy Consulting is a premier market research and management consulting firm that has been committed to provide strategically analysed well documented latest research reports to its clients. The research industry is flooded with many firms to choose from, what makes Next Move different from the rest is its top-quality research and the obsession of turning data into knowledge by dissecting every bit of it and providing fact-based research recommendation that is supported by information collected from over 500 million websites, paid databases, industry journals and one on one consultations with industry experts across a diverse range of industry sectors. The high-quality customized research reports with actionable insights and excellent end-to-end customer service help our clients to take critical business decisions that enables them to move beyond time and have competitive edge in the industry.

We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicates as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solutions that range from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.