Market Size of Europe Telemedicine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 18.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Telemedicine Market Analysis
The European telemedicine market is expected to register a CAGR of 5.48% over the forecast period.
During the COVID-19 pandemic, telemedicine, or telehealth, emerged as a critical component of healthcare. The adoption of digital health has accelerated in countries all over the world, not just in Europe.According to WHO, in October 2022, telemedicine technologies will have benefited from the screening, diagnosis, management, therapy, and long-term follow-up of a number of chronic diseases in the WHO European Region. Countries primarily relied on digital technologies to continue offering patients crucial medical care during the COVID-19 epidemic. The use of telemedicine was previously recognized as a practical and affordable strategy for providing high-quality care and lowering overall morbidity and mortality. This has been the primary driver of the market's growth in the period studied.
Rising healthcare expenditure, an increasing preference for remote patient monitoring, and the rising burden of chronic diseases are the factors propelling market growth in this region. For example, the Statista Research Department estimates that in 2020, Germany spent 12.5% of its GDP on healthcare.Similarly, according to an article published by the Peter G. Peterson Foundation, in 2021, Germany was the second highest-spending country with about USD 7,383 in healthcare costs per capita, while the average for wealthy OECD countries, excluding the United States, was only USD 5,829 per person.
In September 2021, the European Union (EU), four UN agencies (WHO, UNFPA, UNICEF, and UNOPS), and Georgia's Ministry of IDPs from Occupied Territories, Labor, Health, and Social Affairs launched a new telemedicine initiative aimed at reducing the impact of the COVID-19 pandemic in the country. In September 2021, the Faculty of Sexual and Reproductive Healthcare (FSRH) and the Royal College of Obstetricians and Gynecologists (RCOG) worked together to start a new campaign to spread information about telemedicine for early medical abortion (EMA).
Thus, the abovementioned factors are impacting the market growth of the European telemedicine market. However, several legal and reimbursement issues, high initial capital requirements, and a lack of physician support are expected to be the major restraints on market growth.
Europe Telemedicine Industry Segmentation
As per the scope of the report, telemedicine refers to the remote diagnosis and treatment of patients with the help of telecommunications technology. Various kinds of telemedicine services, along with devices, have been tracked in the report. Europe Telemedicine Market is Segmented by Type (Tele Hospitals, Tele Homes, and mHealth), Component (Products and Services), Mode of Delivery (On-premise Delivery and Cloud-based Delivery), and Country (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The report offers the value (in USD million) for the above segments.
| By Type | |
| Telehospitals | |
| Telehomes | |
| mHealth (Mobile Health) |
| By Component | ||||||||
| ||||||||
|
| By Mode of Delivery | |
| On-premise Delivery | |
| Cloud-based Delivery |
| By Country | |
| Germany | |
| United Kingdom | |
| France | |
| Italy | |
| Spain | |
| Rest of Europe |
Europe Telemedicine Market Size Summary
The European telemedicine market is experiencing moderate growth, driven by the increasing adoption of digital health solutions, particularly during the COVID-19 pandemic. Telemedicine has become an essential part of healthcare delivery, facilitating the screening, diagnosis, and management of chronic diseases across the region. The market is propelled by factors such as rising healthcare expenditure, a growing preference for remote patient monitoring, and the increasing prevalence of chronic conditions. The pandemic has accelerated the use of mobile health applications, supported by regulatory bodies, enhancing the accessibility and personalization of healthcare services. Despite these advancements, challenges such as legal and reimbursement issues, high initial costs, and limited physician support pose significant barriers to market expansion.
Germany stands out in the European telemedicine landscape due to its substantial healthcare spending and a rapidly aging population, which is more susceptible to chronic diseases. The country's focus on improving care management and reducing healthcare costs through telemedicine has led to increased market activity. Vendors are actively engaging in partnerships and product launches to strengthen their market presence. The competitive landscape is characterized by both international and regional players, including well-known companies like IBM, Philips, and Medtronic. These developments, coupled with government initiatives to promote mHealth, are expected to drive significant growth in the European telemedicine market over the forecast period.
Europe Telemedicine Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Overview
-
1.2 Market Drivers
-
1.2.1 Rising Healthcare Costs
-
1.2.2 Technological Innovations
-
1.2.3 Increasing Remote Patient Monitoring
-
1.2.4 Growing Burden of Chronic Diseases
-
-
1.3 Market Restraints
-
1.3.1 Legal and Reimbursement Issues
-
1.3.2 High Initial Capital Requirements and Lack of Physician Support
-
-
1.4 Porter's Five Forces Analysis
-
1.4.1 Bargaining Power of Suppliers
-
1.4.2 Bargaining Power of Buyers/Consumers
-
1.4.3 Bargaining Power of Suppliers
-
1.4.4 Threat of Substitute Products
-
1.4.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION (Market Size by Value - USD million)
-
2.1 By Type
-
2.1.1 Telehospitals
-
2.1.2 Telehomes
-
2.1.3 mHealth (Mobile Health)
-
-
2.2 By Component
-
2.2.1 By Products
-
2.2.1.1 Hardware
-
2.2.1.2 Software
-
2.2.1.3 Other Products
-
-
2.2.2 By Services
-
2.2.2.1 Telepathology
-
2.2.2.2 Telecardiology
-
2.2.2.3 Teleradiology
-
2.2.2.4 Teledermatology
-
2.2.2.5 Telepsychiatry
-
2.2.2.6 Other Services
-
-
-
2.3 By Mode of Delivery
-
2.3.1 On-premise Delivery
-
2.3.2 Cloud-based Delivery
-
-
2.4 By Country
-
2.4.1 Germany
-
2.4.2 United Kingdom
-
2.4.3 France
-
2.4.4 Italy
-
2.4.5 Spain
-
2.4.6 Rest of Europe
-
-
Europe Telemedicine Market Size FAQs
What is the current Europe Telemedicine Market size?
The Europe Telemedicine Market is projected to register a CAGR of 18.80% during the forecast period (2024-2029)
Who are the key players in Europe Telemedicine Market?
IBM Corporation, Allscripts Healthcare Solutions Inc., BioTelemetry Inc., Koninklijke Philips NV and Medtronic Plc are the major companies operating in the Europe Telemedicine Market.
