Healthcare BI Market Size

Healthcare BI Market Analysis

The Healthcare BI Market size is estimated at USD 10.17 billion in 2024, and is expected to reach USD 19.95 billion by 2029, growing at a CAGR of 14.41% during the forecast period (2024-2029).

The COVID-19 outbreak demonstrated the effects of public health crises on emergency departments and hospital systems. In recent years, frontline healthcare facilities have demonstrated how to effectively manage limited assets using data analytics and applications. COVID-19 data was collected by workers at outbreak sites, including transmissibility, risk factors, incubation period, and mortality rate. This information creates visualizations, mathematical models, and neural network training. For example, according to a study published by Elsevier in February 2022, a study was conducted which showed that digital technology adoption in Europe jumped from 81% to 95% during the pandemic. BI applied to emergency medical services (EMS) has proven extremely beneficial in improving pandemic management and speeding up the outbreak response decision-making process. Hence, the studied market was significantly impacted by the COVID-19 pandemic. However, as the pandemic has subsided, the market is expected to lose some tractions, but it is expected to have healthy growth during the forecast period.

In the software-as-a-service market, business intelligence is becoming increasingly well-funded. BI promises to help identify, develop, and otherwise create new revenue opportunities by handling large amounts of data to analyze and benchmark lines of business. The increasing number of patient registries is a major factor driving the growth of the market. For instance, according to an article published by Frontiers in August 2022, patient registries are considered an important source of data for healthcare practices, drug utilization, and clinical outcomes. These registries help in addressing various challenges by providing information on epidemiology, standards of care, and treatment patterns of rare diseases, among others. Hence, the advantages of patient registries are expected to increase the usage of patient registries, thereby increasing the adoption of health business intelligence.

The healthcare BI market will show rapid growth due to government initiatives to increase EHR adoption and the number of patient registries, and the emergence of big data in the healthcare industry. As per the article published by the Biomedical Journal of Scientific & Technical Research in January 2021, the Government of India focused on digitizing its healthcare, including Electronic Health Records (EHR), to provide better patient data management, seamless coordination between healthcare providers, and improved healthcare research. Several national-level policies, such as National Digital Health Blueprint, are being formulated to create a pan-India digital health record system. As per the same source, at the provider level, large health systems like Tata Memorial Hospital and Max Hospitals Private Limited have implemented electronic medical record (EMR) systems and are moving toward EHR. Hence, the benefits associated with the BI and its increasing adoption rate across the healthcare industry are driving the market growth. However, the complexity of systems may hinder market growth over the forecast period.