Europe Healthcare Analytics Market Size

Europe Healthcare Analytics Market Analysis

The European Healthcare Analytics market is projected to register a CAGR of 19% over the forecast period. Advanced analytics are being used more and more in healthcare so that data-driven insights can be gained faster. This is one of the main things driving the market.

• COVID-19 had a slightly positive impact on the healthcare analytics market, which has been largely attributed to the current focus of pharmaceutical and biotech companies on developing a therapeutic drug or vaccine for COVID-19. Some companies are also conducting clinical trials for their specific drug components. Analytics, which is important in clinical trials and dealing with large databases, has been discovered to be useful in the current situation of the COVID-19 global outbreak.
• With the increasing number of data records in the healthcare sector, the adoption of advanced analytics is increasing to provide data-driven insights faster, which is one of the primary factors driving the market. The market is driven by lower costs for health care and the expectation that emergency services will be needed. Patient patterns and histories can be identified more efficiently with digitized healthcare records. Predictive analytics can isolate patients who may be at high risk of crises due to chronic health problems, allowing physicians to provide corrective plans that decrease emergency visits, thus further reducing the overall cost of resources. With the advent of digital devices such as IoT and applications that are increasingly becoming part of the healthcare system in Europe, various government initiatives to support and incentivize the use of technological solutions in healthcare further boost the demand for data analytics.
• Apart from this, connected devices that generate huge amounts of data are expected to increase significantly; this raw data can be analyzed to make better enterprise decisions. According to European Telecommunications Network Operators (ETNO), the number of IoT active connections in healthcare in the EU during 2019 stood at 2.79 million and is expected to reach 10.34 million by 2025. This growth makes the need for data analytics and tools to learn about an industry based on data even stronger.
• Moreover, a surge in the adoption of e-health services in the European Union in recent years is also expected to boost the growth of the studied market. For instance, in September this year, the first-ever digital health action plan for the region was adopted by health ministers and representatives from WHO's 53 European member states. The ambitious agenda will use the digital transformation in Europe and Central Asia to improve the health and well-being of the people.

Further, with the outbreak of various strains of COVID-19, hospitals and healthcare enterprises are increasingly focused on adopting analytics as part of their operations. Patients and doctors rapidly adopted telemedicine and other digital tools to deliver care. According to Tech Nation's Data Commons, the United Kingdom had more than 100 health tech startups with the potential to become USD 1 billion businesses. The UK government announced a fund of USD 1.5 billion, including a USD 600 million investment fund for high-growth companies.