Market Introduction
The European telemedicine market is divided into Germany, the UK, France, Italy, and Spain and Rest of Europe. The region holds a significant market share in the global Telemedicine market. The market growth is attributed due to the Increasing Use of Smartphones and Development of Various Mobile Platforms and Increasing Prevalence of Chronic and Lifestyle-Associated Diseases. Also, rising adoption of telemedicine in awake of COVID Pandemic is likely to raise the demand for telemedicine. Several European countries have successfully implemented telehealth and tele medicine solutions including electronic prescriptions. The increasing mechanization of care processes is generally viewed positively. Telemedicine has the possibility to transform the way in which oral healthcare is delivered, specifically to communities that are geographically remote locations. In fact, medical practitioners have been unintentionally performing these services, for example, when using the telephone or the fax machine to discuss treatment planning. Moreover, Germany has some of the highest health-care spending in the EU, with overall health-care spending accounting for 11.3 percent of GDP. This figure is higher than the European average of 9.6%. The rest of Europe in Telemedicine market comprises Switzerland, Netherlands, Ireland, Belgium, Denmark, and other countries. Rise in prevalence of chronic diseases and elderly population is likely to boost the demand for tele-medicine and tele consulting services. About 18 percent of the region’s population is aged 65 and older, and many of the seniors have chronic conditions and reduced mobility. A centralized health platform focused on residents of Bilbao helps seniors gain healthcare access by phone, Internet and a patient monitoring system called TEKI, which Accenture helped develop. Economic prosperity, population growth and aging population, along with increased attention to oral health and improved insurance coverage are some of the key factors driving a moderate. Thus, the factors likely to boost the growth of market.
The rapid growth of COVID-19 cases in Europe has had a major impact on the European economy. Spain, Italy, Germany, France, and the UK are a few most-affected European countries. On March 11, 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization, radically changing the way medicine is practiced. In the span of a few weeks, as quarantining and social distancing became the norm, in-person medical visits plummeted, suddenly thrusting telemedicine from the wings of medical care to center stage. Moreover, according to a report of UK August 2020, Scotland is again making progress on facing the COVID-19 outbreak. A collaboration between the Scottish Intercollegiate Guidelines Network (SIGN) and the Digital Health and Care Institute (DHI) has resulted in a decision support tool for predicting severe diseases. It forms part of Scotland’s COVID-19 assessment in primary care. Telemedicine experienced a huge surge in the adoption over the past few months during the pandemic. During lockdown, it has become the 'new normal' way of accessing healthcare.
Market Overview and Dynamics
The telemedicine market in Europe is expected to grow from US$ 18,737.90 million in 2021 to US$ 60,872.19 million by 2028; it is estimated to grow at a CAGR of 18.3% from 2021 to 2028. The consolidation of the telemedicine industry through the strengthening of product offerings is an emerging trend followed by prime telemedicine companies. Increasing patient population and rising awareness toward technologies, the companies are to expand their manufacturing capabilities.
This factor has led to geographic diversification, therapeutic and development expertise building, enormous capital generation, and steady technical resource availability among the industry giants, which helps them meet the requirement of healthcare facilities and patients suffering from chronic diseases, such as cancer, autoimmune treatment, and blood disorders, dental diseases, so rising demand of mobile health are rising directly. In in June 2020, Philips launched the Avalon CL Fetal and Maternal Pod & Patch for remote monitoring for the consumers in Europe to support fetal and maternal monitoring. In 2020, BioTelemetry acquired the On Demand remote patient monitoring (RPM) and coaching platform operated by Envolve People Care, Inc., a subsidiary of Centene Corporation. This acquisition helps BioTelemetry in expanding its current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure, with the addition of chronic RPM and coaching solutions.
Key Market Segments
Europe telemedicine market is segmented into type, product and services, specialty, delivery mode, and country. Europe telemedicine market, based on the product and services is segmented into software and hardware, tele-consulting, tele-monitoring, and tele-education/training. In 2020, the software and hardware segment held the largest share of the market. Europe telemedicine market, based on the type was segmented into telehospital, and telehome. In 2020, the telehospital segment held the largest share of the market. Europe telemedicine market, based on the specialty was segmented into cardiology, gynecology, orthopedics, neurology mental health (psychiatry) and others. In 2020, the others segment held considerable share of the market. Europe telemedicine market, based on the delivery mode was segmented into mobile, web, and call centers. In 2020, the mobile segment held the largest share of the market. Based on country, the Europe telemedicine market is segmented into France, Germany, Italy, Spain, UK, and rest of Europe. Rest of Europe held the largest market share in 2020.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the telemedicine market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Allscripts Healthcare Solutions, Inc.; Cerner Corporation; Cisco Systems, Inc.; Honeywell International, Inc.; Insight; Koninklijke Philips N.V.; McKesson Corporation; and Teladoc Health.
Reasons to buy report
Europe Telemedicine Market Segmentation
Europe Telemedicine Market - By Type
Europe Telemedicine Market - By Product and Services
Europe Telemedicine Market - By Specialty
Europe Telemedicine Market - By Delivery Mode
Europe Telemedicine Market - By Country
Europe Telemedicine Market - Company Profiles
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 18,737.90 Million |
| Market Size by 2028 | US$ 60,872.19 Million |
| CAGR (2021 - 2028) | 18.3% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Telemedicine Market is valued at US$ 18,737.90 Million in 2021, it is projected to reach US$ 60,872.19 Million by 2028.
As per our report Europe Telemedicine Market, the market size is valued at US$ 18,737.90 Million in 2021, projecting it to reach US$ 60,872.19 Million by 2028. This translates to a CAGR of approximately 18.3% during the forecast period.
The Europe Telemedicine Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Telemedicine Market report:
The Europe Telemedicine Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Telemedicine Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Telemedicine Market value chain can benefit from the information contained in a comprehensive market report.
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