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European Healthcare Analytic Market revenue to reach $16 Bn by 2028
Published Date: 2022-03-29
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European Healthcare Analytic Market size is estimated to cross USD 16 billion by 2028, according to a latest forecast report by Graphical Research.
Favorable government initiatives to increase the adoption of electronic health records (EHRs) in healthcare organization is expected to drive the market growth. For instance, in 2021, according to the Journal of the European Union, the European Commission has adopted a European electronic health record exchange format in order to unlock the flow of health data across borders of Europe. This initiative helps healthcare professionals and patients to improve documentation tracking and accuracy and to implement preventive actions against diseases across Europe.
The market growth is due to increasing funding for healthcare analytics through venture capital funds. For instance, Health Catalyst, leading provider of data and analytics technology secured USD 70 million in series E funding round for financing the expansion of solutions offered by the company. Thus, increasing funding to develop new technology will continue to play an important role in the expansion of healthcare analytics. However, lack of skilled IT professionals in healthcare in the market.
The prescriptive analytics segment will show significant growth of 22.1% during the forecast timeframe. Prescriptive analytics use insights that are generated from predictive analysis to provide recommendations and appropriate actionable insights with an outline of the potential consequence for each prediction. Also, prescriptive analytics used to assess patient’s pre-existing conditions to determine their risk for developing future conditions thus, it helps to implement preventative treatment plans.
The population health management segment will expand at a CAGR of 19.7% through 2028. Population health management programs use an analytics tool for aggregating data and for providing a comprehensive clinical picture of patients. This application helps in collection of clinical data about patients from different health information systems into one place thus, assist healthcare professionals to make proper decision.
Browse detailed statistical insights from the report, “Europe Healthcare Analytics Market Forecast 2028 By End-Use (Hospitals, Clinics), By Product (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics), By Application (Operations Management, Financial Management, Population Health Management, Clinical Management) Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Sweden, Norway, Denmark, Finland, Iceland), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The hospital end-use segment held over USD 3,420.9 million revenue in 2021. Hospitals are the early adopters amongst all the healthcare providers. Factors such as large-scale operations, multifunctionality and need to manage huge amount of information have majorly resulted to high adoption of healthcare analytical solutions in hospitals setting, thereby foster the market revenue. Furthermore, various hospitals are planning to adopt healthcare analytics tools to reduce the cost and gain more efficiency.
Germany healthcare analytic market will surpass USD 4,408.2 million revenue by 2028 owing to increasing investment in healthcare analytics coupled with adoption of latest technology. Furthermore, the increasing use of connected devices that generates vast amount of data to take better decisions is expected to boost the market demand. For instance, in 2019, according to the European Telecommunications Network Operators (ETNO), the number of IoT active connections in healthcare in the Europe are 2.79 million. Such factor is expected to increase the demand of data analytics in healthcare systems in order to gain data-driven insights as well as avoid preventable deaths and improve the patient’s quality of life.
The European healthcare analytic market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2017 to 2028, for the following segments:
Europe Market, By Product
- Descriptive analytics
- Predictive analytics
- Prescriptive analytics
Europe Market, By Application
- Operations management
- Financial management
- Population health management
- Clinical management
Europe Market, By End-use
The above information has been provided for the following countries: