Europe Healthcare Analytics Market size surpassed USD 4,728.9 million in 2021 and is projected to witness 19.4% CAGR between 2022 and 2028. Emergence of big data in healthcare sector will serve as a high impact rendering factor for the market growth. Collection of data from genomic sequencing, billing, medical research findings, claims, and practice guidelines is constantly expanding the digital data universe.
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Healthcare analytics extensively uses data for quantitative and qualitative analysis to improve planning, management, measurement, and learning. Healthcare analytics solutions used huge amounts of collected data to allow organizations with actionable insights. These actionable insights improve patient engagement, operations, clinical outcomes, and care delivery.
Owing to the COVID-19 pandemic, the adoption of healthcare analytics solutions, especially predictive analytics to actively identify individuals that are at greater health risk and to help focus on offering timely treatment. For instance, in April 2020, Cleveland Clinic researchers created a predictive model that can forecast patient volume, bed capacity, ventilator availability, and other metrics. The model provides timely, reliable information to optimize care delivery for COVID-19 and other patients. Thus, increasing use of healthcare analytical tools and development of solutions to conduct research during the pandemic have boosted the market growth. However, lack of skilled IT professionals in healthcare and data integrity & safety issues may hamper the business growth.
Europe Market, By Product
The predictive analytics segment will showcase around 19.9% growth rate through 2028. Predictive analytics is advanced analytics that is used to analyze the historical data and predicts future events in order to provide patient centered and high-quality services. Also, it is used to identify individuals at-high risk so that timely and proper treatment can be provided to the patients. Additionally, benefits of predictive analytics in healthcare such as risk prediction, proactive care, optimize operations, and better treatment targeting among others are few factors that will further drive the market demand.
Europe Market, By Application
The clinical management segment accounted for 31.1% Europe healthcare analytics market share in 2021. Healthcare analytics solutions for clinical management enables implementation of preventive care over reactive care. This reduces the healthcare costs by providing treatment to patients. Moreover, increasing interest of investors in clinical management solutions will boost the market expansion.
Europe Healthcare Analytics Market, By End-use
The clinics end-use segment held more than USD 592.6 million revenue in 2021, owing to the increasing number of services offered by clinics to the patients that influences the patient inflow in clinics. Increasing patient inflow ultimately drives the demand for advanced management solutions in facilities to optimize workflow. Furthermore, with expanding network of clinics and infrastructure development, the use of healthcare analytics in clinics is expected to increase in forthcoming years.
Europe Market, By Country
Italy healthcare analytics market will register growth of 19.1% to reach USD 2,054.6 million revenue by 2028. Emergence of big data in healthcare sector coupled with technological advancements are the drivers for the country level market growth.
Moreover, Government initiatives to improve healthcare infrastructure and promote big data in healthcare will further propel the market revenue. For instance, in January 2022, The Italian Recovery and Resilience Plan (RRP) allocated USD 1.87 billion for strengthening the national technological infrastructure for the collection and processing of healthcare data. This will result in higher adoption of healthcare analytical tools.
Competitive Industry Landscape
Prominent participants operating across the Europe healthcare analytics market are Allscripts Healthcare Solution, Inc, McKesson Corporation, and IBM Corporation. Companies undertake various strategies such as new product launch, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position.