Europe Healthcare Big Data Analytics Market to Grow at 18.3% During 2024-2032, Supported by the Increasing Healthcare Data Volumes

November 24, 2021 | Healthcare

According to the latest report by IMARC Group, titled “Europe Healthcare Big Data Analytics Market Report by Component (Services, Software, Hardware), Analytics Type (Descriptive Analytics, Predictive Analytics, Prescriptive Analytics, Cognitive Analytics), Delivery Model (On-Premise Delivery Model, On-Demand Delivery Model), Application (Financial Analytics, Clinical Analytics, Operational Analytics, and Others), End User (Hospitals and Clinics, Finance and Insurance Agencies, Research Organizations), and Country 2024-2032,” the Europe healthcare big data analytics market reached a value of US$ 24.5 Billion in 2023. Healthcare big data analytics refers to the structured process of collecting and analyzing significant patient, consumer, and clinical information. It leverages various digital techniques, including correlations, hidden patterns, consumer preferences, and market trends, which supports predictive models and statistical algorithms. Deployment of healthcare big data analytics offer several benefits, such as improving patient-based services, detecting the early spread of diseases, generating new insights into disease mechanism, monitoring the quality of healthcare institutions, and providing better treatment methods.

Europe Healthcare Big Data Analytics Market Trends:

The Europe healthcare big data analytics market is majorly being driven by the increasing healthcare data volumes and the rising need to provide quality medical services. This is further supported by the increasing healthcare expenditure and the widespread adoption of electronic health record (EHR) systems to effectively allocate resources, manage extensive medical data, and maintain operational costs. Moreover, the enhanced focus of healthcare workers toward eliminating the harmful effects of adverse drug events (ADEs) is contributing to the market growth. Other than this, big data analytics is increasingly being used amidst the nation-wide coronavirus disease (COVID-19) outbreak for public health surveillance and disease tracking, which is positively influencing the market growth across the region. Looking forward, the market is expected to grow at a CAGR of 18.3% during 2024-2032.

Market Summary:

  • Based on the component, the market has been divided into services, software (electronic health record software, practice management, workforce management), and hardware (data storage, routers, firewalls, virtual private networks, e-mail servers, and others).
  •  On the basis of the analytics type, the market has been classified into descriptive, predictive, prescriptive, and cognitive analytics.
  •  Based on the delivery model, the market has been bifurcated into on-premise and on-demand delivery model.
  •  On the basis of the application, the market has been segmented into financial, clinical, operational, and other analytics.
  •  Based on the end user, the market has been divided into hospitals and clinics, finance and insurance agencies, and research organizations.
  •  Country-wise, the market has been segregated into Germany, France, the United Kingdom, Italy, Spain, and others.
  •  The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Europe Healthcare Big Data Analytics Market to Grow at 18.3% During 2024-2032, Supported by the Increasing Healthcare Data Volumes
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