Global Healthcare BI Market - Segmented by Function, Technology, Application, End User, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global healthcare BI market is expected to register a CAGR of 15% during the forecast period of 2018–2023. Business Intelligence (BI) is defined as a set of techniques, technologies, and tools, which is used for the collection of raw data and then transformed it into meaningful, useful and insightful information. It widely uses data, statistical and qualitative analysis, explanatory and predictive modeling. Business Intelligence allows healthcare organization to interpret large volume of data and based on this, new strategies are formed and potential market or opportunities identified.
Emergence of Big Data in the Healthcare Industry
Big data analytics and BI are the fastest emerging topic in the healthcare sector. The emerging blend of bioinformatics and health informatics has encouraged research in all healthcare segments, such as target drug, personalized medicine, clinical decision support, and population health management. The demand for big data analytics, along with the adoption of BI, integrates most recent innovations in machine learning, logical methodologies, computational intelligence, and data mining. Many healthcare experts including payers and providers are now starting to analyze big data to obtain detailed knowledge. Though these efforts are still in the early stages, it would collectively help the industry to tackle problems regarding inconsistencies in healthcare quality and escalating healthcare expenditures. Improvement in the quality of people's daily health and life activities, as well as, BI to support and promote such research activities are some of the factors driving the healthcare BI market.
The other factors, such as the rising demand for reduction in healthcare expenditure, need to improve efficiency, decision making process and patient satisfaction, and the need for regulatory compliance and reporting are driving the healthcare BI market.
Lack of Proper Skilled Professionals
There is a stiff demand for skilled professionals. However, labor crunch has been a major challenge for the healthcare sector. The competition for information-security analyst managers, research scientists, and data administrators is intense and often does not match the lucrative offers of the software industry. This a major reason for the lack of skilled IT personnel in the healthcare industry. Apart from the developed countries of North America and most of Europe, the crunch is highly prominent in the countries of Asia-Pacific and Africa that are still to achieve medical facilities in remote areas.
Lack of adequate funding has also been a major issue, as they do not give a concrete platform for healthcare IT professionals to develop databases and software tools. Lack of resources and lucrative offers has thus, made healthcare IT less attractive for skilled IT professionals and has restrained the growth of the healthcare BI market as a whole.
The other factors, such as complexity of systems and the lack of flexibility are also hindering the market.
United States Lead the Market in North America
In 2017, the United States healthcare BI market held the largest share in North America due to the increasing healthcare expenditure and the presence of high-quality healthcare systems, and modern medical technology in the country.
Key Developments in the Market