The global healthcare BI market is expected to register a CAGR of 15% during the forecast period of 2018–2023. Business Intelligence (BI) is defined as a set of techniques, technologies, and tools, which is used for the collection of raw data and then transformed it into meaningful, useful and insightful information. It widely uses data, statistical and qualitative analysis, explanatory and predictive modeling. Business Intelligence allows healthcare organization to interpret large volume of data and based on this, new strategies are formed and potential market or opportunities identified.
Emergence of Big Data in the Healthcare Industry
Big data analytics and BI are the fastest emerging topic in the healthcare sector. The emerging blend of bioinformatics and health informatics has encouraged research in all healthcare segments, such as target drug, personalized medicine, clinical decision support, and population health management. The demand for big data analytics, along with the adoption of BI, integrates most recent innovations in machine learning, logical methodologies, computational intelligence, and data mining. Many healthcare experts including payers and providers are now starting to analyze big data to obtain detailed knowledge. Though these efforts are still in the early stages, it would collectively help the industry to tackle problems regarding inconsistencies in healthcare quality and escalating healthcare expenditures. Improvement in the quality of people's daily health and life activities, as well as, BI to support and promote such research activities are some of the factors driving the healthcare BI market.
The other factors, such as the rising demand for reduction in healthcare expenditure, need to improve efficiency, decision making process and patient satisfaction, and the need for regulatory compliance and reporting are driving the healthcare BI market.
Lack of Proper Skilled Professionals
There is a stiff demand for skilled professionals. However, labor crunch has been a major challenge for the healthcare sector. The competition for information-security analyst managers, research scientists, and data administrators is intense and often does not match the lucrative offers of the software industry. This a major reason for the lack of skilled IT personnel in the healthcare industry. Apart from the developed countries of North America and most of Europe, the crunch is highly prominent in the countries of Asia-Pacific and Africa, that are still to achieve medical facilities in remote areas.
Lack of adequate funding has also been a major issue, as they do not give a concrete platform for healthcare IT professionals to develop databases and software tools. Lack of resources and lucrative offers has thus, made healthcare IT less attractive for skilled IT professionals and has restrained the growth of the healthcare BI market as a whole.
The other factors, such as complexity of systems and the lack of flexibility are also hindering the market.
United States Lead the Market in North America
In 2017, the United States healthcare BI market held the largest share in North America due to the increasing healthcare expenditure and the presence of high-quality healthcare systems, and modern medical technology in the country.
Key Developments in the Market
- August 2017: Accenture acquired Herndon Data Analytics Company.
- April 2017: Microsoft acquired Intentional Software.
The major players include Accenture, IBM, Microstrategy, Oracle, SAS, Microsoft, Agilum Healthcare Intelligence, Microstrategy, and Tableu Software, among others.
Reasons to Purchase the Report
- Follow the current and future global healthcare BI market
- in the developed and emerging markets.
- Examining the various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Identify the segment that is expected to dominate the market.
- Identify the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
Customization of the Report
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1.1 Rising Demand for Reduction in Healthcare Expenditure
6.1.2 Emergence of Big Data in the Healthcare Industry to Boost the Market
6.1.3 Need to Improve Efficiency, Decision Making Process, and Patient Satisfaction
6.1.4 Need for Regulatory Compliance and Reporting
6.2.1 Lack of Proper Skilled Professionals
6.2.2 Complexity of Systems
6.2.3 Lack of Flexibility
6.4 Key Challenges
7. Market Segmentation
7.1 By Function
7.1.2 Ad-hoc Analysis
7.1.3 Online Analytics Processing (OLAP)
7.1.4 Data Warehousing
7.1.5 Data Mining
7.1.8 Predictive Analytics
7.1.9 Prescriptive Analytics
7.2 By Technology
7.2.1 Typical Architecture BI
7.2.2 Mobile BI
7.2.3 Cloud BI
7.3 By Application
7.3.1 Financial Analysis
7.3.2 Quality Performance & Safety Analysis
7.3.3 Marketing Analysis
7.3.4 Claims Analysis
7.3.5 Clinical Data Analysis
7.3.6 Patient Care Analysis
7.3.7 Operational Performance & Cost Management
7.4 By End User
7.5 By Geography
7.5.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Australia & New Zealand
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
7.5.4 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Rest of the Middle East & Africa
7.5.5 South America
126.96.36.199 Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.2 Agilum Healthcare Intelligence
9.8 Tableu software
*List not Exhaustive
10. Future of the Market