Pune, India, April 19, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe healthcare IT market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 144.2 billion by 2026.
Europe healthcare information technology (IT) market forecast is powered by the expanding demand for preventive care, alongside strong funding for the development of mHealth startups. With a focus on digital health in Europe, healthcare organizations are adopting remote patient monitoring solutions, which improve overall workflow efficiency. Cerner Corporation, Allscripts Healthcare Solution, Inc., Siemens Healthineers AG, BigHealth, Epic Systems Corporation, McKesson Corporation, Oracle, and Koninklijke Philips N.V are some top healthcare IT companies in Europe.
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In the light of the pressing need for more cost-effective healthcare services in Europe due to the COVID-19 pandemic, several government initiatives are offering affordable, high-quality care.
The following three trends are further strengthening the industry outlook:
1. Strong influence of e-health strategies across EU
As per the World Health Organization (WHO), the European Commission recorded cost savings of nearly $126 billion in health services, thanks to mHealth adoption over the past few years. The WHO estimated that about 49% of the total European Union member states have been providing government support to mHealth programs for patients and service providers.
In March 2021, the European Parliament and the Council approved EU4Health, a new COVID-19 recovery response program. Under the new program, digital transformation in healthcare, access to care for the vulnerable groups, disease prevention, and building long-term resilience of health systems are a few of the major goals. These goals, alongside those under the NextGenerationEU initiative, are expected to accelerate the adoption of health IT solutions across EU through 2026.
2. Integration of revenue cycle management (RCM) solutions
By solution, Europe revenue cycle management industry share was estimated at more than $13,070 million during 2019. The fast-paced migration to digital platforms across Poland, Germany, Denmark, Italy, Spain, and the Netherlands is enabling solution uptake.
Maintaining a sound billing procedure is prioritized by hospitals as they can boost their revenue through minimal errors using these software tools, amidst tight operating margins. Future-ready organizations are exploring ways of leveraging RCM solutions for supporting compliance and productivity of employees who have been working from home.
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3. Robust telecare system in United Kingdom
The establishment of new medical centers across NHS hospitals is strengthening the national telecare system in the United Kingdom. With the incidence of chronic conditions augmenting continually, the British population is embracing healthcare IT services for monitoring, diagnosing, and treating disorders. As an early adopter of Electronic Health Record (EHR) solutions, the U.K. boasts of a robust telecare system, backed by an extensive database. U.K. healthcare IT market size was valued at $6,666 million during 2019.
During the COVID-19 pandemic, migration to remote health monitoring grew considerably amongst healthcare providers. Patients are likely to opt for virtual visits even after the pandemic, owing to the below-mentioned advantages:
- Adoption of analytics solutions enables more efficient decision making.
- Use of predictive analytics in healthcare brings down the overall costs of treatments as well as surge in emergency visits.
- EHR services ensure access to confidential patient data with enhanced security.
Browse Related Report:
North America Healthcare Information Technology (IT) Market Size By Solution (Radiology Information Systems, Electronic Health Record, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, Customer Relationship Management, Fraud Management, Revenue Cycle Management), By End-use (Healthcare Providers {Hospitals, Pharmacies, Diagnostic and Imaging Centers, Ambulatory Clinical Units}, Healthcare Payer {Private, Public}), Industry Analysis Report, Regional Outlook (U.S., Canada), Application Potential, Competitive Market Share & Forecast, 2020 – 2026
Asia Pacific Healthcare Information Technology (IT) Market Size By Solution (Radiology Information Systems, Electronic Health Record, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, Customer Relationship Management, Fraud Management, Revenue Cycle Management), By End-use (Healthcare Providers {Hospitals, Pharmacies, Diagnostic and Imaging Centers, Ambulatory Clinical Units}, Healthcare Payer {Private, Public}), Industry Analysis Report, Regional Outlook (Japan, China, India, Australia, South Korea, Singapore, New Zealand, Indonesia, Thailand), Application Potential, Competitive Market Share & Forecast, 2020–2026
About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
