Europe Telemedicine Market Estimated to Grow at The CAGR 21.30%:Projected to Reach USD 57.37Bn by The Year 2027
Published | 12 April 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the European telemedicine market was worth USD 14.85Bn in the year 2020 and is estimated to grow at a CAGR of 21.30%, earning revenue of around USD 57.37Bn by the end of 2027. The increasing trend of digital health along with the convenient option of remote and affordable accessibility of healthcare services are the factors driving the European telemedicine market forward.
The European telemedicine industry is being propelled by the growing trend in digital wellbeing, rising healthcare spending, and an increasing preference for remote patient management, as well as the prevalence of chronic diseases such as asthma, heart failure, cardiopulmonary ailments, etc. Furthermore, the COVID-19 pandemic has fueled a spike in telehealth adoption, ensuring the market's sustained growth across Europe. Visiting a physician during the pandemic puts both the patients, as well as a healthcare provider at risk. Therefore, people in Europe are increasingly switching to remote healthcare services to minimize the spread of the virus. These factors are going to propel the telemedicine market forward during the forecast period.
Increasing Preference for Digitized Healthcare Will Boost European Telemedicine Market
Digitized healthcare systems are benefiting European telemedicine more than ever before, particularly in light of COVID-19. Telemedicine is providing people with convenient options to avail of healthcare services in the comfort of their homes. Nowadays, people use telemedicine to access healthcare facilities and communicate with doctors via phone, video conferencing, or text messages.
Considering the growth prospects of telemedicine, the key market players are constantly introducing various connected devices to enable telehealthcare providers to access crucial details like body temperature, weight, blood pressure, etc., remotely. Telemedicine also works wonders in emergency cases when patients need urgent care. Apart from these, rapid advances and innovations in immersive environments such as nanotechnology, haptic feedback, and virtual reality (VR) are expected to fuel the growth prospects of the Europe telemedicine market over the forecast era.
Favorable Government Policies Backing up the Telemedicine Market
Europe telemedicine market is getting adequate government support to flourish, grow and survive. The European Union's government is actively enacting supportive policies and recommendations to support Europe’s telemedicine industry. What’s more, the government is also investing heavily in the development of telemedicine networks. The European Union (EU) contributed a staggering USD 18.2 million to the Connecting Europe Facility (CEF) scheme in 2015. This investment was meant to promote the advancement of digital healthcare technology.
Tele-Monitoring is leading the European Telemedicine Market Forwards
Based on service, Europe’s telemedicine market is categorized as intotele-monitoring, store-and-forward, and real-time interactive. Of these, tele-monitoring holds the largest market share, thereby driving the European telemedicine market. It allows the larger population to access healthcare services remotely and at an affordable cost. Even with other options like ‘Store-and-Forward’ or ‘Real-Time Interactive’, people prefer going for Tele-Monitoring as it allows both patients as well as tele-healthcare providers to interact with each other conveniently besides enabling the healthcare providers to track their patients’ health with ease.
The UK has been identified as the most developed telemedicine industry
Geographically, the European telemedicine market is divided into the UK, Germany, France, Italy, Spain, and the rest of Europe. Amongst these, the United Kingdom is the leading market for telemedicine, followed by Germany. The UK government is constantly encouraging telemedicine by enacting laws and legislation, as well as providing the necessary funding and grants to help the industry thrive. Furthermore, high life expectancy in these areas, which contributes to a rise in the number of elderly people seeking home treatment, is projected to propel the demand forward during the forecast period.
Impact of COVID-19 on European Telemedicine Market
With the emergence of COVID-19 and the declaration of a pandemic, social distancing and lockdown measures were implemented across Europe. This prompted people to switch to healthcare options that offer remote accessibility. As a result, the Europe telemedicine market started flourishing at a great pace. Telemedicine programs provide contact-free services that guarantee the safety of both patients and healthcare providers. Besides this, telemedicine is also cost-effective, which is why a large number of people are opting for these programs over traditional healthcare.Furthermore, telemedicine prevents the dissemination of the virus by controlling patient crowding at healthcare centers.
The leading players in the European telemedicine market are Medtronic, Inc., AMD Global Telemedicine, Philips Healthcare, Aerotel Medical Systems, CardioCom, Cisco Systems Inc., Honeywell Lifesciences, All Scripts Healthcare Solutions Inc. InTouch Technologies, and other prominent players. Mergers, partnerships, and joint ventures for research purposes and expanding the services are very common in this market and helps it grow.
New entrants receive a prolific amount of investments from the private sector outside of the industry. It allows them to thrive so they can offer quality services, which in turn influences market growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the European telemedicine market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the European telemedicine market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online & offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratches by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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