Pune, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Business Intelligence (BI) is well-funded in the modern software-as-a-service market. BI utilizes big data to analyze various aspects of business, uncover new profit centers, and simulate potential developments.
The market growth is driven by the increasing number of patient registries, as well as technological advancements in the pharmaceutical sector. An article published by Frontiers in August 2022 highlights patient registries as a crucial data source for healthcare practices, drug utilization, and clinical outcomes. Patient registries provide epidemiological data, and standards of care, and help in overcoming patient confidentiality issues, particularly for rare diseases.
This anticipated growth in patient registries is also expected to drive the uptake of health business intelligence. The healthcare BI market is growing rapidly due to the government's initiative to increase the adoption of (EHR) and the proliferation of patient registries along with big data usage in healthcare. According to an article published by the Biomedical Journal of Scientific & Technical Research in 2021, the government is digitalizing healthcare services by incorporating EHR for better patient data management and to facilitate coordination among healthcare providers.
The government is also introducing national-level policies, such as the National Digital Health Blueprint, to ensure a single digital health record across India. Additionally, institutions like Tata Memorial Hospital and Max Hospitals Private Limited have implemented electronic medical records (EMR) systems and plan to transition to EHR systems. The widespread implementation of BI across the healthcare industry, alongside its associated benefits, is expected to further drive market expansion.
In 2023, healthcare payers held the largest revenue share at 40%. Market growth is being driven by the increasing need to enhance provider networks, the implementation of various healthcare business intelligence (BI) tools to reduce operational costs, and rising competition among payers. Additionally, the growing emphasis on increasing memberships and minimizing fraud claims is pushing payers to adopt BI solutions to manage their operational expenses more effectively.
During the forecast period, the healthcare manufacturers segment is expected to experience significant market growth. The large number of pharmaceutical and medical device manufacturers in both developed and emerging economies has been contributing to rapid revenue generation. Meanwhile, healthcare manufacturers are increasingly turning to SaaS software to reduce maintenance and development costs, which is anticipated to further drive the market.
Furthermore, customer analytics tools such as direct marketing and Customer Relationship Management (CRM) dashboards are helping various vendors, including hospitals, government bodies, and employers’ private exchangers, to become more efficient in terms of revenue growth and cost savings. This, in turn, is expected to drive the uptake of business intelligence tools by vendors. accounted for the largest revenue share of 48% in 2023, mainly due to the increased implementation of BI solutions and services in healthcare aiming to offer enhanced patient care.
The presence of large manufacturing hubs and reduced expenses are also key factors driving regional growth. Additionally, the constant upgrading of healthcare and IT infrastructure, along with increased adoption of , has contributed to the growth. In 2023, the U.
S. accounted for the highest revenue share in the North American market due to its high adoption of advanced BI technology, changing analytics protocols, easy availability of BI infrastructure, and a professional BIG data crowd. On the other hand, is expected to be the most lucrative regional market in the forecast period due to increasing awareness about BI tools among healthcare providers and organizations, driven by government initiatives.
The regional market growth is also attributed to the increased penetration of mobile-based solutions and the implementation of technologically advanced BI solutions in countries including India, China, and Japan. 1. Introduction 2.
Executive Summary 3. Research Methodology 4. Market Dynamics Impact Analysis 5.
Statistical Insights and Trends Reporting 6. Competitive Landscape 7. Healthcare Business Intelligence (BI) Market Segmentation, by Component 8.
Healthcare Business Intelligence (BI) Market Segmentation, by Application 9. Healthcare Business Intelligence (BI) Market Segmentation, by End User 10. Healthcare Business Intelligence (BI) Market Segmentation, by Mode of Delivery 11.
Regional Analysis 12. Company Profiles 13. Use Cases and Best Practices 14.
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