Market Trends of Europe Digital Health Industry
The Telehealthcare Segment is Expected to Witness Growth Over the Forecast Period
Telehealthcare is the delivery of personalized and tailored healthcare services. The services are provided through digital information and communication technology such as computers and mobile devices in cities and through the internet in remote regions where healthcare facilities are not available. The telehealthcare segment is expected to grow owing to the factors such as increasing investment in telemedicine and remote monitoring services and technologies along with growing demand for telemedicine, increasing partnerships and acquisitions, and a growing geriatric population in the region.
For instance, in August 2021, Lemonaid Health expanded internationally with the launch of its services in the United Kingdom in partnership with Boots UK. Lemonaid Health provides online doctor visits with free, fast medicine delivery. The move into the United Kingdom represents the first international market for Lemonaid Health.
Further, telehealth helps in the analysis of big data and can provide hospitals with detailed information on vital health statistics of patients remotely, such as blood glucose levels, heart rates, and lab test results. Using machine learning and artificial intelligence, hospitals are now more capable of processing all this data to better inform their diagnoses and courses of treatment to their patients. For instance, in May 2021, CareNiva introduced its artificial intelligence telehealth platform to improve and enhance patient care, and the CareNivaLabs app, which allows clinicians to gather crucial data points to augment quality judgments made during patient visits, is available alongside the telehealth platform.
Germany is Expected to Dominate the Europe Digital Health Market
Germany is one of the major economies in the European region, with high healthcare expenditure and a technologically advanced healthcare system. The digital health market is expected to grow at a significant pace due to the increasing investment in digital health and government initiatives.
For instance, in July 2022, the European Investment Bank (EIB) supported the digital health specialist CompuGroup Medical with a loan of up to EUR 200 million (USD 213 million) for research, development, and innovation. The project will develop software solutions for healthcare providers and digital health platforms for the management of hospitals and medical practices in Germany and other European countries.
Further, the launch of new products and services, new investment in digital health by the government as well as private entities, mergers and acquisitions, and other business expansion activities are expected to fuel growth in the studied market in Germany.
