Need a report that reflects how COVID-19 has impacted this market and its growth?
The Europe Clinical Data Analytics in Healthcare Market is expected to grow at a CAGR of 33.2% over the forecast period 2021 - 2026. Clinical data analytics is used to help physicians to make decisions about the care of their patients or aid in better understanding the health of their covered populations.
- The increasing focus on the population towards health management, supportive government policies, cost benefits, and the opportunity to provide better quality services to the patients are some of the factors fuelling the growth of the market.
- The increasing demand for clinical data analysts in the healthcare sector has helped in minimizing the avoidable readmission in the hospital and moving the treatment toward quality-based care.
- The constant government support and an established healthcare sector in the region. Also, the growing demand for smart connected devices is also fueling the growth of the market. The increasing digitization has also allowed various healthcare organizations to adopt big data analytics solutions as they aid healthcare providers in customizing treatment plans and reduce any inefficiencies in clinical operations.
- The adoption is low among the end-users with price sensitivity owing to the high implementation and subscription/licensing fees of advanced analytics solutions, with top-tier hospitals having the capability and funding to utilize big data in order to provide actionable insights effectively.
- The pandemic has shown a positive impact on the market, increasing the importance of big data in the healthcare industry. Predictive and prescriptive analytics have been used to develop models to estimate and predict the emergence of subsequent waves of COVID-19 infection spread in different world regions.
Scope of the report
The scope of the market studied is characterized by Deployment type such as On-Premise, and Cloud, by Application type such as Clinical Data Analytics, Financial Data Analytics, and Operational/Administrative Data Analytics, by End User types such as Payers and Providers, and by Countries such as United Kingdom, France, Italy, Central Europe (Germany, Poland, Czech Republic, Switzerland, Romania), and Rest of Europe.
Clinical data analytics is a component of business marketing software and consulting services designed to facilitate essential healthcare processes. It is intended to catalog patient information and then analyze it, statistically and qualitatively, to establish models for explaining current trends and predicting future trends. It uses real-time medical data to develop insights, make decisions, drive profits, and reduce costs. Implementing clinical data analytics in organizations has reduced medication errors, improved population health and cost savings for several organizations.
Key Market Trends
Increasing focus towards health management of the population
- Population health management is the process of collecting critical data of patients from multiple sources that are connected to health information technology into a single and actionable patient record.
- This is gaining importance for various reasons, such as identifying group population by risk and identifying high-cost conditions, and improve, both the clinical and financial outcomes.
- Healthcare databases, such as Electronic Health Records (EHR) or Electronic Medical Record (EMR), records the clinical information of the patients for future analysis and reference. These databases based on clinical information can make patients the ultimate owner of their information in terms of accessibility for them to be diagnosed and treated anywhere in the world.
- Few government agencies now require this data to make better and informed policies, in the healthcare system, for both the payer and the provider can use a single, common platform, and such feasibility is one of the factors driving the market's growth.
- The introduction of government policies that require the use of electronic data in healthcare settings is also expected to contribute to the market's growth.
To understand key trends, Download Sample Report
The emergence of value-based medicines is expected to drive the market's growth
- Value-based medicine is the practice of medicine based on the objective value that is improvement in length of life and quality of life, conferred by healthcare interventions as determined by utilizing a set of standardized parameters that is commonly used to evaluate value and cost-effectiveness, according to the American Journal of Managed Care.
- Most hospitals are recognizing inefficiencies of traditional approaches in patient care, quality assurance, and cost management. Therefore, healthcare BI solutions are going to the priorities on the future of investments of hospitals for HIE, logistics management, and predictive analysis of diseases.
- Value-based medicine is changing the way healthcare and capturing results-oriented data are used. BI also helps healthcare organizations determine the data they need and further helps them analyze, evaluate, and utilize data to understand the overall costs instead of the benefits, which are some of the factors driving the market's growth.
To understand geography trends, Download Sample Report
Companies operating in the European Clinical Data Analytics in Healthcare are consolidated to an extent with companies' having to focus on their research and development capabilities with the technology in the Healthcare Analytics constantly growing.
- June 2021 - Oracle announced that the Oracle Health Sciences Clinical One platform had been selected by Servier to get its clinical trial management environment running. Servier, which is a global pharmaceutical group present in 150 countries, is based on a sustained commitment to cardiovascular and metabolic diseases, oncology and immuno-inflammatory, and neurodegenerative diseases. Through this, Clinical One will enable significant business efficiencies from across the study lifecycle, including capabilities like study budgeting and forecasting, site selection and activation, randomization and trial supply, data collection and mHealth, and clinical and operational data management and analysis.
McKesson Europe AG
- September 2020 - Digital Reasoning, a company working on artificial intelligence solutions that understand human communications and behaviors, announced that they would begin offering healthcare organizations Patient Intelligence at cost. Patient Intelligence is a proven AI solution that augments the cancer care workflow by identifying cancer diagnoses in real-time. The solution within the first 24 hours of deployment at Digital Reasoning’s new customer, the AI solution, identified 17 cancer diagnoses and two incidental lung nodules by reading through hundreds of reports in real-time.
- April 2021 - 3M Health Information Systems has introduced a new technology platform that allows health care providers and payers to prioritize care and allocate resources for high-risk individuals and patient populations. 3M Social Determinants of Health Analytics (3M SDoH) combines clinical, social, and population health data to create a complete picture of patient health. The new platform builds on the power of 3M Clinical Risk Groups (3M CRGs), which is a population classification system and includes social risk intelligence from Socially Determined.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Threat of New Entrants
4.2.2 Bargaining Power of Buyers
4.2.3 Bargaining Power of Suppliers
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of Impact of COVID-19 on the Industry
4.5 Market Drivers
4.5.1 Reduced Cost of Care and Prediction of Possible Emergency Services
4.5.2 Increasing Evidence-based Activities and Shift from Volume to Value-based Commissioning
4.6 Market Restraints
4.6.1 Maintaining the Privacy and Integrity of Patient Data
5. RELEVANT USE-CASES AND CASE STUDIES
6. GOVERNMENT POLICIES AND REGULATIONS
7. MARKET SEGMENTATION
7.1 By Deployment
7.2 By Application
7.2.1 Clinical Data Analytics
7.2.2 Financial Data Analytics
7.2.3 Operational/Administrative Data Analytics
7.3 By End User
7.4 By Country
7.4.1 United Kingdom
7.4.4 Central Europe (Germany, Poland, Czech Republic, Switzerland, Romania)
7.4.5 Rest of Europe
8. COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 IBM Corporation
8.1.2 Oracle Corporation
8.1.3 Cerner Corporation
8.1.4 McKesson Europe AG
8.1.5 Optum, Inc.
8.1.6 The 3M Company
8.1.7 HP Europe BV
8.1.8 Digital Reasoning Systems, Inc.
8.1.9 IQVIA Inc.
8.1.10 Datawizard SRL
8.1.11 SAS Institute Inc.
9. INVESTMENT ANALYSIS
10. FUTURE OF THE MARKET
Frequently Asked Questions
What is the study period of this market?
The Europe Clinical Data Analytics Market in Healthcare market is studied from 2019 - 2026.
What is the growth rate of Europe Clinical Data Analytics Market in Healthcare?
The Europe Clinical Data Analytics Market in Healthcare is growing at a CAGR of 33.2% over the next 5 years.
Who are the key players in Europe Clinical Data Analytics Market in Healthcare?
IBM Corporation, Oracle Corporation, Cerner Corporation, McKesson Europe AG, Optum, Inc. are the major companies operating in Europe Clinical Data Analytics Market in Healthcare.