The Europe Healthcare Analytics Market size was worth USD 3.39 Billion in 2021 and is estimated to be a market of USD 10.99 Billion by the end of 2026 with a growth rate of 26.52% during the forecast period.
Healthcare analytics analyses the data collected from multiple sources to designate specific trends and patterns for improvised healthcare intervention. The drastic growth in analytics is fuelled by the increase in the use of the IT healthcare sector over the past several years. Analytics in healthcare is used to predict future trends, measure the performance of the business, and evaluate decisions & outcomes. This analysis improves the accuracy, service delivery system, and the healthcare system's total efficiency, providing better-quality outcomes and laterally reducing hospital readmissions and costs.
Healthcare analytics is a systematic study method to allow healthcare growth activities, in-depth analysis of data collected from the pharmaceutical industry. As per the WHO, only six countries have national security & strategies regulatory that use big data in the healthcare sector. In 2020, the WHO European Region adopted eHealth due to increasing COVID-19 cases.
Companies provide data privacy through the cloud system, transparency of the information, and patient health-related information. The Healthcare analytics industry has vast software up-gradation services and technology advancements to analyze the European region's big data. It can improve the pharmaceutical, biotechnology & IT sectors in the future. In Europe, private sectors invest in internet services for big data management, such as IBM Corporation, Cisco, etc. European healthcare analytics manufacturing companies give better-standardized products to their customers such as hospitals, clinics & researchers at reliable cost.
The concerns about the confidentiality of the information, security issues, technological and cultural barriers, and the dearth of skilled workforce may hinder the growth of this market across the world. Also, the fragmented international economic and political relations may act as a threat to market growth.
This research report on the Europe Healthcare Analytics Market has been segmented and sub-segmented into the following categories:
By End Users:
Geographically, Europe accounts for about 19% of the global healthcare analytics market in 2019 and is predicted to witness the highest growth rate in the forecast period. Following North America, Europe is expected to hold the highest shares of the market during the forecast period. The rising number of COVID 19 cases and rapid adoption of telehealth services during the pandemic are escalating the market demand. Healthcare analytics reduce the cost and also predicts emergency services. This factor is fuelling the demand of the market eventually. An increasing number of people suffering from various chronic illnesses is also propelling the demand of the healthcare analytics market in Europe. The launch of health and fitness applications in android and ios in favor of the end-users is likely to propel the growth rate of the market in Europe. Growing prominence for electronic health records is boosting up the demand of the market.
The UK Healthcare Analytics Market is estimated to grow at a healthy CAGR during the forecast period and was accounted for most of the share in the European market in 2019. The rise in the research and development activities in healthcare is escalating the growth rate of the market. Growing support from government bodies is also likely to fuel the demand of the healthcare analytics market.
The German Healthcare Analytics Market is next to the UK in ruling the prominent shares of the market. The growing launch of innovative products with the latest technologies is promoting the demand of the market. In Germany, Digital Supply Law was proposed in the federal parliament in November 2019. This enables doctors to prescribe applications to the patients who will be reimbursed by German statutory health insurance. In addition, rising connected devices with huge amounts of data exchanged are likely to bolster the market demand. For instance, the active connections in 2019, particularly in the EU, were 2.79 million where it is expected to reach USD 10.34 million by 2025.
The Russian healthcare analytics market work on the micro as well as macro factors for in-depth analytics. The entry of new key players in Russia increases the demand for the healthcare analytics market. In addition, the adoption of artificial intelligence in various platforms to provide high-quality treatment services is gearing up the market's growth rate.
KEY MARKET PLAYERS:
A few of the promising companies operating in the European Healthcare Analytics Market are 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.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Predictive Analytics
5.1.2 Descriptive/Restrospective Analytics
5.1.3 Prescreptive Analytics
5.2 By Application
5.2.1 Financial Analytics
5.2.2 Clinical Analytics
5.2.3 Operational & Administrative Analytics
5.3 By End-user
5.3.1 Public Health Systems
5.3.2 Healthcare Providers
5.3.3 Private Healthcare Providers
5.3.4 Monitoring Agencies
5.3.5 Health Insurance Companies
5.3.6 Clinical and Medical Research Bodies
5.3.7 Technology Vendors
6. Geographical Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 SAS Institute Inc
8.3 Optum Inc.
8.4 IBM Corporation
8.5 Truven Health Analytics Inc.
8.6 Cerner Corporation
8.7 Verisk Analytics Inc.
8.8 Allscripts Health Solutions
8.9 Oracle Corporation
8.10 MedeAnalytics Inovalon Inc.
8.11 Health Catalyst
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures