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Healthcare Business Intelligence Market Size

Report ID: GMI10526
Published Date: Jul 2024
Report Format: PDF

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Healthcare Business Intelligence Market Size

Healthcare Business Intelligence Market size was valued at around USD 7 billion in 2023 and is expected to grow at a CAGR of 10.4% between 2024 and 2032. The rapid growth in digitization of healthcare processes coupled with rising focus on data-driven decisions are driving the market growth.

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The rapid growth in digitizing healthcare processes is significantly enhancing the healthcare business intelligence (BI) landscape. Key drivers include the widespread adoption of electronic health records (EHRs), telemedicine, and remote patient monitoring systems. These advancements enhance data collection, storage, and management, facilitating comprehensive analysis and actionable insights. For instance, a report by the Office of the National Coordinator for Health Information Technology (ONC), in 2021 revealed that the adoption rate of EHRs among office-based physicians in the U.S. reached 85.9%, underscoring the swift digitization in the healthcare sector.

Healthcare business intelligence (BI) refers to the use of data analysis tools and methodologies in the healthcare sector to collect, process, and analyze vast amounts of data generated by healthcare activities. The goal of healthcare BI is to provide actionable insights that help healthcare organizations improve decision-making, optimize operations, enhance patient care, and ensure regulatory compliance.

Healthcare Business Intelligence Market Report Attributes
Report Attribute	Details
Base Year:	2023
Healthcare Business Intelligence Market Size in 2023:	USD 7 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	10.4%
2024 – 2032 Value Projection:	USD 16.9 Billion
Historical Data for:	2021 – 2023
No. of Pages:	110
Tables, Charts & Figures:	308
Segments covered:	Component, Deployment, Application, End-use, and Region
Growth Drivers:	Extensive growth in digitization of healthcare processes Rising emphasis on data-driven decisions Focus on cost reduction through process optimization
Pitfalls & Challenges:	High cost of services Lack of skilled professionals

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global healthcare business intelligence industry was valued at USD 7 billion in 2023 and is anticipated to register 10.4% CAGR between 2024 and 2032 due to rapid growth in digitization of healthcare processes and the rising focus on data-driven decisions.

The financial analysis segment in the market held 49.2% revenue share in 2023 due to need for essential tools for cost management, budgeting, revenue cycle management, reducing denials, and enhancing cash flow.

North America healthcare business intelligence market size was USD 2.6 billion in 2023 due to EHR implementation and the shift to value-based care, enhancing data analysis, patient care, and operational efficiency.

CareCloud Inc., Domo Inc., EPIC SYSTEMS, IBM Corporation, Infor Inc., Information Builders, Microsoft Corporation, MicroStrategy Incorporated, Oracle, Panorama Software Inc, and QlikTech International AB, among others.