March 11, 2020
As per the report titled ‘Europe Digital Health Market Growth By Technology, Country Outlook, Industry Size, Share, Growth Trends & Forecast, 2019 – 2025’, available on Market Study Report LLC, Europe digital health market is expected to cross USD 172.6 billion by the year 2025.
Several government initiatives, such as the public consultation project to gather inputs from various market participants for the promotion of digital health solutions, are augmenting the growth of Europe digital health market.
The inputs taken from patients, healthcare professionals, insurers, and investors under the public consultation project were integrated into the digital health policy, which came into practice after 2017, positively impacting the market growth.
Growing inclination towards the use of mobile applications for improving health and lifestyle is also enhancing the market outlook. Increasing penetration of technically advanced digital health devices coupled with emergence of improved mHealth apps for patients and doctors for effective management of disease are expanding the business landscape.
However, the high capital expenditure towards the maintenance of the digital health network, coupled with security concerns regarding critical patient data may hamper the growth of Europe digital health market in the coming years.
Based on the technology, Europe digital health market is categorized into tele-healthcare, mHealth, health analytics, and digital health systems. Among these, the mHealth segment is projected to grow with a CAGR of 38.7% during the forecast period. The growth can be attributed to new mHealth application launches and escalating demand for healthcare information systems. The presence of a well-established telecommunications network coupled with increasing number mobile and tablet users are further enhancing the segment growth.
Digital health systems segment accounted for USD 16.5 billion in 2018 and is expected to grow considerably during the analysis period. Increasing internet penetration is aiding in the adoption of electronic health record platforms across the region. Rising expenditure on information technology in healthcare is also likely to further boost the adoption of electronic health records during the estimated timeframe, impelling segment growth.
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From a regional frame of reference, UK digital health market is slated to register a CAGR of 29.6% during the study period. Favorable scenarios for app developers, higher adoption rate of advanced technologies, and the presence of several mHealth companies in the region are driving the digital health market in Europe. Moreover, various initiatives by private institutional agencies and the government are expected to foster market growth in the forthcoming years.
Major players of Europe digital health market are McKesson Corporation, Philips Healthcare, LifeWatch AG, Cisco Systems, Cerner Corporation, Allscripts Healthcare Solutions Inc., iHealth Lab, Inc., eClinicalWorks, LifeWatch AG, Koninklijke Philips N.V., AT&T, and Qualcomm.
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