The Europe Healthcare Analytics Market size was worth USD 3.39 Billion in 2022 and is estimated to be a market of USD 10.99 Billion by the end of 2027 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 increase in the use of the IT healthcare sector over the past several years fuels the drastic growth in analytics. 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 and 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.
YOY growth in the number of people suffering from chronic diseases across Europe is anticipated to increase the need for healthcare analytics and result in market growth. Healthcare analytics is the primary step for the prevention of chronic diseases among many people by explaining early signs to the population regarding disease prevention and helping reduce patient costs. In addition, Healthcare analytics gather information regarding various diseases such as diabetes, cancer, CVDs, and other diseases and collects information about the percentage of people suffering from a respective disease, which assists doctors in focusing more on providing the best healthcare to the patients.
The growing adoption of EHR further propels the growth of the EU healthcare analytics market. In the recent past, many hospitals and healthcare centers adopted EHR. Electronic data records help hospitals in making strategic decisions toward development. In addition, electronic health records help extract and analyze a patient’s medical history, such as diagnosis, medical lab reports, medication, etc. This data can be further used for healthcare analytics to analyze and understand how effective healthcare can be delivered to the patient. Healthcare analytics uses statistical techniques to analyze the current condition of the patient health and forecast the treatment outcome.
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.
However, concerns about the confidentiality of the information, security issues, technological and cultural barriers, and the absence of a skilled workforce may hinder the growth of this market worldwide. Also, the fragmented international economic and political relations may act as a threat to market growth. In addition, the high costs associated with establishing and maintaining healthcare analytics hamper 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 captured 20.2% of the global healthcare analytics market share in 2021 and is predicted to witness a healthy 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's growth rate. Healthcare analytics reduce cost and also predicts emergency services. This factor is fuelling the growth of the market eventually. An increasing number of people suffering from various chronic illnesses is also propelling the growth 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 market's growth rate in Europe. In addition, the growing prominence of electronic health records is boosting the market's growth.
The UK healthcare analytics market is estimated to grow at a healthy CAGR during the forecast period and accounted for most of the share in the European market in 2019. The rise in research and development activities in healthcare is escalating the market's growth rate. In addition, growing support from government bodies is likely to fuel the growth of the healthcare analytics market in the UK.
The German healthcare analytics market is forecasted to hold a considerable share of the European market during the forecast period. The growing launch of innovative products with the latest technologies promotes market growth. Furthermore, in Germany, Digital Supply Law was proposed in the federal parliament in November 2019. This enables doctors to prescribe applications to the patients reimbursed by German statutory health insurance. In addition, rising connected devices with vast amounts of data exchanged are likely to bolster market growth. For instance, the active connections in 2019, particularly in the EU, were 2.79 million, which is expected to reach USD 10.34 million by 2025.
The Russian healthcare analytics market works on the micro and macro factors for in-depth analytics. The entry of new key players in Russia increases the growth of the healthcare analytics market. In addition, adopting artificial intelligence in various platforms to provide high-quality treatment services is gearing up the market's growth rate.
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.
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