Technology is changing the way we live our lives almost every day and in a multitude of different ways. One of these transformations is occurring in the field of healthcare.
Health is a business that has been around for centuries with modern medicine helping to extend the average lifespan by decades, however, new innovations are set to make this whole process significantly more user-friendly and useful. You can even check this website to know more about clinical business intelligence.
Business intelligence itself is a fairly new innovation and refers to the collection and use of data to improve business operations and strategic planning.
Healthcare business intelligence builds on this same framework but in this case, the data in question is patient data gathered through a variety of channels.
Healthcare Analytics as a Business
While patient care is a primary mandate for healthcare BI tools and software, businesses entering the market have the potential of realizing a very healthy return on their investment.
In 2019 the market was already fairly robust at US$14 billion, but this is set to skyrocket over the coming years with a healthcare analytics market expected to reach US$50.5 billion by 2024.
How Healthcare Business Intelligence is Transforming Medical Care
This investment is expected to primarily focus on North America with Europe a distant second followed quite closely by Asia.
Over the coming years specifically, North America by itself will far surpass the current global investment of US$14 billion.
This growth is fueled by a variety of factors, one of which is a growing focus from the government towards a more personalized provision of medical care.