Europe Clinical Data Analytics In Healthcare - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Europe Clinical Data Analytics Market In Healthcare Industry is expected to grow from USD 6.13 billion in 2024 to USD 22.65 billion by 2029, at a CAGR of 29.87% during the forecast period (2024-2029).

Clinical data analytics is used to help physicians make decisions about their patient's care or aid in better understanding the health of their covered populations.

Key Highlights

• The increasing focus on the population towards health management, supportive government policies, cost benefits, and the opportunity to provide better quality patient services are factors fuelling the market growth.
• The increasing demand for clinical data analysts in the healthcare sector has helped minimize avoidable hospital readmission and move the treatment toward quality-based care.
• The constant government support and an established healthcare sector in the region, coupled with the growing demand for smart connected devices in the healthcare industry, is fueling the growth of Europe Clinical Data Analytics in the Healthcare Market's growth.
• The increasing digitization has also allowed various healthcare organizations to adopt big data analytics solutions, aiding healthcare providers in customizing treatment plans and reducing 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. Top-tier hospitals have the capability and funding to utilize big data to provide actionable insights effectively.
• The pandemic positively impacted the market, increasing the importance of big data in the healthcare industry. Predictive and prescriptive analytics were used to develop models to estimate and predict the emergence of subsequent waves of COVID-19 infection spread in different world regions.

Europe Clinical Data Analytics Market Trends

Increasing Focus Towards Health Management of the Population

• Population health management collects critical patient data from multiple sources connected to health information technology into a single, actionable patient record. This is gaining importance for various reasons, such as identifying group populations by risk, identifying high-cost conditions, and improving both clinical and financial outcomes.
• Healthcare databases, such as Electronic Health Records (EHR) or Electronic Medical Records (EMR), record the patients' clinical information for future analysis and reference. These databases are based on clinical information and 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 more informed policies in the healthcare system, for both the payer and the provider can use a single, common platform. Such feasibility is one of the factors driving the market's growth.
• The introduction of government policies requiring electronic data in healthcare settings is also expected to contribute to the Europe Clinical Data Analytics in Healthcare market's growth.

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 are commonly used to evaluate value and cost-effectiveness, according to the American Journal of Managed Care.
• Most hospitals recognize the inefficiencies of traditional approaches in patient care, quality assurance, and cost management. Therefore, healthcare BI solutions would prioritize hospital investments 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.
• Further, various companies have been investing in the market to strengthen their market position and meet the growing demand for enhanced and value-added medicines and solutions. Such trends in the market are expected to fuel Europe's Clinical Data Analytics in Healthcare Market during the forecast period.

Europe Clinical Data Analytics Industry Overview

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 Healthcare Analytics constantly growing.

In June 2022, A WCAS company called Valtruis partnered with Ursa Health, a healthcare data analytics provider, to advance how healthcare organizations use data to learn, make decisions, and innovate.

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• The market estimate (ME) sheet in Excel format
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