Healthcare Business Intelligence Market To Advance At A CAGR Of 8.1% Amidst The Growing Government Support

Thehealthcare business intelligence marketis projected to grow at a healthy CAGR of 8.1%. The market valuation is forecasted to reach US$ 7.4 Bn by 2032 from US$ 3.4 Bn in 2022. The amount ofhealthcare businessdata acquired by various healthcare establishments has expanded as various technological devices and platforms have become more integrated into the healthcare industry. The data collected from a variety of healthcare facilities must be managed in order to get the most useful information. The healthcare industry is expected to profit greatly from the widespreadhealthcare business intelligence market adoption trends. Owing to the government measures to encourage EHR adoption and the growing number of patients, thehealthcare business intelligence market sizeis projected to experience substantial growth. Due to the execution of government measures to encourage EHR adoption, the growing number of patient registries, and the rise of big data in the healthcare business, thehealthcare business intelligence marketis likely to experience rapid expansion.  

Theglobal healthcare business intelligence market studyshows that patient data is rapidly being recognized by healthcare decision-makers as a source of commercial insight. When patient data is analyzed with business intelligence tools, it can aid in improving clinical performance, patient management, illness management, and cost and waste reduction. The adoption ofhealthcare business intelligenceplatforms is being boosted by government legislation in numerous nations, including the United States and Europe. The federal government's increased spending is expected to boost demand forhealthcare business analytics.Furthermore, the growth and expansion of thehealthcare business intelligence industry, which is driven by both public and private actors, would generate profitable healthcare business intelligence market growth possibilities, particularly in developing economies. The study by future market insights quotes an increase in personal disposable income, increased awareness of the numerous benefits ofhealthcare business intelligenceamong small and medium-sized players, increased awareness of the benefits of advanced analytical solutions, and increased investment in the development of advanced and innovative technology all contribute to the market's positive growth rate.  

Thesales of healthcare business intelligenceare expected to be hampered by high costs associated with research and development initiatives, insufficient knowledge in developing economies, limited physical infrastructure, increasing instances of inaccurate and misappropriated data, and a scarcity of skilled medical professionals and researchers. 

In addition, the growinghealthcare business intelligence marketis expected to face challenges in the forecast period due to a lack of favorable regulatory scenarios, technological penetration in developing nations, and the demand for high-end capital investment to present and sustain such services. 

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Key Takeaways 

• In 2021, the cloud-based delivery mode segment had the biggesthealthcare business intelligence market share,accounting for 47.5 percent. 
• In 2021, healthcare payers contributed 39.0 percent of total revenue. The market is expected to grow due to a rising requirement for provider network optimization, as well as the adoption of varioushealthcare business intelligencesolutions to efficiently reduce operating costs and increased competition among payers. 
• Over the projection period, thehealthcare manufacturerscategory is expected to increase at a significant rate. The existence of a significant number of pharmaceutical and medical device producers in both developed and emerging nations is one of the main reasons for the segment's strong revenue growth. 
• The Indian market size is expected to grow at a CAGR of 12.8%, with theglobal healthcare businessmarket valuation likely to reach US$ 684 Mn by 2032. 
• As per theglobal industry analysis, due to increased policy measures, Asia Pacific is expected to be the most lucrative regional market throughout the projected period, as healthcare providers and businesses become more aware of business intelligence tools.  

Competitive Landscape  

Thehealthcare business intelligence marketis moderately competitive, with a number of large and growing firms. The market's expansion has been aided by product innovation and continuous R&D activities to produce improved technologies.  

Due to their strong global footprints, large product portfolios, and a greater focus on innovations in healthcare business intelligence solutions, Oracle Corporation, Microsoft, and Sisense Inc. are among the few main competitors accounting for the majority of the market share.  

Qlik Technologies Inc. bought Knarr Analytics LLC in August 2020 to expand Qlik's Cloud Platform Active Intelligence capability, which provides complete insights to enable data-driven operations.  

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