The European healthcare analytics market size is expected to be worth USD 4.28 Billion in 2023 and USD 13.9 Billion by 2028, growing at a CAGR of 26.52% during the forecast period.
The growing number of people suffering from chronic diseases across Europe majorly drives demand for healthcare analytics and leads to market expansion in this region. Healthcare analytics serves as a crucial initial step in preventing chronic diseases among a broad swath of the population by detecting early signs of disease and aiding in reducing patient costs. Furthermore, healthcare analytics gather crucial information concerning various diseases, including diabetes, cancer, CVDs, and others, and provide insights into the proportion of people affected by these illnesses, enabling physicians to prioritize providing optimal healthcare to patients.
The growing adoption of Electronic Health Records (EHR) further propels the growth of the European healthcare analytics market. In recent times, numerous hospitals and healthcare centers have embraced EHR, which enables them to make strategic decisions regarding their development. Furthermore, EHR assists in extracting and analyzing patients' medical histories, including diagnoses, medical laboratory reports and medications, among other details. This data is then leveraged by healthcare analytics to gain insight into how optimal healthcare can be delivered to the patient. Statistical techniques are employed by healthcare analytics to analyze the patient's current health status and forecast the likely outcome of treatment. The adoption of electronic healthcare records in Europe has reached an impressive 80%, as hospitals and clinics seek to ease the burden on healthcare professionals and provide seamless access to patient data. With electronic health records, authorized users can view or record patient data anytime and from any location, simplifying healthcare delivery. EHRs contain critical patient medical information and history required for treatment, including treatment plans, medications, immunization dates, radiology images, test reports, and allergy information. Consequently, the healthcare analytics solution analyses the data collected in electronic health records, providing valuable insights for improved treatment processes and disease prevention efforts among the population.
The growing usage of healthcare analytics for personalized medicine contributes to regional market growth. With personalized drugs offering faster recovery times and fewer side effects, there is a growing preference for individualized treatment and medication, fueling the European market growth. In this context, healthcare analytics is crucial in extracting valuable insights from vast amounts of structured and unstructured patient data.
In addition, the growing adoption of technological advancements such as AI and machine learning are expected to fuel the growth rate of the healthcare analytics market in Europe. Around 16% of the healthcare facilities in Europe use AI tools to provide better support for healthcare outcomes. Furthermore, the increasing demand to lower healthcare costs drives market growth in the region. Given the growing incidence of chronic diseases, healthcare providers increasingly employ advanced medical devices and treatments, which can prove costly for patients. Healthcare analytics has emerged as a critical tool in cost-reduction efforts by analyzing data to identify cost-saving opportunities. Consequently, researchers are exploring advanced technologies like artificial intelligence and machine learning to gain a comprehensive overview of healthcare data.
The high costs associated with analytical solutions are one of the major factors hampering the growth of the European healthcare analytics market. In addition, maintaining vast amounts of data, a shortage of skilled professionals, data privacy concerns, and data integration issues further inhibit the growth of the European market. Furthermore, inaccurate or unrelated data may result in incorrect analytics within the healthcare system, leading to critical situations within the healthcare sector.
This research report on the European healthcare analytics market has been segmented and sub-segmented into the following categories:
Europe Healthcare Analytics Market - By Type:
The predictive analytics segment had the major share of the European healthcare analytics market in 2022.
Europe Healthcare Analytics Market - By Application:
The clinical analytics segment held the leading share of the European market in 2022.
Europe Healthcare Analytics Market - By End Users:
The public health systems segment accounted for the major share of the European market in 2022.
Europe Healthcare Analytics Market - By Country:
Geographically, the European market occupied the second-largest share of the worldwide market in 2022 and is anticipated to account for a substantial share of the global market during the forecast period. The UK healthcare analytics market had the largest share of the European market in 2022 and is estimated to grow at a notable CAGR during the forecast period. The rapid adoption of telehealth services is one of the major factors propelling the UK market growth. By reducing costs and enabling the prediction of emergency services, healthcare analytics plays a critical role in managing situations such as the COVID-19 pandemic. Moreover, the increasing prevalence of various chronic illnesses contributes to the UK market growth, as healthcare analytics provide valuable insights for improved disease management. Additionally, launching health and fitness applications on Android and iOS platforms further fuels market growth by catering to the preferences of end-users. Finally, the growing prominence of electronic health records is also a key driver of market expansion, as healthcare analytics enables the extraction of critical patient data for enhanced treatment processes. Furthermore, factors such as the growing research and development activities in healthcare and growing support from government bodies support the growth rate of the UK market.
The German healthcare analytics market is anticipated to account for a substantial share of the European market during the forecast period owing to the launch of innovative products incorporating the latest technologies. The proposed Digital Supply Law in Germany's federal parliament in November 2019 is likely to promote market growth by enabling doctors to prescribe reimbursed applications to patients covered by German statutory health insurance. The growing prevalence of connected devices exchanging vast amounts of data is expected to bolster market growth further. For instance, the active connections in the EU in 2019 were 2.79 million, a number that is projected to increase to USD 10.34 million by 2025. These factors demonstrate the growing importance of the German healthcare analytics market and its potential for significant expansion in the coming years.
KEY MARKET PLAYERS:
SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc., and Health Catalyst are some of the notable players in the European healthcare analytics market.
Factors driving the growth of the Europe healthcare analytics market include increasing demand for personalized medicine, rising healthcare costs, growing prevalence of chronic diseases, increasing adoption of electronic health records, and the need for better patient outcomes and quality of care.
Key challenges facing the Europe healthcare analytics market include high cost of analytical solutions, lack of skilled professionals, data privacy and security concerns, and data integration issues.
Major trends in the Europe healthcare analytics market include the use of artificial intelligence and machine learning, increasing adoption of telehealth services, and the growing prominence of mobile health applications.
Technology is playing a significant role in the Europe healthcare analytics market, with the use of artificial intelligence, machine learning, cloud computing, and big data analytics.
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