Healthcare Business Intelligence Market | Impact of COVID-19 on Global Market

(IT-NEWSWIRE.COM, April 14, 2020 ) The ongoing COVID-19 pandemic—and the worldwide reaction to it—has compelled companies to radically rethink their strategies and the way they operate. We salute the industry experts helping companies survive and sustain in this pandemic.

At MarketsandMarkets™, analysts are undertaking continuous efforts to provide analysis of the COVID-19 impact on the Healthcare Business Intelligence Market. We are working diligently to help companies take rapid decisions by studying:

1. The impact of COVID-19 on the Healthcare Business Intelligence Market, including growth/decline in product type/use cases due to the cascaded impact of COVID-19 on the extended ecosystem of the market.
2. The rapid shifts in the strategies of the Top 50 companies in the Healthcare Business Intelligence Market
3. The shifting short-term priorities of the top 50 companies’ clients and their client's clients

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According to the recent report “Healthcare Business Intelligence Market by Component (Platform, Software, Service), Function (OLAP, Performance Management), Application (RCM, Inventory, Strategy Analysis), Deployment Model (Cloud, Hybrid) & End User (Payer, Hospital) - Forecast to 2023", The healthcare business intelligence market is expected to reach USD 8.9 billion by 2023 from USD 4.4 billion in 2018, at a CAGR of 15.3%.

Browse in-depth TOC on “Healthcare Business Intelligence Market”
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The growth of this market is mainly 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.

Clinical analysis segment is expected to grow at the highest CAGR in the healthcare business intelligence market during the forecast period.

Based on the application, the healthcare business intelligence market is segmented into clinical analysis, financial analysis, and operational analysis. In 2018, the clinical analysis segment is expected to grow at the highest CAGR during the forecast period market, primarily due to the growing pressure to curtail healthcare spending, increasing government incentives (especially in the US) for improving the quality and reducing the cost of care, growing adoption of EHRs, and rising focus on building patient registries.

Growing demand for cloud-based healthcare BI solutions is driving the growth of this segment

On the basis of deployment model, the healthcare business intelligence market is segmented into on-premise, hybrid, and cloud-based models. In 2018, cloud-based models are expected to register the highest CAGR during the forecast period. Factors such as on-demand self-serving analytics, their highly adaptable nature, ease of use, affordability, reliability, no upfront capital investment for hardware, extreme capacity flexibility, and a pay-as-you-go pricing model is expected to boost the demand for healthcare business intelligence services.

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Geographical Growth Analysis:

North America is expected to account for the largest share of the market, followed by Europe, The largest share of the North American market is attributed to the factors such as 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. In 2018, Europe is expected to hold the second-largest share.

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Mr. Sanjay Gupta

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Healthcare Business Intelligence Market | Impact of COVID-19 on Global Market