Denmark Digital Health Market Analysis

Denmark Digital Health Market Analysis


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Denmark's Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR xx% during the forecast period of 2022-2030. The market will be driven by the government's support and investment in digital health initiatives. The market is segmented by solution, by deployment & by end-use. Some of the major players include KMD, Insilico Medicine & Lenus.

ID: IN10DKDH005 CATEGORY: Digital Health GEOGRAPHY: Denmark AUTHOR: Vidhi Upadhyay

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Denmark Digital Health Market Executive Summary

Denmark's Digital Health market is projected to grow from $xxBn in 2022 to $xxBn by 2030, registering a CAGR xx% during the forecast period of 2022-30. Denmark's healthcare spending for 2019 was $6,003, a 3.43% decline from 2018. The largest category of health spending in Denmark is outpatient care. The Danish healthcare system is built on a network of regional hospitals and primary care providers, and individuals have the freedom to pick their own physicians and facilities. Additionally, the system places a strong emphasis on preventative care and early intervention, with a focus on promoting healthy lifestyles and preventing chronic diseases.

Denmark is regarded as one of the most advanced countries in the world in terms of digital health, and its initiatives serve as an example for other countries seeking to enhance their healthcare systems via the use of digital technology. Denmark holds a strong place in the execution of a nationwide EHR system. This technology is designed to make it easier for physicians and other healthcare workers to share information and cooperate with patient care.

Denmark has introduced a variety of additional digital health technologies, including telemedicine, electronic prescription, and online patient portals, in addition to the EHR system. Telemedicine enables patients to obtain medical consultations remotely using virtual meetings, which is especially beneficial for those who live in distant or rural places. E - prescribing facilitates the filling of prescriptions and may lessen the risk of pharmaceutical mistakes. Patients can use online patient portals to view their medical data and test results, as well as communicate with their healthcare professionals.

denmark digital health market analysis

Market Dynamics

Market Growth Drivers

Denmark is at the forefront of modern IT systems in hospitals and GP clinics, as well as digital communication among healthcare stakeholders. Denmark is a world leader in software design, robotics, audio technology, and mobile technology. Additionally, global technology companies regard Denmark as an AI hub - the go-to location for cutting-edge research, talent, and innovation, as well as strong business practices and trust which is expected to be one of the main reasons for increasing investments for the expansion of the digital health sector. In 2018, the Ministry of Health launched its digital health strategy 2018-2022 to further ensure "A Coherent and Trustworthy Health Network for All". the government's support and investment in digital health initiatives play a significant role in the development and implementation of digital health solutions in the country.

Market Restraints

With an increase in the adoption of digitization, healthcare data are more subjected to threats. It becomes very crucial to ensure a safe and trusted space for caregivers and care users to access their stored data. Moreover, other factors such as lack of standardization to the digital solutions available, interoperability issues, lack of proper regulations, and oversight in digital health, which can lead to confusion and mistrust among patients and healthcare providers; can lead to a slowdown in the growth of the digital health market.

Competitive Landscape

Key Players

  • KMD (DNK): A provider of IT services and solutions to the public sector, including healthcare providers. KMD's digital health solutions digitize healthcare activities across all healthcare areas
  • Insilico Medicine (DNK): A company that uses artificial intelligence and machine learning to analyze healthcare data and develop personalized medicine
  • Lenus (DNK): The firm provides the Lenus Platform, which allows patients to create tailored diet programs based on their needs and dietary preferences. It also aids in the monitoring of patient's health
  • Liva Healthcare (DNK): Provider of chronic care management solutions for patients and healthcare professionals
  • RSP Systems (DNK): The manufacturer of a non-invasive blood glucose monitoring gadget. The GlucoBeam is based on Raman spectroscopy, a proprietary direct optical detection technology

Healthcare Policies and Regulatory Landscape

Denmark has a well-established digital health strategy that encourages the use of digital technologies in healthcare to improve the efficiency, quality, and accessibility of healthcare services. The Danish Medicines Agency (DMA) is responsible for regulating the usage and distribution of digital medicines, mobile apps, and other digital health technologies that are used to diagnose or treat medical conditions.

The National Board of Health (NBH) is in charge of establishing standards and recommendations for the use of digital health technology in healthcare, such as electronic health records and telemedicine solutions. The Danish Data Protection Agency (DDPA) is in charge of verifying that digital health solutions conform with data protection and privacy legislation, such as the General Data Protection Regulation (GDPR). The public health sector provides solutions such as the Shared Medication Record ("Medicinkortet") and the Danish Health Portal ("Sundhed.dk") to provide both access to and information about all the Danish Healthcare Services.

Reimbursement Scenario

In Denmark, the Danish Health Authority (Sundhedsstyrelsen) determines which services and treatments are covered under the national healthcare system. Digital health solutions authorized by the Danish Medicines Agency (DMA) or other relevant regulatory organizations are generally eligible for compensation under the national healthcare system. However, funding for digital health solutions varies according to the technology and the healthcare provider.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Digital Health Market Segmentation

The Digital Health Market is segmented as mentioned below:

By Solution (Revenue, USD Billion):

  • Software
  • Services

By Deployment (Revenue, USD Billion):

  • Cloud-based
  • On-premises

By End-use (Revenue, USD Billion):

  • Diagnostic Centres
  • Healthcare Payers
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 07 June 2023
Updated by: Ritu Baliya

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