Europe Healthcare IT Market size surpassed USD 73 billion in 2021 and is anticipated to exhibit a CAGR of 14% between 2022 and 2028.
As a response to the growing chronic disease burden worldwide, the healthcare industry has adopted advanced solutions to enhance Chronic Disease Management (CDM). Growing focus on preventative care, combined with investment in prominent mHealth companies, is driving the market trends. As healthcare providers focus of improving workflow competence and optimize revenue inflows, the adoption of IT solutions is likely to upscale in the future years.
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The increased use of artificial intelligence (AI) technologies in Europe has greatly increased potential of novel healthcare services. AI developments and pan-European partnerships have offered benefits such as data security and enhanced efficiency. The UK National Health Service (NHS) is working with AI providers in hospitals for data management, thereby leading to an increased adoption of medical IT services.
Healthcare information technology services were used to lower the high costs associated with frequent hospital visits during the COVID-19 pandemic. Growing demand for cost-effective treatment has boosted the region's healthcare IT industry growth. According to the World Health Organization (WHO), the European Commission (EC) predicted roughly USD 126 billion in cost reductions in healthcare over the previous several years using mHealth services. A vast patient pool and fewer number of healthcare providers in some regions, led to increased adoption of IT solutions to ease up management for medical professionals and deliver treatments faster to critical COVID-19 patients.
The Europe healthcare IT market revenue from revenue cycle management segment will exceed USD 33 billion by 2028. With the advent of digitization, the demand for RCM solutions including software tools used to manage financial transactions has seen noteworthy expansion. With prompt payment processing, RCM helps healthcare providers improve their cash flow and optimize their revenue. By reducing billing mistakes that result in hefty financial losses, these technologies have simplified hospital account operations. Leading companies are working to offer unique and improved solutions to enhance the revenue cycle management process.
Europe’s healthcare payer sector is touted as the among largest in the world, with a strong presence of prominent institutions aiding the patients and service providers. Over the past few years, enhanced digitalization of medical processes and adoption of AI-powered advanced systems has offered significant growth.
Additionally, strategic collaborations made by health payers will positively anchor industry trends. For example, in a recent collaboration, the European Union (EU) and European Medicine Agency (EMA) healthcare payers have planned to offer affordable medicines to the public.
Germany healthcare information technology market will showcase around 14.5% growth rate during the forecast timeframe. The presence of a well-established healthcare infrastructure in the country, as well as an increasing number of private medical service providers. Cloud platform use, digital transformative health, and investments in modern technology are enabling new models of patient care in the industry. As AI and other smart technologies penetrate the medical sector in the region, the deployment of big data analytics for processing large volumes of data daily will see a notable spike.
Prominent participants operating across the Europe healthcare IT market include Epic Systems Corporation, Allscripts Healthcare Solution, Inc., Cerner Corporation, Koninklijke Philips N.V, McKesson Corporation, Siemens Healthineers AG, BigHealth, and Oracle. These companies are pursuing a variety of strategic collaborations, mergers, and acquisitions to strengthen their market position and increase their market revenue.