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Europe Digital Health Market Forecast 2027 By Component [Hardware, Software, Services], By Technology [Tele-healthcare {Telecare (Activity Monitoring, Remote Medication Management), Telehealth (LTC Monitoring, Video Consultation)}, mHealth {Wearables (BP Monitors, Glucose Meter, Pulse Oximeter, Sleep Apnea Monitors, Neurological Monitors), Apps (Medical, Fitness)}, Health Analytics, Digital Health System (EHR, e-prescribing System)], Research Report, Country Outlook (Germany, UK, France, Italy, Spain, Russia, Poland, Switzerland, The Netherlands, Sweden, Norway, Denmark, Finland, Iceland), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
Published Date: August 2021 | Publisher: Graphical Research Report ID: GR1163 | Delivery : PDF  Request Free Sample

Europe Digital Health Market size crossed USD 50.6 billion in 2020 and is predicted to expand at over 17.1% CAGR between 2021 and 2027.

Digital health refers to use of information technologies like software, computing platforms, etc. in healthcare sector to manage various illness. Digital health uses artificial intelligence, health informatics, mobile computing, wearables, and other cybernetic technologies to measure health, monitoring and diagnosis disease and transforming healthcare system.

Europe Digital Health Market

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The growing geriatric population coupled with rising preference for remote patient monitoring will augment the Europe digital health market revenue. Increasing government initiatives for the development of digital health in the region and growing digital infrastructure will drive the market growth. Moreover, increasing investment scenarios in the region will pose a positive impact on the market size.

COVID-19 acted as a trigger for the sharp adoption of teleconsultation across the European region. Relaxed government regulation and increased awareness regarding telehealth propelled the market demand. Furthermore, rapidly growing healthcare infrastructure, and growing venture capitalist’s investments will boost the market expansion.

Europe Market, By Technology

The telehealth segment accounted for 58.4% Europe digital health market share in 2020, attributed to increasing prevalence of chronic disease, and increased demand for remote monitoring services. The application of remote-video technology has been extended to medical interactions with healthcare professionals and system. Also, there has been a shift in the reimbursement policies, implementation, and coverage of telehealth to make it widely accessible during pandemic.

Europe Market, By Country

Germany digital health market is anticipated to generate USD 47.6 billion revenue by 2027, growing at 17.5% CAGR. An increasing number geriatric population coupled with rising chronic diseases will pose a positive impact on market value in the country.

Germany’s parliament passed the Digital Health Care Act in 2019 to transform their healthcare system. The initiative enabled users to get access in remote areas as well, augmenting the market expansion. Furthermore, the COVID-19 catalyzed the need for digital health in the country and the law benefited the government to provide proper remote care to its citizens. Also, this act helped the people for claiming their medical bills online and facilitated startups to establishes their business.

Competitive Industry Landscape

Prominent companies operating in the market are Allscripts Healthcare Solutions, Inc., AdvancedMD Inc, eClinicalWorks, Cisco Systems, McKesson Corporation, iHealth Lab Inc, Koninklijke Philips N.V., Cerner Corporation, AT & T, and among others.

Players undertake various strategies such as new product launches, mergers, acquisitions, collaborations, geographic expansions to strengthen their market position. For instance, in August 2021, Philips completely acquired BioTelemetry for its remote cardiac diagnostics and monitoring systems. This acquisition is expected to benefit the company to increase its customer base and generate revenue.
 

Frequently Asked Question(FAQ) :

The market size for digital health in Europe had exceeded USD 50.6 billion in 2020 and will record a CAGR of over 17.1% through 2027.
Telehealth segment had held 58.4% of the regional market share in 2020 on account of increasing demand for remote monitoring services driven by rising cases of chronic disease.
The market size for digital health Germany will observe a CAGR of around 17.5% through 2027 driven by growing geriatric population and increasing cases of chronic diseases in the country.
Prominent companies operating in the market include Allscripts Healthcare Solutions, Inc., AdvancedMD Inc, eClinicalWorks, Cisco Systems, McKesson Corporation, iHealth Lab Inc, Koninklijke Philips N.V., etc.

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