The Europe Healthcare analytics market is presently at $1.704 Billion in 2015 and is estimated to be a market of $5.524 Billion by the end of 2020 with a growth rate of 26.52%. Healthcare analytics is analysis of the data collected from multiple sources to designate the certain trends and patterns for improvised intervention of healthcare.
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The drastic growth in analytics is fuelled with the increase in the use of IT healthcare sector over the past several years. The analytics in the healthcare is used to predict the future trends, measure performance of the business and to evaluate decisions & outcomes. This analysis helps in improving the accuracy, service delivery system and the total efficiency of the healthcare system providing better-quality outcomes and laterally reducing hospital readmissions and costs.
The concerns about the confidentiality of the information, security issues, technological and cultural barriers and dearth of skilled workforce may hinders the growth of this market across the world. In addition, the fragmented international economic and political relations may also act as a threat to the market growth.
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The Europe healthcare analytics market is segmented based on its applications, types, end users, components, delivery modes, and regions. The market is segmented based on the type into prescriptive analytics, predictive analytics and descriptive/retrospective analytics. On the basis of application it is categorised into Clinical Analytics, Financial Analytics, and Operational & Administrative Analytics. Based on the end-users it is segmented as healthcare providers, public health systems, private healthcare providers, Health Insurance companies, Monitoring agencies, technology vendors, Clinical and Medical research bodies,.
The healthcare providers segment among the end users is most likely to grow at a higher CAGR during the forecasted period. Mandatory federal regulations, for instance the implementation of ICD-10 code sets and EHRs, swing towards value-based medicine, and the increased focus on quality care and reduced costs are aiding the growth of this segment in the market.
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Based on geography, the Europe market is analysed under various regions namely, Spain, Germany, UK, France, and Italy. Europe accounts to about 19% of the global healthcare analytics market in 2015 and is predicted to witness the highest growth rate in the forecast period.
The healthcare analytics market is highly competitive, with several big as well as emerging market players present in the market which include SAS Institute, Inc., Optum, Inc., IBM Corporation, Truven Health Analytics Inc., Cerner Corporation, Verisk Analytics, Inc., McKesson Corporation, Allscripts Health Solutions, Oracle Corporation, MedeAnalytics, Inovalon, Inc. and Health Catalyst.
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