EUROPE – According to a recent study from market research firm Graphical Research, the European digital health market size is set to register a significant growth during the forecast timeframe, crossing US$172.6 billion by 2025.
The COVID-19 pandemic has unlocked the full potential of virtual care and telemedicine, powering Europe digital health market outlook.
These precarious times have taught a lot about what kind of change can fundamentally prepare world for future challenges.
Alongside the sorrow of many lives lost it has also served as a catalyst for reform. The healthcare industry has seen some of the major transformations amidst the pandemic.
The use of digital technology has increased in many walks of life, and healthcare is not immune to the need for a transition.
In fact, innovation and digital initiatives in telemedicine, data analytics, and artificial intelligence are picking up momentum way ahead of expectations.
This has offered a massive opportunity to rethink health treatment and care and enabled new brands to set foot in the scenario, accelerating Europe digital health industry forecast.
Germany adapts to digital healthcare
Germany has persistently remained at the forefront of the digital health transition by constantly inventing and modifying laws.
DiGA Fast-Track was established in 2019 as a result of the Digital Healthcare Act and other legal reforms, which meant that applications could be prescribed by physicians and expenses could be paid through German health insurance.
Speaking of numbers, Germany digital health industry share is expected to reach a staggering US$47.6 billion by 2027, increasing at a CAGR of 17.5%.
German business gamers are participating in collaborations, mergers, and acquisitions for increasing their revenues.
Remote-video technology is now being used in medical interactions with healthcare personnel and systems.
Especially for elderly persons or kids with ailments which need special medical attention, telemedicine is a blessing in the wake of the pandemic.
Telehealth accounted for a whopping 58.4% of Europe digital health market share in 2020, owing to the growing demand for remote monitoring services.
What’s more, telemedicine platforms are also playing a significant role in Germany’s efforts to swiftly roll out digital health services.
In April 2021, telemedicine platform operators claimed a 1,000% growth rate, with over 20,000 medical professionals and psychotherapists providing appointments via video call and online chat.
UK transcends borders
UK digital health market outlook is ideally positioned to realise the promise of digital technology in healthcare in the nation and beyond.
It is home to legions of firms that have pioneered new healthcare in a variety of fields, including e-record management and remote monitoring.
With such strong pillars supporting its growth, UK digital health market size is expected to develop at a 29.6% CAGR over the few next years.
The presence of a significant number of mHealth app businesses in this region drives the industry trends.
When the initial wave of the COVID-19 pandemic hit, Difrent, a digital health business in the UK, came to the rescue with a home PCR test ordering service.
They sent 1 million home test kits across the UK and expanded the program from critical healthcare personnel to all UK citizens in two weeks.
LifeWatch AG, McKesson Corporation, Philips Healthcare, Cerner Corporation, and Cisco Systems are the leading digital health companies in Europe.
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