As per our research report, the size of the healthcare predictive analytics market in the European region is forecasted to be growing at a CAGR of 26.86% from 2022 to 2027 and will be worth USD 8.59 billion by 2027 from USD 2.62 billion in 2022.
Factors such as increased acceptance of new technologies and the installation of new healthcare equipment are primarily accelerating the healthcare predictive analytics market in the European region. The market is further estimated to be driven by analytics for sales and marketing applications, the rise in chronic illnesses, and the demand to reduce healthcare spending. On the other hand, the implementation of big data applications in healthcare is influencing market demand by ensuring consistency in multiple internal procedures and meeting regulatory requirements.
Big data in the healthcare sector is expected to grow in response to rising demand for lower healthcare costs, including medical product defects and damages linked to inefficient hospital workflows. Therefore, one of the major driving forces in the European healthcare predictive analytics market is the digitization of healthcare data.
With improved customer service and technological advancements, the rise of big data in the healthcare industry is increasingly focused on collecting and analyzing data from various sources. The rise of social media and its impact on the healthcare industry has created a massive market for healthcare analytics. Technology advancements promoting information sharing and improving compliance with the Health Insurance Portability and Accountability Act (HIPAA) patient data privacy standard could help the market grow faster.
However, high implementation costs connected with healthcare analytics and security-related issues hinder market expansion. The healthcare industry receives data from various sources in real-time, creating a storage issue. Around 25 million patient records were compromised in 2019, which is a limiting factor in market growth. Additionally, the shortage of experienced and educated employees and a lack of information about how to apply healthcare analytics technologies are hampering the market's growth rate. The primary problem for the Healthcare Analytics Market is finding qualified specialists to store and analyze raw data.
This research report on the European predictive healthcare analytics market has been segmented and sub-segmented into the following categories.
By Application:
By End-User:
By Country:
The European market is predicted to account for a substantial share of the global market during the forecast period. Rising capital income in both established and emerging nations is hastening the growth of the healthcare analytics market in the European region. On the other hand, the market demand in the EU is being slashed due to increasing government programs requiring hospitals to adopt electronic health data. Furthermore, the European Union's recent surge in the use of e-health services is expected to aid the market's growth. According to a European Commission study from 2018, around 96 percent of practitioners in the region utilized electronic health records. Estonia, Denmark, Finland, Spain, Sweden, and the United Kingdom were among the first countries to embrace e-health, and practitioners in these countries use it daily. E-health features such as issue lists/diagnoses (86 percent), lab test results (86 percent), basic medical parameters (85 percent), medical history (84 percent), symptoms (81 percent), clinical notes (80 percent), and ordered tests (80 percent) are used by over 80% of clinicians in the region (80 percent). Institutes can further utilize this information to examine and improve their operations to reduce unnecessary tasks.
Furthermore, due to the Covid-19 epidemic, many hospitals and healthcare organizations emphasize using analytics in their daily operations. As a result, telemedicine and other digital technologies quickly become popular among patients and clinicians.
ACCORDING TO TECH NATION'S DATA COMMONS, the UK government launched a fund of GBP 1.25 billion, which comprises a GBP 500 million investment fund for high-growth enterprises.
KEY MARKET PLAYERS:
IBM, Verisk Analytics Inc., McKesson Corporation, SAS, Oracle, Cerner Corporation, MEDai, MedeAnalytics, Allscripts, and Optum Health Inc. are some of the noteworthy companies operating in the European healthcare predictive analytics market.
Frequently Asked Questions
The European healthcare predictive analytics market is expected to grow at a CAGR of 26.86% from 2022 to 2027.
IBM Corporation, SAS Institute Inc., Microsoft Corporation, Oracle Corporation, and Cerner Corporation are playing a leading role in the European healthcare predictive analytics market.
Germany, France, the UK, Italy, and Spain are some of the major countries in the European market.
The increasing demand for better healthcare outcomes, rising healthcare costs, the need to manage and reduce the risk of chronic diseases, and the increasing adoption of electronic health records (EHRs) are propelling the healthcare predictive analytics market in Europe.
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