Business Intelligence (BI) can be defined as a set of techniques, technologies and tools, which can be used for collection of raw data and then transforming it into meaningful, useful and insightful information. It widely uses data, statistical and qualitative analysis, explanatory and predictive modeling. The Business Intelligence allows healthcare organization for interpreting large volume of data and based on this new strategies can be formed and potential market or opportunities can be identified.
The Global Healthcare Business Intelligence Market is estimated to be valued at USD 3.43 billion in 2016 and is projected to reach USD 7.07 billion by 2021, at a CAGR of 15.56% during the forecast period from 2016 to 2021. Growth of this industry is mainly driven by federal reforms in healthcare sector, need for reduction in healthcare expenditure, need for regulatory compliances and reporting and growing demand to improve efficiency, decision making process and patient satisfaction.
Availability of large data and integration of big data in healthcare has been boosting factor for this sector. Additionally, growing usage of mobiles, increasing adoption of cloud computing, expansion of healthcare IT, technological advancements, among others are some of the other drivers of this market.
The technology also has certain constraints to overcome, such as high cost of initial investments, lack of technical expertise and sufficient knowledge base, complexity of data and minimum flexibility. Data Integrity and safety is also a key concern. However, the technology has several opportunities as well. The introduction and implementation of Electronic Health Records (EHR), the rising investments in venture capital funds, and the implementation of trends in the medical-IT field, such as precision medicines, EHR, analytics-driven personalized medicines, evidence based medicine, clinical DSS, health and disease management, and so on.
The key benefit of healthcare Business intelligence are ease of handling a big volume of data, and based on this analysis identifying opportunities and creating new strategies or modifying earlier ones. Some of other benefits are the better efficient decision making process, patient satisfaction, rapid exchange of information, clarity and transparency of information and time and cost efficiency.
A large volume of data already available at our disposal and adoption of big data in healthcare making this size again bigger clearly shows that Business Intelligence is going to have huge impact in nearby future and even have potential to transform healthcare industry. Experience of early adopter suggests that future BI efforts will be targeted at supporting three emerging, interrelated disciplines: evidence based medicine, protocol-based medicine, and personalized medicine.
Evidence based medicine focuses on use of the current best available treatment methods and medical practices, Protocol-based medicine translates the guidelines developed through evidence-based medicine into operational clinical practice in the form of protocols, and personalized medicine is the method of coming up with treatment or drugs for an individual by exploiting persongenomic make-up and other available medical records.
The global healthcare Business Intelligence market is segmented on the basis of Function(Reporting (Enterprise Reporting, management reporting), Ad-hoc Analysis, Online Analytics Processing (OLAP), Data Warehousing, Data Mining, Dashboards, Datamarts, Predictive Analytics, Prescriptive Analytics and others), Technology (Typical Architecture BI, Mobile BI, Cloud BI and others), Application (Financial Analysis, clinical data analysis, claims analysis, Quality performance and safety analysis, marketing analysis, patient care analysis, operational performance and cost management and others), End-User (Hospitals, Physicians, Providers, payers), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America).
The major market players in this market are Accenture, IBM, Microstrategy, Oracle, Qlik Technologies, Inc., SAS, SAP, Tableu Software, Agilum Healthcare Intelligence, Microsoft etc. The primary stakeholders of this technology are healthcare IT firms, healthcare analytics vendors, care organizations, health insurance providers, healthcare payers, healthcare providers, research firms, consultants, ambulatory services, and venture capitalists.
Key Deliverables in the Study
Market analysis for the Global Healthcare Business Intelligence Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the global healthcare Business Intelligence market on both global and regional scales
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
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