Market Research Report
Europe Telemedicine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
|Published by||Mordor Intelligence Pvt Ltd||Product code||390653|
|Published||Content info||95 Pages
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|Europe Telemedicine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)|
|Published: May 13, 2021||Content info: 95 Pages||
The Europe telemedicine market was valued at USD 10,619 million in 2020, and it is expected to reach USD 29,975 million in 2026, registering a CAGR of 18.8% during the forecast period, 2021-2026.
Telemedicine or telehealth has emerged as an essential component of healthcare during the current COVID-19 crisis. The countries not only in Europe but globally have accelerated the adoption of digital health. As per the study published by the Paris Region Institute in April 2020, France has seen a major surge in teleconsultation from 10,000 teleconsultations per week before confinement to more than a million the last week of April, a multiplication by 100. This is the major factor propelling the growth of the market.
Also, rising healthcare expenditure, increasing preference for remote patient monitoring, and the rising burden of chronic diseases are the factors propelling the growth in this region. For instance, in 2018, according to the GLOBOCAN report, cancer affected more than 12 million people in Europe. To leverage the potential opportunities, the players in the market are coming up with technological innovations and product launches as the growth driver for their company and the market in this region. For instance, in August 2020, a new digital health company, named HealthHero, was launched in the focused European market.
However, several legal and reimbursement issues, requirement of high initial capital, and lack of physician support are expected to be the major restraints for the market growth.
The mHealth Segment is Expected to be the Fastest Growing Segment over the Forecast Period
MHealth has emerged as the most important asset to keep track of health during the COVID-19 crisis. The region has seen an upsurge in the usage of mobile health applications during the crisis. Various regulatory bodies in Europe are also promoting the use of mHealth applications. In December 2020, the National Institute for Health and Disability Insurance (INAMI-RIZIV), Europe, launched a pilot project concerning the remote monitoring of COVID-19 patients before and after their hospitalization as part of an integrated medical approach supported by digital applications. Overall, the COVID-19 crisis has a positive impact on the growth of the market.
Also, the rise of chronic diseases is a major concern that puts a strain on healthcare resources. MHealth is an innovative way to provide care, monitor a patient, and provide information using the latest technology. Monitoring allows the early identification of diseases, preventing chronic conditions. The potential advantages have led to the increasing adoption of mHealth technologies, and players in this region are coming up with innovative launches to further increase the adaptability in this region. For instance, in early January 2021, the Rehappy health app was launched by the directory of digital health applications for stroke patients in Germany. Thus, the increasing development by the players, coupled with rising initiatives by the government for mHealth, are expected to propel the growth of this segment.
The market comprises few major market players, and these players are focusing on technological advancements, strategic partnerships, and mergers to acquire the major market share. For instance, in April 2019, Boston Scientific signed a strategic partnership with Wellframe to deliver digital heart health management solutions and personalized education to patients. The market has been noticing technological developments on a large scale for the past couple of years. Integration of services, such as EMR, picture archiving and communication systems (PACS), telehealth services, RFID, etc., has been gaining increasing importance in Europe.