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Europe Telemedicine Market Growth to Witness USD 49.1 Bn By 2026
Published Date: 2020-10-29
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According to the Graphical Research new growth forecast report titled Europe Telemedicine Market value is set to exceed USD 49.1 billion by 2026. Increasing number of coronavirus cases coupled with favorable government initiatives are the major growth driver for the telemedicine market. Telemedicine may prove to be one of the vital services in response to the COVID-19 pandemic. For instance, various companies are witnessing a surge in number of telemedicine visits with some companies reporting a spike in demand for video consultation. Furthermore, the social distancing measures enforced by government in various countries will drive the European market growth. Thus, healthcare providers are adopting telemedicine to cater the needs of their patients. Telemedicine is useful for many patients as they can avail healthcare treatment at home settings.
Growing prevalence of chronic diseases is one of the major factor for adoption of telemedicine services. Growing burden of chronic disease such as cancer, diabetes and heart disease in Europe region will boost the need for telemedicine services. For instance, as per the International Diabetes Federation, the expenditure on diabetes management was approximately 114 billion in 2018 and is expected to reach USD 124.6 billion in 2030. Furthermore, telemedicine application is used widely for examination and treatment that may prove to be beneficial for the patient, thereby augmenting the market growth.
Based on service, the telemedicine market is segmented into tele-consulting, tele-monitoring, tele education/ training and others. Tele-monitoring segment is expected to show significant growth of 18.8% across the forecast timeframe. Telemonitoring leads to better follow-up of the patient and reduces complications of chronic diseases. It also reduces the overall treatment cost by providing health care services without using hospital beds and minimizes patient travel time. Furthermore, rising awareness regarding remote healthcare benefits will further fuel the segmental growth.
By type, the telemedicine market is classified into telehospital and telehome. The telehopsital segment dominated the overall market and accounted for revenue of USD 8.3 billion in 2019. Telemedicine is mostly used in emergency care and primary diagnosis in hospitals by healthcare professions. Various government initiatives will further lead to segmental growth. For instance, in 2017, UK’s National Health Service (NHS) launched a novel service named ‘GP in Hand’ that allows patient to receive physician consultation via video call or text free of cost. Such initiatives will boost growth of telehospital segment.
Based on specialty, the telemedicine market is divided into cardiology, dermatology, mental health, neurology, orthopedics, gynecology and others. Cardiology segment will show significant growth of 18.6% CAGR during the forecast timeframe. High growth rate is attributed to high degree of satisfaction among patient that suffer from cardiac disorders along with lowering cost. Remote monitoring of patients with implantable cardiac devices led to better clinical outcomes. Timely diagnosis of heart failure symptoms and management of arrhythmias are other advantages of applications of telemedicine services in cardiology.
Based on delivery mode, the telemedicine market is bifurcated into web/mobile and call center. Web/Mobile is further divided into telephone and visualized segments. Call centers segment accounted for revenue of USD 5.0 billion in 2019. The telemedicine call center manages calls of patients and connects them to appropriate medical experts for telemedicine consultations. It is mainly used in multi-specialty medical centers that have large number of medical specialists in telemedicine. Call centers focus primarily on patients that are home bound and connect specific areas of hospitals or clinics for remote video consultations.
The Germany telemedicine market accounted for over 20.0% market share in 2019 and is expected to show significant growth during the forecast period. Rising number of COVID-19 patient in the country has led to the implementation of stringent measures such as social distancing and lockdown. Such implementation has increased the adoption of telemedicine services. Furthermore, availability of advanced telecommunication facilities coupled with rising number of smart phone users is boosting the telemedicine market in Germany.
Major industry players in industry are Cerner Corporation, AMD Global Telemedicine, Cisco, Teladoc and Koninklijke Philips N.V. Companies undertake various strategies such as mergers and geographic expansions to strengthen their market share. For instance, in January 2018, Philips and American Well formed a partnership for delivering virtual care solutions around the world. The partnership was aimed at providing seamless consumer experience through solutions that help in empowering people for managing their health more efficiently.
Europe telemedicine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Service, 2015-2026 (USD Million)
- Tele education/ training
Market Size, By Type, 2015-2026 (USD Million)
Market Growth, By Specialty, 2015-2026 (USD Million)
- Mental health
Market Value, By Delivery Mode, 2015-2026 (USD Million)
- Web/ Mobile
- Call center
The above information is provided for the following region and countries:
- The Netherlands