Increasing Amount of Healthcare Data Spurs Global Healthcare Business Intelligence Market

by Ranu Kurmi tmr

Global Healthcare providers in an effort to enhance the quality of care and reduce the operational cost have inclined towards the IT-enabled business strategies. Over the years, implementation and growth of electronic medical records and related clinical applications have clearly depicted the importance of IT in healthcare industry. According to industry experts the next wave of IT investment would encompass the foundation of business intelligence which combines data from financial, clinical and other applications. Growth curve pertaining to the adoption of business intelligence in healthcare industry has not yet reached its point of inflection. Despite the current economic climate, investment in this technology represents one of the fastest-growing software segments in the health IT market. The implementation of business intelligence in healthcare provides maximum utilization of diverse clinical data, reimbursement scenario and patient information which in turn enhances the clinical outcome and patient health. Business intelligence systems used by hospitals offers a combined structure for medical data assessment, data sharing and collation.

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Drivers for Global healthcare business intelligence market include user friendly interface which reduces the training time and enhances the business performance. Moreover rise in number of healthcare data and federal mandates especially in developed parts of the world is also expected to drive the market in forthcoming years. Additionally the implementation cloud computing and growing based applications are also indirectly supporting the market growth. Key restraints of the market include high implementation cost for small and medium healthcare providers. Moreover high level of customization required by the end users restricts vendors in developing a standardized platform which in turn increases the overall cost of manufacturing. Overall the healthcare business intelligence market by technology can be segmented into traditional business intelligence tools, mobile based and cloud based business intelligence models. Whereas the healthcare business intelligence market by end user includes hospitals, private clinics and insurance providers.

Geographically the market is segmented into four geographical regions: North America, Europe, Asia Pacific and Rest of the World. Developed economic countries such as the United States and Europe are major revenues contributors to the market owing to high level of software implementation and government interventions such as Affordable Care Acts (U.S.) have escalated the market growth in last one decade. According to a survey published by the Information Week revealed that about 50% of the health delivery organizations in the United States are likely to either purchase a new business intelligence technology or replace their existing models by 2015 clearly illustrates the increased demand for latest technology and its customized features. Asia Pacific countries such as India, China, Japan and Singapore are amongst the most lucrative market pertaining to healthcare reforms and legislations such as e-Japan policy among others is likely to increase the demand for service providers and vendors in these region. Rest of the World market is still at a nascent stage yet reforms such as data protection regulations by Qatar. In 2013, IT infrastructure spending in the Middle East amounted to USD 3.9 billion clearly depicts a lucrative market for healthcare business intelligence providers in forthcoming years.

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The global healthcare business intelligence market is largely dominated by the large players yet on a flip side high customization requirement and need for local language based software in several European and developing countries are boosting the demand for local vendors as well. Key players operating the global healthcare business intelligence market include Microsoft Corporation, Oracle Corporation, SAP AG, Tableau Software Inc., SAS Institute, Inc., Ibm Corporation, Accenture Plc, Information Builders, Inc., CitiusTech Inc., McKesson Corporation and others.

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