As per our analysis, the telemedicine market in Europe is estimated to grow from USD 9.93 billion in 2020 to USD 19.2 billion in 2025, with a compound annual growth rate (CAGR) of 14.1% over the next five years.
The significant factors contributing for the growth of the European telemedicine market are high literacy rate, rise in population of elderly patients, better socio-economic conditions, increase in the rate of chronic diseases, increase in adoption of IT solutions in healthcare, rise in demand for basic care services, the emergence of favourable policies and advancements in telecommunications.
Unavailability of internet services in rural areas, lack of awareness, and increased costs for the installation of telemedicine solutions are the limiting factors that challenge the growth of the Europe Telemedicine market.
Integrating healthcare with advanced technologies like IoT, and data analytics has increased the growth opportunities of the telemedicine market in the Europe region. Also, the emergence of home care devices and social platforms has improved communication between consumers and professionals for transferring information and physiological data which, home care devices can track the health status of patients and will regularly update the data to professionals leading to rising demand for these devices. The growing healthcare sector is leading to rising in the focus of the private and public organization on developing advanced technologies for real-time patient monitoring owing to consistently growing cases of chronic diseases, heart failure, asthma, cardiopulmonary disorders for treating at home. Rapid developments and enhancements in immersive environments like nanotechnology, virtual reality and haptic feedback are expected to boost the growth opportunities of Europe Telemedicine market during the forecast period.
This research report segmented and sub-segmented into the following categories:
Regionally, In Europe, Medical consultation services will keep on to be the most regularly used form of telemedicine used by physicians for escalating the outreach of their medical advice. The telemonitoring segment will also enjoy an upward trend owing to the increasing diabetic and disabled population.
Europe accounts for the major share in the global telemedicine market. European Union has begun to promote the use of telemedicine for improving healthcare access while saving resources. Regulation and reimbursement for telemedicine in the European Union vary and it is up to the Member States to decide. Given the lack of public reimbursement, UK is one of the largest markets within the EU where a large number of people are privately insured.
The telemedicine market in the UK is projected to grow at a CAGR of 10.4% during the forecast period. An increasing number of cancer patients is a major driving factor for the market to grow. Rising awareness over telemedicine in every corner of the country is lavishing the growth rate of the market in this country. Government investments in the medical sector and to promote quality services even for the common people are propelling the demand of the UK telemedicine market. Growing focus on the construction of healthcare centres with the latest equipment is promoting the growth rate of this market to the extent.
The telemedicine market in Germany is promised to grow at a steady pace during the review period. Rising incidences of chronic diseases are greatly influencing the demand of the market to the extent. Also, acceptance of advanced technology and the launch of innovative devices in favour of the end-users are promoting the demand of the Germany telemedicine market. Continuous investments in the development of new technologies in research centres by government and non-government institutes are lavishing the growth rate of this market. Escalating expenditure on healthcare is another most important factor for the market to grow in this country.
It is expected that the telemedicine market in France is to hit the highest CAGR in the coming years. The increasing economy is one of the most common factors for the market to grow in this country. The adoption of telemedicine in France along with growing awareness over 4G and 5G spectrum is ascribed to bolster the demand of the market. Artificial intelligence is playing a crucial role in the medical sector by solving complex issues more accurately. This is also enhancing the growth rate of the France telemedicine market. The trend towards early diagnosis of the disease is likely to outshine the demand of the market.
The telemedicine market in Spain is growing at a faster rate from the past few years and is to have significant growth opportunities in foreseen years. Increasing the prevalence of chronic and cardiovascular diseases is a key driving factor for the market to grow. On-going research on the development of new techniques in treating various diseases and also growing to focus on artificial intelligence technology are greatly influencing the growth rate of the Spain telemedicine market. Rising disposable income and increasing expenditure on healthcare centres are boosting up the demand of the market. In addition, growing support from the IT sector is lavishing the growth rate of this market.
In the Netherlands, telephone consultations are reimbursed via fixed prices by HIC. Belgium provides the least mature telemedicine market due to a lack of regulations and preference towards face-to-face consultation over remote consultation. However, countries retain their rights to either grant parity to telemedicine solutions, or embed telemedicine service within public healthcare systems or not.
Telemedicine players are concentrated on improving their technology offerings in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies are evaluating the return on investment (ROI) and the clinical consequences of telemedicine technology. Tier I players are evaluating opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the ability of telemedicine to support e-healthcare and considerably improve the bottom line.
Top companies in the market
Prominent companies playing an active role in the Europe telemedicine market are AMD Global Telemedicine, CISCO Systems, Inc., Medtronic, Inc., GE Healthcare (U.K.), Honeywell Lifesciences, Philips healthcare, McKesson Corp, Aerotel Medical Systems, CardioComm and Cerner Corporation.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5.1 By Type
5.1.1 By Technology
5.1.1.1 Hardware
5.1.1.2 Software
5.1.1.3 Telecommunications
5.1.2 By Service
5.1.2.1 Tele-Monitoring
5.1.2.2 Store-and-Forward
5.1.2.3 Real-Time Interactive
5.3 By Applications
5.3.1 Tele-Cardiology
5.3.2 Tele-Radiology
5.3.3 Tele-Pathology
5.3.4 Tele-Dermatology
5.3.5 Tele-Neurology
5.3.6 Emergency Care
5.3.7 Home Health
5.3.8 Others
5.4 By Delivery Mode
5.4.1 Web-based
5.4.2 Cloud-based
5.4.3 Others
5.5 By End User
5.5.1 Tele-Hospitals
5.5.2 Tele-Homes
5.5.3 Others
6.1 Introduction
6.2 U.K
6.3 Germany
6.4 France
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.1 GE Healthcare
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 AMD Telemedicine
8.3 CISCO Systems, Inc.
8.4 Medtronic, Inc.
8.5 Honeywell Lifesciences
8.6 Aerotel Medical Systems
8.7 Philips healthcare
8.8 McKesson Corp
8.9 Cerner Corporation
8.10 CardioComm
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
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Feb 2020
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