The Europe healthcare analytics market size is expected to expand at a significant CAGR during the forecast period, 2021-2028. The growth of the market is attributed to the increasing number of data records that can be utilized to improve patient care.
The drastic development in the healthcare analytics market is fueled by the increment in the utilization of the IT medical services area over the past several years.
Healthcare analytics services are utilized to predict future patterns, measure the performance of the business, and assess choices and results. This investigation improves the accuracy, administration conveyance framework, and the healthcare care system's efficiency by providing better-quality results and laterally reducing clinic readmissions and expenses.
Market Trends, Drivers, Restraints, and Opportunities
- Growing entrance of data innovation for better clinical care, improved treatment plans coupled with drug information, and extending accessibility of insignificant cost advancement are key factors driving the market growth.
- Increasing use of electronic health records (EHRs) and clinical supportive network clinical decision support system is estimated to spur the growth of the market.
- Rapid adoption of technological advancements in the field of healthcare is one of the major factors driving the market growth.
- Increasing demand for solutions to reduce paper work can contribute to the growth of the healthcare analytics market.
- Improved existing procedures is expected to contribute to the growth of the market during the forecast period.
- Data security and presence of technology challenged users can restrain the growth of the market.
- Rising demand for medical solutions for population health management is estimated to create lucrative opportunity for the healthcare analytics market in Europe.
Scope of Europe Healthcare Analytics Market Report
The report on the Europe healthcare analytics market includes an assessment of the market, trends, segments, and Geography markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Europe healthcare analytics market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Technology Types (Predictive Analytics, Prescriptive Analytics and Descriptive Analytics), Applications (Clinical Data Analytics, Financial Data Analytics and Operational/Administrative Data Analytics), Products (Hardware, Software and Services), Mode of Deliveries (On-premise Models and Cloud-based Models), End-users (Healthcare Providers, Pharmaceutical Industry, Biotechnology Industry, and Academic Organizations)
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Geographical Scope
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The UK, Germany, Italy, France, the Netherlands, and Rest of Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Optum, Inc.; Oracle Corporation; IBM Corporation; Cerner Corporation; and McKesson Europe AG.
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Europe Healthcare Analytics Market Segment Insights
Prescriptive analytics segment is expected to grow at a robust pace
Based on technology types, the market is segregated into predictive analytics, prescriptive analytics and descriptive analytics. The prescriptive analytics segment is anticipated to account for a significant market share during the forecast period. Prescriptive analytics analyzes a few possible activities and recommends activities on the consequences of descriptive and predictive analytics of a given dataset. However, the prescriptive analytics segment is anticipated to hold a key share of the market in the coming years due to increasing demand for the opportunities in treatment methods and prescribing better business practices.
Financial data analytics segment is projected to dominate the market
On the basis of applications, the Europe healthcare analytics market is segregated into clinical data analytics, financial data analytics, and operational/administrative data analytics. The financial data analytics segment is projected to expand at a considerable CAGR during the forecast period .Rising point of convergence of payers on the early area of misrepresentation and decreasing preventable costs are major factors fueling the segment growth.
Services segment to hold a significant market share
In terms of products, the market is divided into hardware, software and services. The services segment is projected to expand at a considerable CAGR during the forecast period. Industry players offer services that helps the healthcare personnel to focus on the core responsibilities. Moreover, the growing adoption of cloud and increasing awareness and availability of analytics are contributing to the market services segment growth.
Cloud-based model segment is projected to expand at a considerable CAGR
On the basis of mode of deliveries, the market is classified as on-premise models and cloud-based models. The cloud-based model segment is projected to expand at a considerable CAGR during the forecast period. Cloud-based model attributes to no upfront capital ventures for equipment and option to discontinue with services without any hassle.
Healthcare providers segment is anticipated to constitute a key market share
Base on end-users, the Europe medical services investigation market is categorized as healthcare providers, pharmaceutical industry, biotechnology industry, and academic organizations. The healthcare providers segment held a substantial market share in 2020. Healthcare providers segment represent clinical consideration costs, developing the requirement for growing enrolments, and improving provider associations, and extending competition.
The UK to constitute a considerable market share
In terms of geography, the market is classified as the UK, Germany, Italy, France, the Netherlands, and the Rest of Europe. The UK is anticipated to account for a significant market share during the forecast period owing to the increasing adoption of latest technologies and rising government investment in the healthcare facilities.
Segments
The Europe healthcare analytics market has been segmented on the basis of
Technology Type
- Predictive Analytics
- Prescriptive Analytics
- Descriptive Analytics
By Application
- Clinical Data Analytics
- Financial Data Analytics
- Operational/Administrative Data Analytics
By Product
- Hardware
- Software
- Services
By Mode of Delivery
- On-premise Models
- Cloud-based Models
By End-users
- Healthcare Providers
- Pharmaceutical Industry
- Biotechnology Industry
- Academic Organizations
Geography
- The UK
- Germany
- Italy
- France
- Netherlands
- Rest of Europe
Key Players
Competitive Landscape
Key players competing in the Europe healthcare analytics market Optum, Inc.; Oracle Corporation; IBM Corporation; Cerner Corporation; and McKesson Europe AG. Companies are engaging in partnerships, acquisitions, and mergers to expand their market share.
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