Europe Digital Health Market to Grow with a CAGR of 7.86% through 2028
Increasing aging
population, technological advancements, and increased investments in innovation
are expected to drive the Europe Digital Health Market growth in the forecast period,
2024-2028.
According to
TechSci Research report, “Europe Digital Health Market –Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Europe Digital Health Market stood at USD 32.07 billion in 2022 and is
anticipated to grow with a CAGR of 7.86% in the forecast period, 2024-2028.
This can be attributed to investment and innovation. Europe has witnessed a
surge in investment in digital health startups and innovation hubs. Both public
and private sector investments have fueled the development of cutting-edge
digital health solutions. This innovative ecosystem is driving the creation of
new technologies and services that address various healthcare challenges.
Moreover, Europe
is witnessing a surge in health tech startups, driven by innovation and
investment. These startups are poised to disrupt traditional healthcare models
with novel solutions in areas like AI, telemedicine, and health analytics.
Collaboration between established healthcare providers and startups will be essential
for driving innovation.
The European
market is poised for growth due to several key factors. These include the
rising challenges like the increasing prevalence of chronic diseases, a growing
aging population, and a shortage of healthcare professionals. These challenges
are expected to act as drivers for market expansion. Additionally, advancements
in digital technologies, improved internet connectivity, and the surging demand
for virtual healthcare services are among the significant factors expected to
expedite this growth. Moreover, the ongoing COVID-19 pandemic has played a
catalytic role in promoting the adoption of telehealth services and digital
health technologies, further fueling market growth.
The increasing
penetration of smartphones and the growing demand for remote patient monitoring
are also set to boost the adoption of digital health platforms. For instance,
statistics from Eurostat reveal that in the EU-27 countries, 92% of young
people used mobile phones to access the internet in 2019, with 94% using the
internet daily. This widespread access to the internet and smartphones in
Europe has expanded the use of medical, health, and fitness apps, thereby
supporting market growth.
Furthermore, the
healthcare sector possesses a vast volume of data, and the growing need for
efficient healthcare information technology (HCIT) solutions to process patient
data efficiently is another major factor expected to drive market growth in the
forecast period.
The rising
number of patients suffering from chronic diseases, such as cancer, diabetes,
Alzheimer's, and cardiovascular diseases, necessitates long-term patient
monitoring services. With a shortage of medical professionals, the preference
for remote healthcare management, including telehealth services, is expected to
drive market growth. For example, according to the WHO, Europe accounts for
over 3.7 million new cancer cases annually, despite having only one-eighth of
the world's population.
Additionally,
telehealth services enhance patient engagement, bridging the gap between
patients and healthcare providers. These services reduce the challenges
associated with scheduling appointments and eliminate the need for in-person
consultations, ultimately reducing healthcare expenses and unnecessary costs,
thus driving growth in the European digital health market.
Moreover,
increasing government initiatives to promote digital health solutions and the
growing adoption of advanced technology for remote health management are
anticipated to further accelerate market growth in Europe. One notable
initiative is the European Programme of Work (EPW) by the WHO, known as
"United Action for Better Health," which prioritizes the promotion of
digital healthcare technologies across Europe to enhance the interaction
between service providers and individuals, ultimately contributing to the
growth of the digital health market.
The Europe
Digital Health Market is segmented into technology, component, regional
distribution, and company.
Based on its
technology, the mHealth sector captured the largest portion of revenue in 2022,
primarily due to the surge in the availability of mobile health applications
related to medical, health, and wellness, as well as the expanding user base of
smartphones. Furthermore, the widespread adoption of mobile healthcare apps and
continuous enhancements in their functionality by manufacturers are significant
contributors to this growth. Additionally, the increasing adoption of mobile
healthcare apps for various purposes such as disease management, remote patient
monitoring, medication tracking, patient follow-up, women's health, fitness,
wellness, and personal health records is expected to fuel further expansion in
this sector.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on "Europe Digital Health Market”
On the other
hand, the healthcare analytics segment is projected to experience the highest
CAGR throughout the forecast period. This growth is driven by the increasing
advantages of telehealthcare technology, particularly in non-emergency
situations where face-to-face interactions between patients and providers are
unnecessary. The rising preference for telehealthcare services among both
medical professionals and patients, aimed at enhancing healthcare access in
remote areas and reducing the risk of transmitting infectious pathogens through
direct contact, is also expected to contribute significantly to the segment's
growth.
Based on
component, the services sector secured the largest portion of revenue in 2022,
primarily due to the increasing demand for various telehealthcare-related
services such as maintenance, training, staffing, and resource allocation &
optimization. Market players are increasingly emphasizing the provision of
these services to maintain their strong market positions, which is expected to
stimulate the growth of this segment. Furthermore, the development of
electronic health platforms and rising consumer expectations for improved
services are also projected to enhance the market share of this segment. The
wide range of services offered by key players before and after the installation
of telehealthcare components is also expected to expedite the growth of this
segment.
On the other
hand, the software sector is expected to register the highest CAGR in the
coming years. This growth can be attributed to the rapid adoption of software
and applications among healthcare institutions, patients, providers, and
insurance payers. The increasing availability of software for health management
is also expected to contribute to the growth of this segment. The surge in
healthcare digitalization, driven by the pandemic, is also anticipated to fuel
the growth of this segment. Additionally, improved healthcare IT infrastructure
and the rising number of smartphone and internet users in Europe are expected
to provide strong support for the rapid expansion of this segment.
Major companies
operating in Europe Digital Health Market are:
- Apple Inc
- AT&T Corp
- AirStrip Technologies Inc
- Allscripts Healthcare LLC
- Google LLC
- Orange SA
- Qualcomm Technologies Inc
- Softserve Technologies
- Samsung Electronics Co Ltd
- Siemens Healthcare GmbH
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“The future of
Europe's digital health market promises to be transformative, with a focus on
improving patient care, enhancing data security, and embracing innovative
technologies. The upcoming trends represent an exciting evolution in
healthcare, where digital health solutions are increasingly integrated into the
fabric of healthcare delivery, providing more accessible, personalized, and
efficient care to patients across the continent. As the trends continue to
unfold, Europe is poised to remain at the forefront of the global digital
health revolution,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Europe Digital Health Market By Technology
(Tele-healthcare (Tele-care, Telehealth), mHealth (Wearables, mHealth Apps,
Services), Healthcare Analytics, Digital Health Systems (EHR, E-Prescribing
Systems)), By Component (Software, Hardware, Services), By Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Europe Digital Health Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Europe Digital Health Market.
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