The Europe Big Data Analytics in Healthcare Market would witness market growth of 19.0% CAGR during the forecast period (2023-2029).
The market is expanding because big data analytics management is becoming complicated, more analytics services are available, and end users can access affordable big data solutions & services. The volume of data produced across many industries due to changes in the business environment is the primary driver of the big data industry's expansion.
Gaining useful insight from complex heterogeneous patient sources, averaging patient records and social information from various sources, handling a large volume of medical imaging data efficiently, correctly understanding unmanaged clinical notes, understanding the patient's behavior data & personal data, and their various medical conditions are some of the difficulties posed in the healthcare industry. Major analytics tools must continually advance technology to manage such vast data. This creates a strong opportunity for major industry players to develop and launch new data analytics systems and software.
Clinical data analytics is essential in the healthcare sector for diagnosing, treating, avoiding, and predicting sickness and enhancing the standard of care. Several healthcare organizations and businesses are considering integrating clinical data into their operations to deliver preventative care. This is accomplished by carefully tracking patient data and enhancing their offerings' effectiveness. Healthcare professionals can prescribe treatments and reach more precise clinical conclusions due to the improved insights provided by big data in this area. Big data analytics in healthcare market will profit from these advantages.
The largest project the EU supports is BigMedilytics (Big Data for Medical Analytics). By utilizing cutting-edge big data technology, BigMedilytics will revolutionize the healthcare industry in Europe by lowering costs, enhancing patient outcomes, and facilitating better access to healthcare facilities. The project consists of 12 pilots that cover every aspect of the healthcare continuum, from prevention to diagnosis, treatment, and home care. It addresses the three themes that include oncology, population health & chronic disease management, and industrialization of healthcare services that will have the greatest impact on the industry. The rise of regional big data analytics in the healthcare sector is predicted to be supported by such initiatives in Europe.
The Germany market dominated the Europe Big Data Analytics in Healthcare Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $8,504.5 million by 2029. The UK market is anticipated to grow at a CAGR of 18% during (2023 - 2029). Additionally, The France market would exhibit a CAGR of 19.9% during (2023 - 2029).
Based on Component, the market is segmented into Software and Services. Based on End User, the market is segmented into Hospitals & Clinics, Finance & Insurance Agencies and Research Organizations. Based on Analytics Type, the market is segmented into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics and Diagnostic Analytics. Based on Application, the market is segmented into Clinical Analytics, Financial Analytics and Operational Analytics. Based on Deployment, the market is segmented into On-premise and Cloud. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Big Data Analytics in Healthcare Market is Projected to reach USD 130.2 Billion by 2029, at a CAGR of 19.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Oracle Corporation (Cerner Corporation), Veradigm, Inc., GE HealthCare Technologies, Inc., IBM Corporation, Epic Systems Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Cognizant Technology Solutions Corporation, KT Corporation, Hewlett Packard Enterprise Company, and Health Fidelity, Inc. (Edifecs, Inc.).
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