Home Medical profession The size of the European digital health market will surpass $149.7 billion by

The size of the European digital health market will surpass $149.7 billion by

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Pune, India, May 24, 2022 (GLOBE NEWSWIRE) —

According to a recent industry report presented by Graphical Research, the European digital health market is expected to register its name in the billion-dollar fraternity within seven years, surpassing $149.7 billion in revenue by 2027.

The forecast for the European digital health market indicates steady progress, driven by the growing intention to fill gaps in regional healthcare systems exposed by the COVID-19 pandemic. Since the pandemic hit the region, massive volumes of funds have been allocated to put in place a new EU health security framework, addressing concerns for future preparedness in the face of future health threats.

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The following three trends are driving the industry outlook:

Going Beyond COVID-19 Recovery

Under its EU4Health 2021-27 programme, the European Health and Digital Executive Agency (HaDEA) plans to invest €5.3 billion in advanced healthcare infrastructure, going beyond the response to the crisis. While healthcare organizations and other eligible entities may directly benefit from this fund, they will also experience indirect returns through the initiative’s resource efficiency goals.

Strengthening health data as well as the use of digital tools and services are some of the objectives of EU4Health. The focus of these goals on health sector resilience is more than likely to accelerate European digital health market trends to 2027.

Adoption of digital health systems

The digital health systems segment is expected to grow at a CAGR of 6.7% over the forecast period in Europe, driven by the extensive migration to latest technologies such as electronic health record (EHR) for patient data management. patients.

Because e-prescribing systems and the EHR are more efficient and reliable than traditional medical records management, more doctors, hospitals, and other healthcare organizations are adopting these approaches. With the constant development of health monitoring, machine learning (ML) and artificial intelligence (AI) solutions, the industry is sure to make progress.

Extensive telehealth coverage across the EU

Due to the alarming growth in the prevalence of chronic diseases in EU countries, the need for remote monitoring services has peaked during the pandemic. In 2020, the telehealth segment held a whopping 58.4% of Share of digital health industry in Europe. Diabetes management has become considerably easier with access to health apps such as Abbott’s FreeStyle LibreLink, where users can monitor their glucose readings via their smartphone.

Healthcare professionals as well as patients are finding it increasingly convenient to use remote video technology for online consultations and treatments. The transformation of the reimbursement landscape and the expansion of telehealth coverage are a positive signal for growth.

Germany adapts to virtual healthcare

By 2027, the Germany digital health market size is expected to bring nearly $47.6 billion, growing at a CAGR of 17.5% throughout the analysis timeline. German industry players engage in collaborations, mergers and acquisitions to increase revenue.

In September 2021, a Munich-based company announced a joint venture with another healthcare provider to provide digital support to patients with multiple sclerosis through their Brisa app. The app will meet the needs of more than 240,000 MS sufferers across the country, measuring the progression of their individual disease to actively help them identify lifestyle changes.

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National budget supports telehealth across the UK

The digital health market share in the UK is expected to be estimated at $24.7 billion by 2027, driven by national government initiatives subsidizing the use of telehealth and mobile health. The national health agency has extended its budget to support digital health infrastructure over 2022-2023. Several new wearables and telecare solutions are making their way across the UK

By component, the services segment holds considerable potential for continued growth of the digital health landscape in Europe. After accounting for nearly 35.3% market share in 2020, the services segment is gaining a head start thanks to the trend of outsourcing cloud services. Healthcare providers are adding new upgrades, including vendor-independent archiving (VNA) solutions and cloud-based Picture Archiving and Communication Systems (PACS) into their workflow applications. work and their advanced analyses.

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About Graph Search:

Graphical Research is a business research firm that provides industry insights, market forecasts, and strategic inputs through granular research reports and consulting services. We publish targeted research reports with the aim of meeting the varied needs of clients, from market penetration and entry strategies to portfolio management and strategic insights. We understand that business requirements are unique: our union reports are designed to ensure relevance for industry players across the value chain. We also provide custom reports tailored to the exact needs of the client, with dedicated analyst support throughout the purchase lifecycle.