Europe telehealth market is anticipated to grow at a CAGR of 18.2% from 2023, reaching $151.01 billion by 2030. Factors such as governmental support for healthcare digitalization, cost reduction initiatives, a rising elderly population, and the prevalence of chronic illnesses are propelling market expansion. Additionally, the integration of artificial intelligence & virtual assistants and the advancement of telerobots offer substantial growth prospects. However, concerns regarding patient privacy & confidentiality, along with resistance to transitioning from conventional systems and instances of misdiagnosis, may impede market growth.
Future Outlook of the Europe Telehealth Market:
The Europe telehealth market is segmented by Component (Services, Hardware, Software), Application (Psychiatry, Radiology, Cardiology, Primary Care, Dermatology, Remote ICU, and Others), End User (Healthcare Providers, Patients, Healthcare Payers, and Others), and Country. The report also assesses industry competitors and provides a country-level analysis.
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In 2023, the services segment is projected to dominate the market among the included components. This dominance is driven by the extensive utilization of telehealth services for teleconsultation and telemonitoring due to the high prevalence of chronic diseases and the aging population. Additionally, the imperative to cut healthcare costs and enhance outcomes contributes to this segment's growth.
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Similarly, in 2023, the psychiatry segment is expected to hold the largest market share among the included applications. This is attributed to the escalating demand for psychiatric consultations and treatments, exacerbated by a shortage of primary psychiatric care. The World Health Organization (WHO) highlights the pressing need for mental health services, with millions in the European Region lacking access to adequate care.
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Regarding end users, the healthcare providers segment is forecasted to command the largest market share in 2023. This is driven by the growing demand for accessible healthcare services coupled with a shortage of medical professionals. Instances like protests in Rome and staffing shortages in Germany underscore the critical need for telehealth solutions.
Geographic Review:
The report offers a comprehensive analysis of the European market, covering countries such as Germany, France, the U.K., Italy, Spain, Benelux, Nordics, and the Rest of Europe. Germany is anticipated to lead the Europe telehealth market in 2023, driven by factors such as increased telehealth adoption, a growing elderly population, government support, rising healthcare spending, a high prevalence of chronic diseases, staff shortages, and the presence of key market players.
Key Players:
Prominent players in the Europe telehealth market include Aerotel Medical Systems, Cerner Corporation, Medtronic Public Limited Company, Koninklijke Philips N.V., AMD Global Telemedicine, Inc., American Well Corporation, Cisco Systems, Inc., Siemens Healthineers AG, Teladoc Health, Inc., TeleClinic, jameda GmbH, Zava, Kry International AB, kinderarztNOW, Fernarzt, Doctolib, Cegedim SA, Medaviz, and HealthHero.
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Key Insights from the Report:
The report addresses several key questions, including identifying high-growth market segments by component, application, end user, and country, historical market trends, forecasts for 2023–2030, and analysis of major drivers, restraints, opportunities, and challenges in the Europe telehealth market.
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