Europe Telemedicine Market is projected to touch $13.824 Bn by 2020 | Market Data Forecast

The Europe Telemedicine Market is estimated to grow from $7.148 billion in 2015 to $13.824 billion in 2020, with a compound annual growth rate (CAGR) of 14.1% over the next five years. Though it is a small sector in the healthcare market presently, it is one of the fastest growing sectors in the overall healthcare market. The recent healthcare reforms have transformed the telemedicine market and have been influential in expanding the reach of such applications.

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The overall healthcare cost is rising due to the increase in the number of elderly patients who need maximum healthcare; Telemedicine helps in improving individual health with the assistance of electronic media. With healthcare experts spread across the world, the teleconsultation–referrals–second opinion chain has increased significantly to various parts of the globe. Obstacles such as distance barriers and a shortage of healthcare professionals can be bypassed with the use of tele medicine.

Increasing population, growing number of chronic diseases and rising cost of healthcare services are some of the crucial drivers for the growth of the Europe telemedicine market. In addition, increased use of technology in healthcare conveyance and a shortage of physicians in rural areas is foreseen to offer new prospect for growth of telemedicine market. On the other hand, limited reimbursement facilities and a lack of consumer awareness are the main constraints hindering the growth of the Europe telemedicine market.

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The Europe market for telemedicine is segmented on the basis of Technology (Hardware, Software, Telecommunications), Service (Remote Patient Monitoring, Store-and-Forward, Real-Time Interactive), Applications (Tele-Cardiology, Tele-Pathology, Tele-Radiology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health), Delivery mode (Web-based, Cloud-based) and End User (Tele Hospitals, Tele Homes).

Medical consultation services will keep on to be the most regularly used form of telemedicine used by physicians for escalating the outreach of their medical advice. The tele-monitoring segment will also enjoy an upward trend owing to the increasing diabetic and disabled population. On the basis of geography, the European market for telemedicine is analysed under various regions namely Germany, UK and France. Europe accounts for the major share of the global telemedicine market. European Union has begun to promote the use of telemedicine for improving healthcare access while saving resources. Regulation and reimbursement for telemedicine in the European Union varies and it is up to the Member States to decide. Given the lack of public reimbursement, UK is one of the largest markets within the EU where a large number of people are privately insured.

In Netherlands telephone consultations are reimbursed via fixed prices by HIC. Belgium provides the least mature telemedicine market due to lack of regulations and preference towards face-to-face consultation over remote consultation. However, countries retain their rights to either grant parity to telemedicine solutions, or embed telemedicine service within public healthcare systems or not.

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Telemedicine players are concentrated on improving their technology offerings in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies are evaluating the return on investment (ROI) and clinical consequences of the telemedicine technology. Tier I players are evaluating opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the ability of telemedicine to support e-healthcare and considerably improve the bottom line. Some of the major companies operating in the Europe telemedicine market are AMD Global Telemedicine, CISCO Systems, Inc., Medtronic, Inc., GE Healthcare (U.K.), Honeywell Lifesciences, Philips healthcare, McKesson Corp, Aerotel Medical Systems, CardioComm, Cerner Corporation. Other players in the Europe telemedicine market are Apollo Hospitals (India), Allscripts Healthcare Solutions, Robert Bosch Healthcare, 3M, SnapMD (U.S.), Polycom Corp., Neosoft (China), F. Hoffmann-La Roche Ltd., LifeWatch AG, OBS Medical Ltd., Siemens Healthcare, InTouch Technologies, Inc., Agfa HealthCare NV, Biotelemetry, Inc.

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