DUBLIN, Sept. 20, 2022 (GLOBE NEWSWIRE) — Added the Healthcare BI Market- Growth, Trends, Covid-19 Impact, And Forecasts (2022-2027) report ResearchAndMarkets.com Offer.
The Healthcare Business Intelligence (BI) Market is expected to register a CAGR of 13.1% during the forecast period (2022-2027).
The COVID-19 outbreak shows the impact of public health crises on emergency departments and hospital systems. In recent years, frontline healthcare organizations have shown how limited assets can be effectively managed using data analytics and applications.
COVID-19 data is collected from workers in epidemic locations, including transmissibility, risk factors, incubation period and mortality rate. This information creates visualizations, mathematical models, and neural network training. For example, on January 22, 2020, Johns Hopkins University released for the first time an interactive dashboard tracking real-time data on coronavirus cases, deaths and recoveries. COVID-19 is being tracked using Esri’s mapping and geolocation expertise.
COVID-19 case data was also georeferenced and combined with bed availability data from Definitive Healthcare by Esri. The dashboard, powered by Esri’s ArcGIS Business Analyst software, provides a county-level snapshot of readiness. As the number of people infected with SARS-CoV-2 increased rapidly around the world, new solutions to emerging health management problems were required to combat the epidemic while preventing health systems from collapsing.
In fact, BI helped provide real-time data on the spread of the epidemic and the locations of the clusters. Finally, the application of BI to EMS has proven extremely beneficial in improving epidemic management and speeding up the decision-making process to respond to outbreaks.
In the software-as-a-service market, business intelligence is getting better and better funded. BI promises to help identify, develop, and otherwise create new revenue opportunities by processing large amounts of data to analyze and evaluate business areas. In the healthcare industry, business intelligence is paving the way for remote care, with benefits ranging from improved patient safety and management to lower costs and increased revenue and greater visibility into financial operations.
The healthcare industry is data-driven, from cash flow monitoring to regulatory compliance. While still in its infancy, BI in healthcare is no longer an option. It’s a requirement.
The healthcare BI market will see rapid growth due to government initiatives to increase EHR adoption and the number of patient registries, as well as the emergence of big data in the healthcare industry. According to the article “Implementing Electronic Health Records in India: Status, Issues & Way Forward” published in January 2021, the Indian government has focused on digitizing their healthcare, including Electronic Health Records (EHR) to provide better patient data management, seamless coordination between health care providers and improving health research. Several national level guidelines such as the National Digital Health Blueprint (2019) are being formulated to create a pan-India digital health record system.
According to the same source, at the provider level, large healthcare systems such as Tata Memorial Hospital and Max Hospitals Private Limited have implemented Electronic Medical Record (EMR) systems and are moving toward EHR. Therefore, the benefits associated with BI and its rising adoption rate across the healthcare industry are driving the market growth.
Key Market Trends
The cloud-based model is expected to be the fastest growing segment under delivery mode in the healthcare BI market
The cloud-based delivery model is the fastest growing segment as companies increasingly adopt cloud-based business intelligence tools such as Salesforce customer relationship management (CRM) applications, patient engagement CRM and others. This is due to the agility and accessibility of cloud-based tools. In addition, they are low-cost, user-friendly technologies and have a higher adoption rate; Therefore, all these factors contribute to the significant share of the segment.
The increasing adoption of cloud-based models coupled with healthcare’s high reliance on digital technology to operate functions of a complex healthcare system continues to drive market growth. In addition, the introduction of innovative products also contributes to the market growth. For example, in March 2022, Snowflake launched a cloud-based data sharing platform for the healthcare industry, integrating the company’s core data warehousing, analytics and business intelligence offerings with a data marketplace and on-demand consulting services.
Also, in March 2022, as part of its broader Microsoft Cloud for Healthcare program, Microsoft announced the general availability of Azure Health Data Services, a platform for managing and analyzing various forms of patient data. Azure Health Data Services’ platform-as-a-service (PaaS) helps organizations manage disparate forms of protected health information (PHI) across multiple data stores, enabling them to work with patient data and process it meaningfully, and in less time and resources. Therefore, the introduction of technologically advanced products drives the market growth.
North America is expected to hold a significant share of the market and will do the same during the forecast period.
North America dominates the global market due to the increasing implementation of healthcare BI solutions and services by providers to offer improved patient care and the presence of large manufacturing centers. In addition, the constant modernization of healthcare and IT infrastructure as well as the increasing adoption of cloud computing contributes significantly to the market growth.
Additionally, the high adoption rate of advanced technologies and changing analytics protocols are expected to support the growth of the North American healthcare business intelligence (BI) market. North America’s strong IT infrastructure supported its market expansion. Increased investment and regulatory requirements to implement eHealth solutions, the presence of large IT companies in the healthcare sector, and the growing need to reduce healthcare costs all contributed to the market growth.
The tech sector is using data to help the rest of the world and help itself survive a pandemic. The fight against COVID-19 focuses on the use of data analytics. In this crisis, tracking the outbreak and modeling data to predict outcomes is critical, and analytics have been designed to do just that.
For example, Canadian startup BlueDot has successfully used artificial intelligence (AI) to track and predict outbreaks using unstructured data from social media and news reports. Additionally, analytics is gaining ground at the forefront, with AI solutions helping medical professionals diagnose and monitor the virus much more effectively.
Additionally, in April 2021, the US Department of Energy’s Oak Ridge National Laboratory (ORNL) deployed one of the most powerful and intelligent supercomputers in the world called “Summit,” built by IBM. In just two days, Summit identified and screened 77 potential small molecule drugs to combat COVID-19.
In addition, new product launches contribute to the overall market growth. For example, in September 2021, Med Tech Solutions (MTS), a provider of practice-oriented IT solutions for healthcare organizations, introduced MTS Practice Data Analytics visual business intelligence (BI) tools.
Practice Data Analytics generates over 40 standard Business Intelligence (BI) reports from Electronic Medical Record (EHR) data that can be viewed in easily customizable dashboards. Clinical, business, and IT practice leaders get intuitive, real-time insights into key performance indicators to help them make better decisions and address problems faster. This improves the ability of all healthcare practices to benefit from MTS’ hands-on approach to IT.
The market is moderately competitive, with several large and emerging players. Product innovations and ongoing R&D activities to develop advanced technologies have helped boost the growth of the market.
Oracle Corporation, Microsoft, and Sisense Inc. are among a few key players capturing the bulk of the market share due to their strong global footprint, extensive product portfolio, and increased focus on advancements in healthcare business intelligence solutions.
- Microsoft Corporation
- IBM Corporation
- Oracle Corporation
- SAS Institute Inc.
- MicroStrategy Incorporated
- QlikTech International AB
- information builder
- Sisense Inc.
- EPIC SYSTEMS
- info inc
- CareCloud, Inc.
- Domo, Inc.
For more information about this report, visit https://www.researchandmarkets.com/r/vmaiyn
Global Bi-Healthcare Market, Percentage Electronic Medical Record Adoption, Hospital Service Type, United States, 2019, 2021
Global Healthcare BI Market Growth Rate by Regions