Europe Telemedicine Market Analysis

Europe Telemedicine Market Analysis


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The telemedicine market in Europe is growing rapidly. The market is expected to reach from $11.55 Bn in 2022 to a value of $40.4 Bn by 2030, at a CAGR of 16.94% during the forecast period 2022-30. This growth is driven by several factors, including the healthcare mobile app development is one of the fastest-growing areas in Europe with a tremendous 30.5% CAGR in 2022-2023. The report by Insights10 draws attention to the market segmented by component, modality, application, delivery mode, facility, and end-user.

ID: IN10EUDH010 CATEGORY: Digital Health GEOGRAPHY: Europe

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Europe Telemedicine Market Executive Summary

Europe's telemedicine market size is at around $11.55 Bn in 2022 and is projected to reach $40.4 Bn in 2030, exhibiting a CAGR of 16.94% during the forecast period 2022-2030. The collective economy of the European Union's member states makes up the EU's economy. After the US and China, it has the third-largest nominal economy in the world, and after China and the US in terms of Purchasing Power Parity (PPP). The nominal GDP of the European Union cumulative of all member states was $16.6 Tn in 2022 or almost a sixth of the world economy. Healthcare costs made up 9.9% of GDP on average in the EU in 2018. The EU Member States with the highest percentages were Germany (11.5% of GDP), France (11.3%), and Sweden (10.9%), in that order. According to population size, Denmark ($5,260 per person), Luxembourg ($5,220 per person), and Sweden ($5,040 per person) spent the most on healthcare in 2018 among EU member states.

High literacy rate, rise in population of elderly patients, better socio-economic conditions, increase in the rate of chronic diseases, increase in adoption of IT solutions in healthcare, rise in demand for primary care services, the emergence of favorable policies, and advancements in telecommunications are a few of the key factors promoting the telemedicine market in the European region. High literacy rates, a rise in the number of elderly patients, and better socio-economic conditions are some of the key factors promoting the telemedicine market in the European region. The emergence of home care devices and social platforms has improved communication between consumers and professionals for transferring information and physiological data. Developments and enhancements in immersive environments like nanotechnology, virtual reality, and haptic feedback are expected to boost the growth opportunities of the Europe telemedicine market during the forecast period.

Healthcare mobile app development is one of the fastest-growing areas globally with a tremendous 32.5% CAGR (2022-2030). Almost 1 in 3 mobile health apps are dedicated to mental health. Mental health relates to mental and psychological well-being. The available solutions are very diverse. Examples include breathing exercises for stress management (Breathe2Relax); alert notifications to specific contacts for teenagers struggling with depression or bullying (Code Blue); and Cognitive Behavioural Therapy (CBT) techniques with advice from real experts (Lantern). Diabetes and heart/circulatory diseases are the next most treated diseases by mobile health applications.

Europe Telemedicine Market Analysis

Market Dynamics

Market Growth Drivers

There are several factors that are driving the market for telemedicine market in Europe. Some of them include advancements in user-friendly AI-backed mobile health applications where these health apps benefit the consumer end by empowering them with access to health services with technological devices. The rise in IoT and Health monitoring wearables and predictive analysis combined with advancements in health Big Data Analytics, and better prediction of health outcomes with consumer-fed data first hand has revolutionized access to telemedicine since the inception years. Europe has an aging population expected to reach 80 Mn by 2030 in the age group of 65-85 and limited mobility is overcome with the advent of telemedicine as an anytime-anywhere solution.

Market Restraints

A dependable internet connection is necessary for telemedicine, however, access to high-speed internet may be restricted in some rural or underprivileged areas. Some healthcare providers could be reluctant to use telemedicine technologies because they don't understand them or they are worried about how it will affect their business model. Some patients might be reluctant to adopt telemedicine because they prefer in-person care or have privacy concerns. Telemedicine services may not be covered by insurance in some nations, which might be a deterrent to use.

Competitive Landscape

Key Players

  • Teladoc Health
  • MedExpress
  • Doctolib
  • Livi
  • Babylon

Notable Recent Deals

October 2021 - The Zur Rose Group and Roche have announced a partnership to provide cutting-edge health journeys for diabetics. The Zur Rose Group, a provider of a European digital healthcare ecosystem, and Roche, a global leader in integrated personalized diabetes treatment, announce their collaboration to enhance daily therapy management and better meet the requirements of the 60 Mn individuals living with diabetes in Europe.

June 2021 - Babylon, a pioneering, value-based, digital health company, has announced plans to merge with Alkuri Global Acquisition Corp. for $4.2 Bn in order to go public. A global leader in value-based care, Babylon serves 24 Mn customers across four continents. The deal means that Babylon will have an equity value of $4.2 Bn, including approximately $575 Mn in gross proceeds.

Healthcare Policies and Regulatory Landscape

Regulation fragmentation (different telemedicine regulations in different countries) and social security plan limitations when it comes to patient proposals are factors that affect companies' ability to enter markets in other EU nations or outside the EU. An important issue with telemedicine products and solutions is their compatibility. The European Commission is working to improve the interoperability of telehealth systems between member states, thus the Digital Single Market policy has been developed which enables cross-border use of telemedicine solutions through its eHealth Action Plan 2012-2020.

Reimbursement Scenario

L'Assurance Maladie (AM), the French national insurance fund, has decided to cover all teleconsultations through the end of April. This ruling was subsequently extended to 2020. Between March and April 2020, France paid for around 5.5 Mn teleconsultations, up from a few thousand just a week earlier and about 1 Mn every week at the start of the pandemic.

In a similar vein, Belgium's state health insurance approved telemedicine reimbursement in March 2020. In addition to offering continuity of care to patients with chronic diseases who are unable to travel in person, doctors are compensated for triaging and supporting patients who are likely to be infected with COVID-19. The Europe member countries have varied telemedicine reimbursement policies. 

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

Telemedicine Market Segmentation

Component

  • Product
    • Hardware
    • Software
    • Others
  • Services
    • Tele-consulting
    • Tele-monitoring
    • Tele-education

Modality

The industry is driven by three concepts, which include real-time (synchronous), store and forward (asynchronous), and others comprising remote patient monitoring, etc.

  • Store and forward
  • Real-time
  • Others

Application

  • Teleradiology
  • Telepsychiatry
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Others

Delivery Mode

  • Web/Mobile
  • Audio/Text-based
  • Visualized
  • Call centers

Facility

  • Tele-hospital
  • Tele-home

End-user

  • Providers
  • Payers
  • Patients
  • 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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  • Qualitative, acute and result oriented market analysis
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  • Segmentation and regional revenue forecasts
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Last updated on: 07 December 2023
Updated by: Dhruv Joshi

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