The telemedicine market size in Europe is estimated to grow from USD 11.32 billion in 2022 to USD 21.80 billion by 2027, with a compound annual growth rate (CAGR) of 14% over the next five years.
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 primary care services, the emergence of favorable policies, and advancements in telecommunications are a few of the key factors promoting the telemedicine market in the European region.
Integrating healthcare with advanced technologies like IoT and data analytics has increased the growth opportunities of the telemedicine market in the European region. Also, the emergence of home care devices and social platforms has improved communication between consumers and professionals for transferring information and physiological data. Home care devices can track the health status of patients and regularly update the data to professionals, leading to rising demand for these devices. Furthermore, the growing healthcare sector is leading to an increase in the focus of private and public organizations on developing advanced technologies for real-time patient monitoring owing to consistently growing cases of chronic diseases, heart failure, asthma, and cardiopulmonary disorders for treatment at home. Rapid developments and enhancements in immersive environments like nanotechnology, virtual reality, and haptic feedback are expected to boost the growth opportunities of the Europe Telemedicine market during the forecast period.
The 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.
This research report on the European telemedicine market has been segmented and sub-segmented into the following categories:
By Delivery Mode:
The European telemedicine market is expected to hold the second-largest share in the global market during the forecast period. In Europe, Medical consultation services will remain the most regularly used form of telemedicine physicians use 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. European Union has begun promoting telemedicine to improvealthcare access while saving resources. However, 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, the UK is one of the largest markets within the EU, where many 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, rising awareness of telemedicine in every corner of the country, government investments in the medical sector, and promotion of quality services even for the common people are propelling the growth of the UK telemedicine market. In addition, the growing focus on constructing healthcare centers with the latest equipment is promoting the growth rate of this market to an extent.
The telemedicine market in Germany is promised to grow steadily during the forecast period. Rising incidences of chronic diseases, rising acceptance of advanced technology, and launching innovative devices favoring the end-users are promoting the demand in the German telemedicine market. Furthermore, continuous investments in developing new technologies in research centers by government and non-government institutes are lavishing the growth rate of this market.
It is expected that the telemedicine market in France is to hit a healthy CAGR during the forecast period. The increasing economy is one of the most common factors for growing the market. The adoption of telemedicine in France and raising awareness over the 4G and 5G spectrum are ascribed to bolster the market demand. Artificial intelligence plays 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 will likely outshine the market's demand.
The telemedicine market in Spain is growing faster than in the past few years and is to have significant growth opportunities in foreseen years. Increasing the prevalence of chronic and cardiovascular diseases is a crucial driving factor for growing the market. In addition, on-going research on the development of new techniques in treating various conditions and developing to focus on artificial intelligence technology greatly influences the growth rate of the Spain telemedicine market. Rising disposable income and increasing expenditure on healthcare centers are boosting the market's growth. In addition, growing support from the IT sector is lavishing the growth rate of this market.
KEY MARKET PLAYERS:
A few of the prominent companies playing an active role in the European telemedicine market profiled in this report 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.
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