Healthcare Business Intelligence Market
Business intelligence in healthcare industry, or the arena of healthcare business intelligence (BI), is fast evolving, underpinned by the compelling potential of data in offering value-based care. Tens of millions of data points have come in the healthcare industry that can guide healthcare providers to identify new revenue streams. Subsequently, they are scrambling to tap those. Data is becoming synonymous with competitive differentiation for the healthcare industry. Electronic health records or medical records are one of the useful data points that have been leveraged with the help of healthcare BI. The trend has been particularly useful in imparting a steady growth momentum to the use of BI, as digitalization is expected to become pervasive in the next few decades in developing economies.
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Some of the gains the healthcare providers and patients have reaped are better care and higher satisfaction, faster decision making with regard to operational parameters of the health systems, and better risk management. Hospital facility managers have also benefitted from the insight gained through healthcare BI. A key area where proponents of healthcare BI eye an incredible revenue is in remote health care. Rise in demand for telehealth and remote patient monitoring in case of elderly patients and people suffering from chronic diseases are likely to expand the outlook of the healthcare BI market. In recent times, the intensifying need for new strategic models for unlocking new consumer propositions in the healthcare industry has put the onus on healthcare BI tools and platforms.
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Global Healthcare Business Intelligence Market: Overview
With the inclusion of technology at a high rate, the healthcare sector has changed significantly in the past few years. Currently, the use of business intelligence in the healthcare sector has increased largely. The use of healthcare business intelligence helps in improving personnel distribution, clinical care, managing expenses, and decreasing readmissions. It also helps in analyzing patient health data with ease in minimum duration.
The global healthcare business intelligence market can be categorized on the basis of function, end-user, component, and application. Based on component, the market is likely to be segmented into service, platform, and software. Among these, the demand for software is expected to dominate the market in the coming years.
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The report elucidated on the key factors affecting the growth in the global healthcare business intelligence market. Pros and cons have been discussed intensely couple with the going trends in this market. Opportunities created by players, manufactures, and other significant stakeholders are also presented in the report. Analysis is presented in descriptive as well as factual form based on factual knowledge. Crucial information about the market structure and competition is also presented in the report. Geographical insights relating to key market potential is a significant part of this report.
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Global Healthcare Business Intelligence Market: Trends and Opportunities
Growing integration of various technological devices and platforms in the healthcare sector has increased the amount of healthcare data collected through various healthcare establishments. The data generated from numerous healthcare establishments, which needs to be managed to get the best information out of it. This will also have massive impact of decision making and can changed the ways of disease management, clinical performance, patient management, and help in reducing cost and waste. Rapid adoption of healthcare business intelligence will benefit the healthcare sector largely.
Global Healthcare Business Intelligence Market: Geographic Analysis
Among developed regions, especially North America is expected to hold maximum share in the global healthcare intelligence market followed by Europe. The availability of high quality health services provided at low prices in the U.S. derived the demand in this market. In addition, massive adoption of healthcare intelligence services and solutions by healthcare service providers has also triggered demand in this market. Europe is also expected to rise at a significant growth rate as the need for advanced healthcare services has grown swiftly in this region. Moreover, the objective to streamline healthcare delivery has increased the adoption of healthcare business intelligence thus fueling the market’s growth. Rapid adoption of advanced medical technologies in both these regions has also played a crucial role in benefitting the healthcare business intelligence market.
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Global Healthcare Business Intelligence Market: Companies Mentioned
In the competitive landscape section, prominent market players are thoroughly analyzed. Analysts have taken in consideration key developments, financials, supply chain, technological innovation, market footprints, and strategies used by the key players. These insights are likely to benefits the users having a clear understanding of the market and competition prevailing in the market. It will help decision makers to take well-informed decisions for their company. According to the report, Microsoft, Oracle, IBM, SAS Institute Inc., SAP SE, MicroStrategy Incorporated, Tableau Software, QlikTech International AB, Sisense Inc., Information Builders, and Yellowfin BI are some of the prominent players functional in the global healthcare business intelligence market.
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