The Europe Healthcare Analytics Market would witness market growth of 28.3% CAGR during the forecast period (2021-2027).
The growth of the healthcare analytics market is being fueled by an increase in the use of big data in healthcare organizations, as well as a growing number of government programs to encourage the use of electronic health records (EHRs) by healthcare organizations. However, the healthcare analytics market is projected to be hampered by factors like massive deployment costs and a scarcity of experienced workers. On the other hand, the increased acceptance of augmented analytics in the healthcare industry, as well as the utilization of cloud-based analytics across various healthcare providers, is likely to give lucrative prospects for market expansion throughout the forecast period.
Healthcare analytics is continuing to transform the healthcare industry in a number of countries. In addition, the European Union has created a project dubbed "Bigmedilytics" that focuses on cost savings, patient improvement, and improved access to health networks. Apart from that, the adoption of connected devices that generate massive amounts of data is predicted to skyrocket; this raw data may then be processed to help businesses make better decisions. The number of active IoT connections in healthcare would be 10.34 million by 2025, according to ETNO. The demand for data analytics and technologies to get data-driven insights into the sector is increasing as a result of this increase.
With the introduction of digital devices such as the Internet of Things (IoT) and applications that are increasingly becoming a part of the European healthcare system, numerous government initiatives to endorse and incentivize the adoption of technological solutions in healthcare are driving up demand for data analytics.
The Germany market dominated the Europe Healthcare Analytics Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $6,234.1 million by 2027. The UK market is poised to grow at a CAGR of 27.2% during (2021 - 2027). Additionally, The France market would display a CAGR of 29.2% during (2021 - 2027).
Based on Component, the market is segmented into Services, Software, and Hardware. Based on Type, the market is segmented into Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, and Cognitive Analytics. Based on End-user, the market is segmented into Life science Companies, Healthcare Payers, and Healthcare Providers. Based on Deployment Model, the market is segmented into On-premise and On-demand. Based on Application, the market is segmented into Financial Analytics, Clinical Analytics, Operation & Administrative Analytics, and Population Health. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Healthcare Analytics Market Size will Hit $93.3 Billion by 2027, at a CAGR of 28.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Oracle Corporation, Verisk Analytics, Inc., IQVIA Holdings, Inc., AllScripts Healthcare Solutions, Inc., McKesson Corporation, UnitedHealth Group, Inc. (Optum, Inc.), Health Catalyst, Inc., Cerner Corporation, and SAS Institute, Inc.
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Companies Profiled
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