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Europe Healthcare Information Technology (IT) Market Size By Solution (Radiology Information Systems, Electronic Health Record, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, Customer Relationship Management, Fraud Management, Revenue Cycle Management), By End-use (Healthcare Providers {Hospitals, Pharmacies, Diagnostic and Imaging Centers, Ambulatory Clinical Units}, Healthcare Payer {Private, Public}), Industry Analysis Report, Regional Outlook (Germany, UK, France, Italy, Spain, Russia, Poland, Denmark, Netherlands, Turkey, Switzerland, Sweden), Application Potential, Competitive Market Share & Forecast, 2020– 2026
Published Date: October 2020 | Publisher: Graphical Research Report ID: GR1475 | Delivery : PDF  Request Free Sample

Industry Trends

Europe Healthcare Information Technology Market growth was valued at USD 51,677.4 million in 2019 and is expected to witness 15.2% CAGR from 2020 to 2026.

Healthcare information technology is a growing domain attributing to the increased adoption of its services providing healthcare much needed quality and safety. The adoption of healthcare IT systems has increased over the recent years to improve Chronic Disease Management (CDM) owing to the growing prevalence of chronic diseases across the globe. Continuous enhancements in network infrastructure and growing network coverage are further creating several growth opportunities for the industry players. Rise in demand for preventive care coupled with growing funding for various mHealth startups is boosting the market growth. In addition, increasing demand for limiting healthcare burden and augmenting workflow proficiency is further fostering the demand for remote monitoring solutions. Hence, the abovementioned factors will fuel the market growth.
 

Europe Healthcare Information Technology Market

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Increasing utilization of artificial intelligence (AI) technologies in Europe has significantly boosted the demand for healthcare IT services. With introduction of artificial intelligence, there has been a considerable increase in the adoption of big data analytics in Germany for large volumes of statistics, thereby augmenting the healthcare IT market growth. Additionally, in France, the integration of artificial intelligence applications in genomics along with the rising demand for real-time monitoring in healthcare facilities has improved the healthcare IT services and increased the customer base. Increasing innovations and Pan-European collaborations pertaining to the artificial intelligence has provided advantages such as data security and improved data quality. Several investments and initiatives are also being implemented by the European Union (EU) to scale up the adoption of artificial intelligence in the Europe healthcare systems. Hence, resulting in setting proper standards for digitalization and addressing AI regulation. Furthermore, the UK National Health Service (NHS) is working with AI providers in hospitals for data management, thereby leading to an increased adoption of healthcare IT services. Hence, these factors are expected to spur the healthcare IT market growth in the future.

Growing demand for cost-effective care has elevated the healthcare IT market growth in the region. According to the World Health Organization (WHO), the European Commission (EC) estimated around USD 126 billion of cost savings in health services through the utilization of mHealth services in the last few years. Moreover, in order to reduce the high expense owing to frequent hospital visits during the ongoing COVID-19 pandemic, the healthcare information technology services are increasingly being adopted. Therefore, the above-mentioned factors will propel the market growth in the forthcoming years.

Europe Market, By Solution

By solution, the market is segmented as picture archiving and communication systems, fraud management, computerized physician order entry, vendor neutral archives, radiology information system, electronic health record, mHealth, supply chain management, healthcare analytics, telehealth, customer relationship management, revenue cycle management and others. Revenue cycle management (RCM) segment held the largest market share and was valued at over USD 13,070 million in 2019. With the introduction of digitalization, the demand and adoption for RCM solutions including software tools administered for financial transactions has increased considerably. These software tools have eased the hospital billing processes by minimizing the billing errors leading to financial losses. Therefore, these provisions for the healthcare providers in Europe are augmenting the demand and adoption of revenue cycle management solutions. Additionally, several market players in the region are making efforts in developing novel and advanced solutions to enhance the revenue cycle management process. Hence, the above-mentioned factors will drive the market growth in the forthcoming years.

Europe Market, By End-use

On the basis of end-use, the market is bifurcated as healthcare payers and healthcare providers. Healthcare payers segment is forecasted to expand at a CAGR of 15.4% over the projection time period. The rapid growth of the segment is attributed to the enhanced digitalization of healthcare processes and implementation of technologically advanced systems in the region. Also, increase in number of strategic collaborations and investments made by the healthcare payers in the healthcare IT sector will fuel the market growth. According to a recently published article of 2019, the European Medicine Agency (EMA) and European Union (EU) healthcare payers collaborated to discuss affordable access of medicines to cater the patient needs. Additionally, the region’s healthcare payer sector is the second largest in the world with strong presence of several healthcare payers institutions providing assistance to the service providers and patients. Therefore, the above-mentioned factors will continue to offer robust opportunities for the market growth in the future.

Europe Market, By Country

Germany healthcare information technology market was valued at over USD 9,141 million in 2019 and will witness lucrative growth over the estimation timeframe. The large market size is attributed to the presence of well-established infrastructure along with the rising number of private healthcare service providers in the country. In addition, adoption of cloud platforms, digital transformational health and investments in technologies supporting new models of care are the major factors augmenting the market growth. Moreover, the healthcare IT market in Germany is growing continuously owing to several strategic partnerships, collaborations and consolidation processes, thereby enhancing the market growth.

Competitive Market Share

Some of the major industry players involved in Europe healthcare information technology market include Allscripts Healthcare Solution, Inc., Epic Systems Corporation, Cerner Corporation, McKesson Corporation, Koninklijke Philips N.V, Siemens Healthineers AG, Oracle, BigHealth and others. These companies are undertaking various strategic collaborations, mergers and acquisitions to strengthen their market position, expand customer base and enhance geographical presence in the region. For instance, in October 2020, Cerner Corporation announced to provide the patients with health records on iPhone in the UK. The strategic move will assist the company in providing a competitive edge over the competitors and enhance their customer base in the region.

Europe Healthcare Information Technology Market Background

The transformation of healthcare information technology in Europe began at a slow pace with the introduction of healthcare IT projects in the early 2000. An online-health program, National Plan eEurope+, in Czech Republic was introduced in 2002 that aimed at enhancing the adoption of internet to improve quality and cost effectiveness in the healthcare services. Subsequently, in other countries such as Hungary and Poland, Health Portal and e-Health solutions platforms were launched in 2003, respectively. The region also witnessed the introduction and exponential increase in number of healthcare insurance policies along with inclusion of e-hospitals and e-ordering. The Europe healthcare IT sector has experienced substantial growth attributing to the recent technological advancements and increase in digitalization in the last decade. Gradually, the demand for cost-effective healthcare system, development of EHRs and enhanced patient care will drive the healthcare IT market growth. In addition, the introduction of EHR H2020 Project Smart4Health projected has accelerated the EHR adoption during the ongoing pandemic, thus further boosting the healthcare IT market in the region.
 

Frequently Asked Question(FAQ) :

The industry share of Europe Healthcare Information Technology (IT) is projected to expand at 15.4% CAGR during 2020 to 2026.
Germany healthcare information technology market was valued at over USD 9,141 million in 2019 and will witness lucrative growth over the estimation timeframe.
Some of the major industry players involved in Europe healthcare information technology market include Allscripts Healthcare Solution, Inc., Epic Systems Corporation, Cerner Corporation, McKesson Corporation, Koninklijke Philips N.V, Siemens Healthineers AG, Oracle, BigHealth and others.

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