The digital health market size in Europe is predicted to grow at a CAGR of 27.1% from 2021 to 2026. During the forecast period, the UK digital health market is expected to progress at a lucrative CAGR and accounted for a share of 7.48% in the global digital health market in 2020.
An increase in demand for remote healthcare services for monitoring and consultancy of patients due to the rise in incidences of chronic diseases across the globe is one of the prime factors in the market's growth.
In the European region, the digital health market is gaining momentum, with mobile applications being widely used for improving health and lifestyle. Several m-health (mobile health) apps for patients and doctors for managing diseases and the growing need for health improvements are continuously being developed. In addition, high market penetration of technically advanced digital health devices and government-supported schemes are driving the growth of the digital health market during the forecast period.
The use of information and communication technology in medicine and other health professions to address various ailments is referred to as digital health. The digital health market in Europe is majorly driven by chronic diseases, penetration of electronic devices across European countries, and increasing internet usage. Also, the mHealth services, which are widely utilized by the health and fitness concerning customer base to monitor and track their health continually, are expected to increase rapidly in Europe. Other factors such as adopting unhealthy lifestyles and habits like alcohol consumption and tobacco smoking influence the market growth. An increase in the incidence of chronic patients across Europe is augmenting the market during the forecast period. Based on the recent reports, the European Chronic Disease Alliance has recorded 85 million people suffering from cardiovascular diseases in the recent past.
Moreover, the rising burden on the hospital's conventionally available healthcare resources and the shortage of healthcare professionals in the region are propelling the European digital health market growth. Another major factor that has a substantial impact on Europe's market share is rising healthcare expenses. According to the World Health Organization, the adoption of mHealth services saved Europe USD 126 billion in healthcare expenses. In addition, the increased desire for inexpensive, accessible, and innovative healthcare services has fueled the growth of this sector. Furthermore, the initiatives taken by the government and private organization for creating the awareness among the people in the region shows positive impact on the market growth.
In the recent past, the arrival of the global pandemic has created a significant impact on the digital healthcare market. During this period, the shortage of healthcare professionals and interest among the people has augmented the demand for the market and accounted for a significant impact on the mare growth. As a result, market players in the region are introducing advanced healthcare products; for instance, SugarBEAT is a blood sugar monitoring app developed by Nemaura Medical in the United Kingdom. In addition, technological advancements in the healthcare sector and increasing investment and funding by the government in the region are expected to uplift the market growth. Long before the current craze, SeedInvest invested in pre-seed and seed digital health companies. Consequently, shareholders in 15 digital health businesses from six European nations, spanning various sectors and business strategies.
Lack of technical knowledge among the patients, strict rules and regulations by authorities, and the risks related to privacy breach and security hinders the European digital health market. Furthermore, the misuse of patient data online, a limited number of healthcare workers, and financial inconsistency of care further limit the European digital health market.
This research report on the Europe Digital Health Market has been segmented and sub-segmented into the following categories:
Geographically, in 2020, the European digital health market was the second largest globally, owing to factors such as focusing on making healthcare cost-efficient, advanced technologies in improving the digitalization for the healthcare domain, and improved healthcare solutions and services.
The UK Digital Health market was the leader in the European market in 2020. The UK healthcare domain invented this digital healthcare 30 years ago. The UK healthcare sector has recently developed the most sophisticated systems globally to track, manage, and deliver patient-centered services. British robotics is rearranging the digital healthcare domain, and this healthcare culture helps the UK become a world leader in artificial medical intelligence.
The German Digital Health Market is forecasted to see a quick acceleration in the coming days and is expected to settle in a solid-state by the end of the forecast period. Germany is the second-largest healthcare market globally, followed by the United States, indicating significant growth in the forecast period. The development owes to the country's high technology acquisition incorporated with the relief regulations during the Covid-19.
The digital healthcare market of France is estimated to have a healthy growth rate during the forecast period. This country aims to encourage digital care innovation, particularly telemedicine, to battle situations like the COVID-19 pandemic. In addition, this country faces many problems like the growing costs of prescription medication and an increasing number of chronic diseases.
KEY MARKET PLAYERS:
A few of the notable companies dominating the European digital health market profiled in this report are Apple Inc., AirStrip Technologies, Google Inc., Orange, Allscripts Healthcare, LLC, Mckesson Corporation, Athenahealth Inc., At&T Inc., Biotelemetry, Inc., Cerner Corporation, Cisco Systems, Inc., Koninklijke Philips Nv, Eclinicalworks, Ihealth Lab, Inc. and General Electric Company.
RECENT MARKET DEVELOPMENTS: