Global Healthcare BI Market Trends, Impact of Covid-19 and

Dublin, Sept. 20, 2022 (GLOBE NEWSWIRE) — The “Healthcare BI Market – Growth, Trends, Covid-19 Impact, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.

The healthcare business intelligence (BI) market is expected to register a CAGR of 13.1% during the forecast period (2022-2027).

The COVID-19 outbreak demonstrates the effects of public health crises on emergency departments and hospital systems. In recent years, frontline healthcare organizations have demonstrated how to effectively manage limited assets using data analytics and applications.

Data on COVID-19 is 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, Johns Hopkins University first shared an interactive dashboard on January 22, 2020, which tracks real-time data on coronavirus cases, deaths, and recoveries. COVID-19 is tracked using Esri’s mapping and geolocation expertise.

COVID-19 case data was also georeferenced and combined with bed availability data from Definitive Healthcare by Esri. The dashboard, powered by Esri’s ArcGIS Business Analyst software, provides insight into county-level preparedness. As the number of people infected with SARS-CoV-2 grew rapidly around the world, new solutions to emerging health care management issues were needed to fight the epidemic while preventing health systems from collapsing. collapse.

Indeed, BI made it possible to provide real-time data on the spread of the epidemic and the location of clusters. Finally, BI applied to EMS has proven to be extremely beneficial in improving outbreak management and accelerating outbreak response decision-making.

In the software-as-a-service market, business intelligence is increasingly well funded. BI promises to help identify, develop and create new revenue opportunities by processing large amounts of data to analyze and compare business sectors. In healthcare, business intelligence is paving the way for remote healthcare, with benefits ranging from improved patient safety and management to reduced costs and increased revenue. , as well as better visibility on financial transactions.

The healthcare industry is becoming data-driven, from monitoring cash flow to meeting compliance. Although still in its infancy, BI is no longer an option in healthcare. It is a requirement.

The healthcare BI market will show rapid growth owing to government initiatives to increase the adoption of EHRs and the number of patient registries, as well as the emergence of big data in the healthcare sector. According to the article published in January 2021, “Implementing Electronic Health Records in India: Status, Issues & Way Forward”, the Indian government has focused on digitizing its healthcare, including Electronic Health Records (EHR ), to provide better patient data management, seamless coordination among healthcare providers, and improved healthcare research. Several national policies, such as the National Digital Health Blueprint (2019), are being developed to create a pan-India digital health record system.

According to the same source, at the provider level, large healthcare systems like Tata Memorial Hospital and Max Hospitals Private Limited have implemented electronic medical record (EMR) systems and are moving towards EHR. Hence, the benefits associated with BI and its growing adoption rate in the healthcare industry are driving the growth of the market.

Main market trends

Cloud-Based Model Expected to Be Fastest Growing Delivery Mode Segment in Healthcare BI Market

The cloud-based delivery model is the fastest growing segment as companies increasingly adopt cloud-based business intelligence tools, such as customer relationship management (CRM) applications. from salesforce, patient engagement CRM and more. This is due to the agility and accessibility of cloud-based tools. Moreover, they are cost-effective and user-friendly technologies and they have a higher acceptance rate; hence, all these factors contribute to the large share of the segment.

The growing adoption of cloud-based models coupled with the heavy reliance of healthcare on digital technology to leverage the functions of a complex healthcare system is further driving the growth of the market. Moreover, the launch of innovative products also contributes to the growth of the market. For example, in March 2022, Snowflake launched a cloud-based data sharing platform for the healthcare industry that integrates the company’s leading data warehousing, analytics, and business intelligence offerings. with a data marketplace and on-demand consulting services.

Additionally, in March 2022, as part of its broader Microsoft Cloud for Healthcare program, Microsoft announced the general availability of Azure Health Data Services, a platform for managing and analyzing various forms of patient data. The Azure Health Data Services platform as a service (PaaS) helps organizations manage disparate forms of protected health information (PHI) across multiple data stores, enabling them to work with – and make sense of – to patient data using less time and resources. Hence, the launch of technologically advanced products is driving the growth of the market.

North America is expected to hold a major share of the market and is expected to do the same during the forecast period.

North America dominates the global market owing to the growing implementation by healthcare BI solutions and service providers to deliver improved patient care and the presence of large manufacturing hubs. Moreover, constant upgrading of healthcare and IT infrastructure along with increased adoption of cloud computing are contributing significantly to the growth of the market.

Additionally, the high acceptance rate of advanced technologies and evolving analytical protocols are expected to support the growth of the North American healthcare business intelligence (BI) market. North America’s strong IT infrastructure has helped its market expand. Rising investments and regulatory mandates for implementing e-health solutions, the presence of large healthcare IT companies, and a growing need to reduce healthcare costs have all contributed to the growth of the market.

The tech industry uses data to help the rest of the world in addition to helping itself survive a pandemic. The fight against COVID-19 is centered on the use of data analytics. In this crisis, tracking the outbreak and modeling data to predict outcomes is crucial, and analytics was created to do just that.

For example, Canadian startup BlueDot has successfully used artificial intelligence (AI) to track and predict outbreaks using unstructured data from social media and news reports. Additionally, analytics is moving to the frontline, with AI solutions helping healthcare professionals diagnose and monitor the virus much more effectively.

Additionally, in April 2021, the U.S. Department of Energy’s Oak Ridge National Laboratory (ORNL) deployed one of the world’s most powerful and intelligent supercomputers named “Summit”, built by IBM. In just two days, Summit identified and investigated 77 potential small molecule drug compounds to fight COVID-19.

Moreover, the introduction of new products contributes to the overall growth of the market. For example, in September 2021, Med Tech Solutions (MTS), a provider of practice-centric IT solutions for healthcare organizations, launched the MTS Practice Data Analytics visual business intelligence (BI) tools.

Practice Data Analytics generates over 40 standard Business Intelligence (BI) reports from Electronic Health Record (EHR) data, which can be viewed in easily customizable dashboards. Clinical, business, and IT practice managers get intuitive, real-time insights into key performance indicators to help them make better decisions and resolve issues faster. This enhances the ability of all healthcare practices to benefit from MTS’s practice-centered care approach to informatics.

Competitive landscape

The market is moderately competitive, with several prominent and emerging players. Product innovation and ongoing R&D activities to develop advanced technologies have helped drive the growth of the market.

Oracle Corporation, Microsoft, and Sisense Inc. are among the few key players that hold the majority of the market share owing to their large global footprints, large product portfolios, and increased focus on advancing computing solutions decision-making in the field of health.

Companies cited

  • Microsoft Corporation
  • IBM Corporation
  • Oracle Corporation
  • SAP SE
  • SAS Institute Inc.
  • Selling power
  • MicroStrategy Embedded
  • QlikTech International AB
  • Information generators
  • Sisens Inc.
  • EPIC SYSTEMS
  • info inc.
  • CareCloud, Inc.
  • Domo, Inc.

For more information on this report, visit https://www.researchandmarkets.com/r/vmaiyn


        

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