Market Size of Europe Telemedicine Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 18.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Europe Telemedicine Market Analysis
The European telemedicine market is expected to register a CAGR of 5.48% over the forecast period.
During the COVID-19 pandemic, telemedicine, or telehealth, emerged as a critical component of healthcare. The adoption of digital health has accelerated in countries all over the world, not just in Europe.According to WHO, in October 2022, telemedicine technologies will have benefited from the screening, diagnosis, management, therapy, and long-term follow-up of a number of chronic diseases in the WHO European Region. Countries primarily relied on digital technologies to continue offering patients crucial medical care during the COVID-19 epidemic. The use of telemedicine was previously recognized as a practical and affordable strategy for providing high-quality care and lowering overall morbidity and mortality. This has been the primary driver of the market's growth in the period studied.
Rising healthcare expenditure, an increasing preference for remote patient monitoring, and the rising burden of chronic diseases are the factors propelling market growth in this region. For example, the Statista Research Department estimates that in 2020, Germany spent 12.5% of its GDP on healthcare.Similarly, according to an article published by the Peter G. Peterson Foundation, in 2021, Germany was the second highest-spending country with about USD 7,383 in healthcare costs per capita, while the average for wealthy OECD countries, excluding the United States, was only USD 5,829 per person.
In September 2021, the European Union (EU), four UN agencies (WHO, UNFPA, UNICEF, and UNOPS), and Georgia's Ministry of IDPs from Occupied Territories, Labor, Health, and Social Affairs launched a new telemedicine initiative aimed at reducing the impact of the COVID-19 pandemic in the country. In September 2021, the Faculty of Sexual and Reproductive Healthcare (FSRH) and the Royal College of Obstetricians and Gynecologists (RCOG) worked together to start a new campaign to spread information about telemedicine for early medical abortion (EMA).
Thus, the abovementioned factors are impacting the market growth of the European telemedicine market. However, several legal and reimbursement issues, high initial capital requirements, and a lack of physician support are expected to be the major restraints on market growth.
