The video telemedicine market size in Europe is expected to grow from USD 510 million in 2022 to USD 1050 million by 2027, growing at a CAGR of 15.54% from 2022 to 2027.
The rising awareness among people regarding video telemedicine is promoting the video telemedicine market growth in Europe. Furthermore, the growing investments by market participants in the European region to promote awareness regarding video telemedicine and the R&D to provide a well-advanced user experience further promote the market’s growth rate in the European region. Aged and physically disabled people mainly use video telemedicine to share their health difficulties and take healthcare from the comfort of home.
In addition, increasing usage of smartphones and growing internet penetration are propelling the European video telemedicine market growth. Approximately 86% of the European population has access to smartphones. Furthermore, 5G network services in Europe have helped people access increased internet speed and availability; such high-speed network availability favors people to advance in various areas, including healthcare. However, with the growing patient population being admitted to hospitals, the communication gap must be filled between various branches of the healthcare sector to organize the work and avoid medical errors.
The growing adoption of technological developments to offer well-advanced video telemedicine solutions is aiding regional market growth. Rigorous R&D activities are being conducted to add advanced features to mobile health applications and web-based sites to improve user-friendliness and increase the user base. Video telemedicine technology is experiencing upgrades consistently, and the share of the technology towards betterment with the integration of machine learning, cloud, big data, and artificial intelligence frequently. Such integrations result in greater data storage security and an easy user interface.
However, data privacy and security concerns associated with video telemedicine are one of the major factors hampering the video telemedicine market growth in the European region. The telemedicine process has data related to the doctor consultation and the personal details about the patients, which is used during the communication between the healthcare provider and the patient. This stored data can be manipulated and misused by third-party persons leading to reluctance toward the services. In addition, lack of proper infrastructure, less awareness regarding the benefits associated with video telemedicine, lack of skilled professionals, and lack of network access in rural areas limit the growth rate of the European video telemedicine market.
This research report on the Europe video telemedicine market has been segmented and sub-segmented into the following categories.
By Component:
By Communication Technology:
By Application:
By End-user:
By Country:
Geographically, the European region captured a a considerable share of the worldwide market in 2021 and is expected to grow at a notable CAGR during the forecast period owing to the growing adoption of video telemedicine. The awareness levels around video telemedicine are picking up across the European region, which is expected to favor regional market growth. One of the other significant factors leading to regional market growth is the increasing use of video telemedicine by employed women and homemakers. Around 50% of telemedicine users are women and aged between 25 to 40 years. Many public welfare organizations empower women to have regular consultations with doctors online to follow their health, prevent chronic diseases, and promote the usage of online consultations for depression, anxiety, and other mental health-related problems.
During the forecast period, the German market is likely to play the leading role in the European region. Germany is in the top position in digital transformation for the healthcare sector. The German government passed several reimbursement rules through German health insurance. To promote video consultations in the German region, the National Association of Statutory Health Insurance Physicians (KBV) and the National Association of Statutory Health Insurance Funds have obeyed several new regulations which help the patient and healthcare provider make easy consultations every day.
The UK video telemedicine market is anticipated to grow considerably during the forecast period owing to the increasing adoption of video telemedicine by many healthcare providers in the United Kingdom.
KEY MARKET PLAYERS:
Huawei Technologies Co. Ltd., Logitech, Cisco Systems, Plantronics, Inc., Sony Corporation, Lifesize, Inc., GlobalMed, Vidyo, Inc., Vermont Telephone Company, Inc, AMD Global Telemedicine, Inc., ZTE Corporation and Cisco Systems, Inc. are a few of the noteworthy companies in the European video telemedicine market.
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