The Europe Healthcare Analytics Market is segmented by Deployment (On-premise and Cloud), Application (Clinical Data Analytics, Financial Data Analytics, and Operational/Administrative Data Analytics), End User (Payers and Providers), and Country.
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Scope of the Report
Key Market Trends
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The European healthcare analytics market is expected to register a CAGR of 15% during the forecast period. With the increasing data records in the healthcare sector, the adoption of advanced analytics is increasing the quality and insights. Advanced analytics is enabling healthcare organizations to realize the opportunities and potential benefits of ICD-10 (International Classification of Diseases). The implementation of ICD-10 promises to improve outcomes and efficiency for healthcare organizations, creating richer data that helps physicians, care managers, and home health professionals to analyze more proactively. The mandatory federal regulations of ICD-10 and its integration with the European Innovation Partnership may significantly increase the market growth in the coming period in Europe.
Reduced cost of care and prediction of possible emergency services drive the market. With digitized healthcare records, patient patterns and histories can be identified more efficiently. Predictive analytics can isolate patients that may be at risk of crises from chronic health problems, giving physicians an opportunity to provide corrective plans that decrease emergency visit, thus, further reducing the overall cost of resources.
Based on the individual needs of healthcare providers and health authorities, HIMSS (Healthcare Information and Management Systems Society) Europe offers tailor-made services, tied to the digitization of healthcare delivery, in analyzing data and turning them into actionable results. Its solutions include classic benchmarking, custom health information technology (HIT) research, and advisory services for regional or national health authorities. It developed several models to measure the maturity of digital developments and processes in healthcare, offering an advanced solution in critical solutions.
Increasing evidence-based activities and shift from volume- to value-based commissioning is driving the market. As health budgets fall under increasing strain, where care becomes more patient-centered, governments, payers, and other providers are changing their strategy from volume- to value-based. In a fee-for-service model or volume-based care, patient treatment is often isolated and does not prioritize care coordination. Value-based care shifts the health system’s focus toward a more holistic view of patient health, connecting departments to improve the overall well-being.
The availability of health-related Big Data can have a positive impact on medical and healthcare functions in Europe. According to the EU, by 2025, life expectancy is expected to increase further, and this may result in more people living longer, but not necessarily in a healthy and active condition. This will put further pressure on Europe’s healthcare costs and economic productivity. The data-sharing approach can improve outcomes for individual patients and evidence-based healthcare decision making. Several future projects, such as 'Decision Support for Health Policy and Planning: Methods, Models, and Technologies based on Existing Health Care Data’ (DEXHELPP), eHealth project in Estonia, ARNO Observatory in Italy, and more others significantly drive the market.
Further, the impact of COVID-19 supports the market growth. The healthtech responses to the pandemic include free access to platforms, new digital assistant technologies, the distribution and sharing of vital resources, and more. Patients and doctors are rapidly adopting telemedicine and other digital tools to deliver care. According to Tech Nation’s Data Commons, the United Kingdom has more than 100 healthtech startups with the potential to become USD 1 billion business, and the UK government announced to provide a fund of GBP 1.25 billion, which includes a GBP 500 million investment fund for high-growth companies.
Scope of the Report
The European healthcare analytics market comprises solutions through cloud and on-premise, providing applications in the area of clinical data analytics, financial data analytics, ad others to the end users (payers and providers).
Clinical Data Analytics
Financial Data Analytics
Operational/Administrative Data Analytics
Central Europe (Germany, Poland, the Czech Republic, Switzerland, and Romania)
Rest of Europe
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Key Market Trends
Clinical Analytics to Witness Significant Growth in Italy
eHealth is a relative healthcare practice supported by electronic processes and communication where applications are used by doctors, hospitals, and insurance providers to record patient health information, called protected health information or PHI. The Italian government focuses on enhancing the eHealth sector for public healthcare in the coming period, as the country has a high level of elderly population.
Clinical analytics is assured to become an essential tool that makes use of real-time medical data health (by eHealth) through predictive analytics to generate insights into data, make decisions, predict outcomes, and decrease costs by enabling early interventions for potential clinical complications. Clinical analytics is helping healthcare providers in analyzing their data and initiating a shift from fee-for-service reimbursements to value-based purchasing, accountable care organizations, and value-based insurance design (VBID).
Hospitals in Italy mostly have their own CPOE, EMR, and RFID track & trace platform fully operating in the country. The hospital information systems and EMRs in the Lombardy region is one of the largest investment provided by the government in Italy.
Further, researchers of the Politecnico Di Milano's Digital Innovation in Healthcare Observatory monitors the evolution of digital healthcare in Italy year over year. In 2019, they quantified the economic resources used in Italy to build digital support to government healthcare, with around total expense summing up to EUR 1.39 billion. This provides a significant contribution to the healthcare analytics market.
At a technological level, the most significant investment in the development of medical software is in the electronic medical record where the expense of EUR 14 million in public healthcare expenditure in providing solutions for downloading web reports and internet bookings provides support in the clinical analytics procedure for helpful clinical decisions, with guidelines and best practices.
Further, in the COVID-19 pandemic, in March 2020, Saama Technologies, Inc. announced that it would offer its platform of AI-powered Life Science Analytics Cloud (LSAC) technology in establishing the End Pandemic National Data Consortium. The goal is to integrate data from all ongoing and future clinical studies to accelerate analysis on the COVID-19 and SARS-CoV-2 research in order to lessen the time to find a cure by up to 50%. Saama’s unique platform will allow researchers to visualize, analyze, and interrogate data across all available programs in the various regions, including Italy.
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Big Data Analytics in Healthcare in the United Kingdom Accounts for Significant Share
Big Data analytics in the healthcare sector provides significant revenue for the United Kingdom after professional services. Health care is an enterprise that generates terabytes of data in the course of a month, and major UK health care enterprise already has big data analytics available.
The UK’s National Health Service (NHS) is well-positioned to take advantage of Big Data analytics because the personal data can risk the score of every NHS patient who already exists, and it is already far more centralized and normalized through analytics than in other countries. Big Data analytics is revolutionizing the Leeds Community Healthcare System, which, with its network of health organizations, research societies, and excellent universities, has a unique healthcare and wellbeing infrastructure, providing the UK’s first health innovation hub.
Further, in November 2019, Public Health England announced its focus on the predictive elements to predict the future so that the resources can be consumed more appropriately and are geared up to deal with the demand that will come. According to ZDNet, the NHS database contains the primary care records of 65 million people, and this huge data is sufficient to predict the demand for resources in the future, providing support in the decrease costs and potential clinical complications.
Furthermore, players, such as Informatica Solution, provide innovative healthcare analytics to major UK healthcare providers by offering data management capabilities. Informatica Solution examines to a wide range of data systems and formats through EMR (electronic medical records), including HL7 (when complemented by Informatica PowerExchange), comprising structured, unstructured, and semistructured data; relational data; mainframe data; file data; standards-based data; and message queue data.
Moreover, with new data-mining and cloud-based solutions, analyzing Big Data is now cheaper and more convenient, and small healthcare businesses, such as Thriva and Medic Spot, are taking advantage. MedicSpot is currently using Big Data to improve its growth strategy, identifying new geographical areas to move into, by analyzing thousands of different data points. The SME (small and medium-sized enterprise) is significantly registering market growth in the United Kingdom.
Further, in September 2019, the University of Birmingham announced to initiate a major role in new data hubs, enabling cutting-edge research for health discoveries. It aims to give patients across the UK faster access to pioneering new treatments. It announced to create a complete map of innovation need from which one can identify areas for research and development of any new diagnostics, therapeutics, and digital health interventions.
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The European healthcare analytics market is fragmented, as players are increasingly focused on offering scalable solutions that can adapt to advances in technology in healthcare organizations through contracts and partnerships. Key players are IBM Corporation, Oracle Corporation, etc. Recent developments in the market include:
December 2019 - Gemelli University Hospital in Rome partnered with the IT platform leader, InterSystems, to introduce its electronic medical record (EMR) system, TrakCare. TrakCare provides features, such as EMR, unified clinical and administrative capabilities, and medication management.