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Global Healthcare Business Intelligence Market 2018-2023: Market is Projected to Reach USD 8.9 Billion by 2023 from USD 4.4 Billion in 2018DUBLIN, Dec. 3, 2018 /PRNewswire/ -- The "Healthcare Business Intelligence Market by Component, Function, Application, Deployment Model & End User - Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.  Growing adoption of data-driven decision-making is expected to drive the overall growth of the healthcare business intelligence market The healthcare business intelligence market is projected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3% during the forecast period. Growth in the healthcare business intelligence market is primarily driven by the implementation of government initiatives to increase EHR adoption, growing adoption of data-driven decision-making, growing pressure to curb healthcare spending and improve patient outcomes, big data in healthcare, and the increasing number of patient registries. However, high initial investments are required for purchasing a suitable BI software or platform, implementing it in an organization, and maintaining and training employees on using it. This is expected to restrain market growth to a certain extent during the forecast period. In this report, the healthcare business intelligence market is segmented based on component, function, application, deployment model, end user, and region.In 2018, North America is expected to hold the largest share of 62.9% of the healthcare business intelligence market, followed by Europe. The market in North America is also expected to record the highest CAGR of 16.2% during the forecast period. The increasing adoption of healthcare intelligence solutions and services by healthcare providers (especially in the US) to provide better quality care and lower healthcare costs is a major factor driving market growth. The healthcare business intelligence market is highly competitive. Microsoft (US), IBM (US), Oracle (US), SAP SE (Germany), SAS Institute Inc. (US), Tableau Software (US), MicroStrategy Incorporated (US), QlikTech International AB (US), Information Builders (US), Sisense Inc. (US), Yellowfin BI (Australia), and BOARD International (Switzerland) are some leading players in the healthcare business intelligence market. Players in this market focus on inorganic and organic strategies, such as new product launches & upgrades, partnerships, agreements, collaborations, expansions, and acquisitions, to expand their market presence. New product launches & upgrades held the largest share of the overall strategic developments in this market from 2015 to 2018. Key Topics Covered: 1 Introduction 5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Adoption of Data-Driven Decision-Making 5.2.1.2 Implementation of Government Initiatives to Increase EHR Adoption 5.2.1.3 Growing Pressure to Curb Healthcare Spending and Improve Patient Outcomes 5.2.1.4 Big Data in Healthcare 5.2.1.5 Increasing Number of Patient Registries 5.2.2 Restraints 5.2.2.1 Requirement of High Investments 5.2.3 Opportunities 5.2.3.1 Advanced Analytics Enhancing Traditional Bi 5.2.3.2 Growing Demand for Cloud-Based Healthcare BI Solutions 5.2.3.3 Increasing Focus on Value-Based Medicine 5.2.3.4 Use of BI in Precision and Personalized Medicine 5.2.4 Challenges 5.2.4.1 Patient Data Confidentiality 5.2.4.2 Concerns Regarding Inaccurate and Inconsistent Data 6 Healthcare Business Intelligence Market, By Component 6.1 Introduction 6.2 Platforms 6.2.1 Vendors are Increasingly Delivering BI Platforms With High Levels of Internal Platform Integration and Embedded BI Capabilities 6.3 Software 6.3.1 BI Software Plays A Critical Role in Deriving Information That is Instrumental in Driving the Growth of the Healthcare Industry 6.4 Services 6.4.1 Services to Register the Highest Growth Rate During the Forecast Period 7 Healthcare Business Intelligence Market, By Function 7.1 Introduction 7.2 Olap & Visualization 7.2.1 North American Market to Grow at the Highest Rate 7.3 Performance Management 7.3.1 User-Friendliness and Accessibility of Solutions are Current Focus Areas for BI Vendors in This Market Space 7.4 Query and Reporting 7.4.1 Eliminating Manual Reviews and Modernizing Record-Keeping to Drive the Growth of This Segment 8 Healthcare Business Intelligence Market, By Application 8.1 Introduction 8.2 Financial Analysis 8.2.1 Claims Processing 8.2.1.1 Need to Reduce False Claims and Improve Claim Response Times Will Support the Use of Claims Bi 8.2.2 Revenue Cycle Management 8.2.2.1 Healthcare Organizations are Looking to BI for Rcm Applications for Proactive Decision-Making 8.2.3 Payment Integrity and Fraud, Waste, and Abuse 8.2.3.1 BI Enables the Early-Stage Detection of Fraud for Healthcare Payers 8.2.4 Risk Adjustment and Risk Assessment 8.2.4.1 Adjustment and Assessment of Risk Allows for Optimization of Cash Flows and Improved Financial Performance 8.3 Clinical Analysis 8.3.1 Quality Improvement and Clinical Benchmarking 8.3.1.1 Benchmarking Allows for the Identification of the Highest Levels of Performance 8.3.2 Clinical Decision Support 8.3.2.1 Predictive Analytics-Equipped CDs Allows for Specific Data Extrapolation and Guidance 8.3.3 Regulatory Reporting and Compliance 8.3.3.1 Stringent Requirements Have Supported the Need for Compliance Adherence Solutions 8.3.4 Comparative Analytics/Effectiveness 8.3.4.1 Broad Aggregation of Clinical Data Across Stakeholder Purviews Allows for Performance Comparison 8.3.5 Precision Health 8.3.5.1 Government Initiatives Will Create A Demand for Analytical Solutions for Personalized Medicine 8.4 Operational Analysis 8.4.1 Inventory Analysis 8.4.1.1 Supply Chain Expenses Can Be as High as 35-45% of Total Operating Costs 8.4.2 Workforce Analysis 8.4.2.1 Need for Real-Time Resource Demand and Supply Data has Supported the Use of Workforce Analysis 8.4.3 Strategic Analysis 8.4.3.1 BI Tools Leverage Collected Data to Facilitate Strategic Analysis for Goal Adherence and Development 9 Healthcare Business Intelligence Market, By Deployment Model 9.1 Introduction 9.2 On-Premise Model 9.2.1 On-Premise Solutions to Account for the Largest Share of the Healthcare Business Intelligence Market in 2018 9.3 Hybrid Model 9.3.1 in Hybrid Solutions, the Software and Database of Each Client is Stored Separately on A Third-Party Server 9.4 Cloud-Based Model 9.4.1 Cloud-Based Healthcare Business Intelligence Solutions to Register the Highest Growth During the Forecast Period 10 Healthcare Business Intelligence Market, By End User 10.1 Introduction 10.2 Payers 10.2.1 Private Insurance Companies 10.2.1.1 Private Insurance Companies to Account for the Largest Share of the Healthcare BI Payers Market in 2018 10.2.2 Government Agencies 10.2.2.1 Increasing Adoption of Healthcare BI Solutions in Government Agencies is Driving the Growth of This Segment 10.2.3 Employers and Private Exchanges 10.2.3.1 The Growing Private Hies Market Will Provide Significant Growth Opportunities for This Segment 10.3 Providers 10.3.1 Hospitals, Physician Practices, and IDNS 10.3.1.1 Growing Utilization of BI Solutions By Hospitals, Medical Groups, and Physician Practices Will Drive the Growth for This Segment 10.3.2 Post-Acute Care Organizations 10.3.2.1 Maximum Accessibility to All Data Relevant to the Treatment History of Their Patients Will Drive the Growth for This Segment 10.3.3 Ambulatory Care Settings 10.3.3.1 Rising Need to Control the Cost of Healthcare Will Drive the Growth of This Segment 10.4 Other End Users 11 Healthcare Business Intelligence Market, By Region 11.1 Introduction 11.2 North America 11.2.1 US 11.2.1.1 Rising Healthcare Costs Will Support the Demand for Hcit Solutions in the US 11.2.2 Canada 11.2.2.1 Challenges Affecting the Canadian Healthcare System Include Growing Patient Volumes and Data Management 11.3 Europe 11.3.1 Germany 11.3.1.1 Focus on Big Data Management Will Support Hc BI Implementation in Germany 11.3.2 UK 11.3.2.1 Increasing Venture Capitalist Investments to Improve Healthcare BI in UK Region 11.3.3 France 11.3.3.1 Limited Developments in Hcit and Lack of Awareness Have Resulted in Slow Growth 11.3.4 Rest of Europe 11.4 Asia 11.4.1 Asian Healthcare Systems Will Follow Trends in Developed Countries for the Implementation of Hcit 11.5 RoW 11.5.1 Australia and New Zealand Show High Emr Adoption Rates 12 Competitive Landscape 12.1 Overview 12.2 Market Ranking Analysis 12.3 Competitive Situation and Trends 13 Company Profiles For more information about this report visit https://www.researchandmarkets.com/research/rb3tgq/global_healthcare?w=5 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Laura Wood, Senior Manager
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