Healthcare Transformation : Europe Healthcare IT Market to be Worth $218.5 Billion by 2030
Meticulous Research-a leading global market research company, published a research report titled “Europe Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode (Web, Cloud), and End User (Hospital, Payer, Ambulatory, Homecare)-Forecast to 2030.”
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According to this latest publication from Meticulous Research®, the Europe healthcare IT market is expected to grow at a CAGR of 15% from 2023 to reach $218.5 billion by 2030. The key factors driving the growth of the Europe healthcare IT market are the increasing awareness about digital health, government mandates and financial incentives for the adoption of HCIT solutions, the shift towards value-based care, the rising use of big data in healthcare management, the high return on IT investment in the healthcare industry, and the rising incidence of chronic diseases. However, high installation and maintenance costs are restraining the market’s growth.
Furthermore, the growing focus on cloud-based solutions and the rising adoption of AI and IoT in healthcare are creating opportunities for market growth. However, interoperability issues and data security and privacy concerns are challenging market growth.
Key Players
The key players operating in the Europe healthcare IT market are McKesson Corporation (U.S.), Optum Health (U.S.), International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies Inc. (U.S.), GE HealthCare Technologies Inc. (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.), NextGen Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.), Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips N.V. (Netherlands), and Infor, Inc. (U.S.).
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Europe Healthcare IT Market: Future Outlook
The Europe healthcare IT market is segmented by Product {Healthcare IT Provider Solutions [Clinical Healthcare IT Solutions (Electronic Health Record (EHR), PACS & VNA, Computerized Physician Order Entry, Clinical Decision Support System (CDSS), E-Prescribing system, Patient Engagement Solutions, Radiology Information Systems (RIS), Radiation Dose Management Solutions, Specialty Information Management Systems, Medical Image Analysis Systems, Population Health Management Solutions, Care Management Systems, Patient Registry Software, Laboratory Information Systems, mhealth Solutions, Telemedicine, HCIT Integration Systems, Infection Surveillance Solutions, and Practice Management Systems), Non-clinical Healthcare IT Solutions (Pharmacy Information Systems, Healthcare Asset Management Solutions, Healthcare Workforce Management Solutions, Revenue Cycle Management Solutions (Front-End RCM Solutions, Mid-RCM Solutions, and Back-End RCM), Medical Document Management Solutions, Healthcare Information Exchanges, Supply Chain Management Solutions, Healthcare Analytics (Clinical Analytics, Financial Analytics, Operational and Administrative Analytics), Customer Relationship Management Solutions (Medication Management Solutions, (Electronic Medication Administration Software, Barcode Medication Administration Systems, Medication Inventory Management Systems, and Medication Assurance Systems), Healthcare Quality Management Solutions, Healthcare Interoperability Solutions, and Financial Management Systems (Billing & Accounting)], Healthcare Payers Solutions (Claims Management Solutions, Customer Relationship Management Solutions, Fraud Analytics Solutions, Provider Network Management Solutions, Pharmacy Audit and Analysis Solutions, Member Eligibility Management Solutions, Population Health Management Solutions, and Payment Management Solutions), Healthcare IT Outsourcing Services [Provider HCIT Outsourcing services (Revenue Cycle Management Services, EMR/Medical Document Management Services, Laboratory Information Management Services, and Other Provider HCIT Outsourcing Services), Payer HCIT Outsourcing services (Claims Management Services, Provider Network Management Services, Billing & Accounts Management Services, Fraud Analytics Services, and Other Payer HCIT Outsourcing Services), and Operational HCIT Outsourcing Services (Business Process Management Services, Supply Chain Management Services, and Other Operational IT Outsourcing Services) and IT Infrastructure Management Services}, Delivery Mode (Web/Cloud Based and On-premise), Component (Services, Software, and Hardware), End User [Healthcare Providers (Hospitals, Ambulatory Centers, Home healthcare & Assisted Living Centers, Diagnostic Centers, and Pharmacies), Healthcare Payers (Private payers, Public Payers), and Country. The study also evaluates industry competitors and analyzes their market share at the country level.
Based on product, the Europe healthcare IT market is categorized into healthcare IT provider solutions, healthcare IT payer solutions, and healthcare IT outsourcing services. In 2023, the healthcare IT provider solutions segment is expected to account for the largest share of the market. The healthcare IT provider solutions segment is further segmented into clinical and non-clinical healthcare IT solutions. Factors such as the growing focus on patient safety and care, the increasing demand for integrated healthcare systems, and changing regulatory requirements for healthcare providers are driving the growth of this segment.
Based on component, the Europe healthcare IT market is categorized into services, software, and hardware. In 2023, the services segment is expected to account for the largest share of the market. The large market share of this segment can be attributed to the increasing need to reduce healthcare costs, the growing need to reduce paperwork time, and the rising demand for affordable care.
To gain more insights into the market with a detailed table of content and figures, click here: Europe Healthcare IT Market – Opportunity Analysis and Industry Forecast (2023-2030)
Based on delivery mode, the Europe healthcare IT market is categorized into web/cloud-based and on-premise. In 2023, the web/cloud-based segment is expected to account for the largest share of the market. Web-based solutions, or cloud-based solutions, typically offer enhanced security features, such as encryption and regular backups, to ensure the safety and confidentiality of laboratory data. Moreover, the benefits of cloud/web-based software include storage flexibility, automatic backup, high scalability, and easy access, encouraging healthcare organizations to adopt technologically advanced and affordable cloud/web-based healthcare IT solutions.
Among all the end users covered in this report, in 2023, the healthcare providers segment is estimated to account for the largest share of the market. The significant market share of this segment can be attributed to the growing demand for convenient healthcare services and the shortage of medical professionals. Data from EURACTIV MEDIA NETWORK BV. (Netherlands) in 2021 highlighted protests by nurses and doctors in Rome and Italy due to a severe healthcare crisis with a shortage of about 4,000 nurses and doctors and poor working conditions. This scarcity of medical professionals underscores the need for healthcare IT solutions among providers.
Geographic Review
This research report provides a comprehensive analysis of the market in Europe (the U.K., Germany, France, Italy, Spain, Switzerland, Sweden, Denmark, Belgium, the Netherlands, and the Rest of Europe). In 2023, the U.K. is expected to dominate the Europe Healthcare IT market. The significant market share held by the U.K. can be attributed to several factors, including a heightened emphasis on improving data sharing, interoperability, cloud deployment, and mobility. These factors are driving increased investments in core health IT solutions to cater to the diverse needs of healthcare providers within a dynamic market environment.
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Key questions answered in the report:
Which are the high-growth market segments in terms of product, component, delivery mode, end user, and country?
What was the historical market for healthcare IT across Europe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the Europe healthcare IT market?
Who are the major players in the Europe healthcare IT market?
How is the competitive landscape, and who are the market leaders in the Europe healthcare IT market?
What are the recent developments in the Europe healthcare IT market?
What strategies are adopted by the major players in the Europe healthcare IT market?
What are the geographical trends and high-growth countries?
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