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.
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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.
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.
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.
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.