According to the report, the Size of Europe Clinical Data Analytics Market is valued at USD 1.43 billion in 2022 and estimated to show significant growth at a CAGR of 43.37%, to reach USD 8.68 billion by 2027 during the forecast period 2022 to 2027.
Clinical data analytics has become an essential tool for doctors and clinicians to make healthcare decisions for their patients and gain a better understanding of population health. However, the technology used varies depending on the data required or the intended users of the data, including nurses, doctors, public health officials, and others.
Clinical data includes information and data about patients, such as diagnoses, medications prescribed, procedures and lab tests performed, hospitalizations, and therapies given.
However, public attention has recently shifted to health management, a primary driver of the clinical data analytics market. In addition, supportive government regulations, cost benefits, and increased possibilities to provide high-quality services to patients are also significant drivers driving market expansion.
The market has a lot of potential during the forecast period. With the rise of the big data business in healthcare, the market continues to grow at a rapid pace. Big data has been credited with achieving better results in healthcare, saving lives, and doing so at a minimal cost.
One of the areas that have experienced a lot of growth in recent years is clinical data analytics. It is owing to advancements in science and technology and the Internet of Things (IoT), artificial intelligence (AI), and other interactive applications. In addition, the demand for personalized healthcare and frequent health and fitness maintenance fueled the need for clinical data analytics. Government legislation requiring data repositories and data fiduciaries for health monitoring elevated demand for clinical data analytics even further.
Some clinical data analytics market limitations include a fragmented end-user market and software-related privacy and security issues. Aside from the unexpected revenue loss, the epidemic is predicted to cause many new problems for various businesses.
This research report on the Europe Clinical Data Analytics Market has been segmented and sub-segmented into the following categories
By Delivery Mode:
By End User:
Geographically, the European market came in second place in terms of clinical market leadership. Increasing medical spending and demand for bundling rising healthcare costs are driving the market. The clinical data market in the region is booming thanks to advancing medical spending per capita. Furthermore, improved healthcare facilities and quick advancements in healthcare informatics are propelling the regional industry forward. Over the forecast period, the European clinical data analytics market is likely to generate a sizable revenue stream.
Germany, Spain, and the United Kingdom led the growth, with the remaining European countries providing a significant market share. With new regulations and clinical trials becoming more open, Europe will witness a substantial increase in tests conducted each year. In addition, the new measure, which the European Parliament adopted, will make it essential to share the results of trials within a year of their conclusion. These changes have been taken to make Europe a more appealing site for clinical trials.
In the European clinical data analytics market, Germany has the maximum concentration. However, because of different governmental policies for collecting patient data, the United Kingdom is expected to have the quickest growth over the anticipated time.
KEY MARKET PLAYERS
Some of the leading companies dominating the global clinical data analytics market profiled in the report are IBM, CareEvolution, Caradigm, Explorys, Cerner, Intersystems, Athenahealth, Truven Health Analytics, Wellcentive, and McKesson.
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