The healthcare BI market for clinical applications segment is expected to grow at a highest CAGR during the forecast period. The factors mainly contributing to its growth include federal government reforms such as Meaningful Use program; need by the healthcare systems to participate in new payment models such as Accountable Care Organizations (ACOs); ICD-10; and pay-for-performance models.
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North America, especially the U.S. market shows the greatest potential in the near future as there is still a wide scope of adoption of BI tools. The next opportunistic market is Asia with increasing adoption of HCIT, and hence BI tools. In Japan, various favorable government initiatives are focusing on strengthening healthcare services such as the e-Japan policy, new IT reform strategy, and iJApan Strategy 2015. The healthcare IT expenditure in China grew from $135 billion in 2006 to $250 billion in 2010. In addition, the Indian government annually spends approximately 5% of its GDP on the healthcare sector and has approved 100% foreign direct investment (FDI) for setting up hospitals in India since 2000. Also, it is among the leading IT outsourcing and medical tourism destinations. All the above mentioned factors contribute to the potential growth opportunity of the healthcare BI market.
Apart from the comprehensive geographic and