Yahoo Finance Europe Digital Health Market size to surpass $149.7bn by 2027, says Graphical Research
Major digital health market players in Europe region Allscripts Healthcare Solutions, Inc., AdvancedMD Inc, eClinicalWorks, Cisco Systems, McKesson Corporation, iHealth Lab Inc, Koninklijke Philips N.V., Cerner Corporation and AT & T.
Pune, India, May 24, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the Europe digital health market is forecast to register its name in the billion-dollar fraternity down the line of seven years, by exceeding a revenue of USD 149.7 billion by 2027.
Europe digital health market forecast is pointing toward a steady progression, on account of the growing intention to fill the gaps in regional healthcare systems exposed by the COVID-19 pandemic. Since the pandemic hit the region, massive volumes of funds are being allocated toward the establishment of a new EU health security framework, addressing future-preparedness concerns around future health threats.
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The following three trends are fostering the industry outlook:
Going beyond COVID-19 recovery
Under its EU4Health 2021-27 program, the European Health and Digital Executive Agency (HaDEA) plans to invest €5.3 billion toward an advanced healthcare infrastructure, going beyond the crisis response. While healthcare organizations and other eligible entities can benefit directly from this fund, they will also gain indirect returns from the resource efficiency aims of the initiative.
Strengthening of healthcare data alongside utilization of digital tools & services are a few of the EU4Health objectives. The focus of these goals toward healthcare industry’s resilience is more than likely to accelerate Europe digital health market trends through 2027.
Adoption of digital health systems
The digital health system segment is projected to advance at a 6.7% CAGR through the forecast timeframe in Europe, thanks to the extensive migration to latest technologies such as the electronic health record (EHR) for managing patient data.
Since e-prescribing systems and EHR are more efficient and reliable than traditional handling of medical records, more medical practitioners, hospitals, and other healthcare organizations are embracing these approaches. With constant development of health monitoring, machine learning (ML), and artificial intelligence (AI) solutions, the industry is certain to make advances.
Extensive telehealth coverage across EU
Owing to the alarming growth in chronic disease prevalence in EU countries, the need for remote monitoring services peaked during the pandemic. In 2020, the telehealth segment held a whopping 58.4% of Europe digital health industry share. Diabetes management has become substantially easy with access to health apps such as Abbott’s FreeStyle LibreLink, wherein users can monitor their glucose readings through their smartphone.
Healthcare professionals as well as patients have been finding it increasingly convenient to use remote-video technology for online consultations and treatments. The transformation of the reimbursement landscape and wider coverage of telehealth is a positive signal for growth.
Germany adapts to virtual healthcare
By 2027, Germany digital health market size is expected to contribute nearly $47.6 billion, growing at a 17.5% CAGR through the analysis timeline. German industry players are engaging in collaborations, mergers, and acquisitions for expanding their revenues.
In September 2021, a Munich-based company announced a joint venture with another healthcare provider for providing digital support to multiple sclerosis patients through their Brisa app. The application will cater to the needs of over 240,000 individuals suffering from MS across the nation, measuring their individual disease progression for actively helping them identify lifestyle changes.
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National budget supports telehealth across U.K.
U.K. digital health market share is likely to be estimated at $24.7 billion by 2027, thanks to the nation-wide government initiatives subsidizing telehealth and mHealth use. The national health agency has extended its budget to support the digital health infrastructure over 2022-2023. Several new wearables and telecare solutions are making their way across the U.K.
By component, the services segment holds considerable potential for a consistent growth in the digital health landscape in Europe. Having accounted for nearly 35.3% of the market share in 2020, the services segment is forging ahead due to the cloud service outsourcing trends. Healthcare providers are adding new upgrades including cloud-enabled vendor-neutral archive (VNA) and picture archiving and communication systems (PACS) solutions in their workflow applications and advanced analytics.
Browse Related Report:
North America Digital Health Market Forecast 2027 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)], By Component [Hardware, Software, Services], Research Report, Country Outlook (U.S., Canada), COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share
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About Graphical Research:
Graphical Research is a business research firm that provides industry insights, market forecast and strategic inputs through granular research reports and advisory services. We publish targeted research reports with an aim to address varied customer needs, from market penetration and entry strategies to portfolio management and strategic outlook. We understand that business requirements are unique: our syndicate reports are designed to ensure relevance for industry participants across the value chain. We also provide custom reports that are tailored to the exact needs of the customer, with dedicated analyst support across the purchase lifecycle.
CONTACT: Contact Us: Parikhit B. Corporate sales, Graphical Research Phone: 1-800-986-6917 Email: sales@graphicalresearch.com Web: https://www.graphicalresearch.com
