Europe Telemedicine Market Overview:
The European telemedicine market was estimated at USD 10,278 million in 2018 and is expected to reach USD 28,170 million by 2025 at a compound annual rate of 15%over the 2018-2025 forecast period.
Drivers, Challenges and Opportunities:
The main factors responsible for the growth of the European telemedicine market include the evolution of socio-economic factors, which represent the highest percentage of the digital literacy population, compared to other favorable geographies and policies. The main drivers of the market include increased incidence of chronic diseases and increasing demand for self-care. In addition, improvements in an Internet application, virtual medicine, and the growing demand for centralized medical care are expected to reduce costs, which is one of the key success factors that drive the growth of the regional market. In addition, these factors should stimulate the growth of the European telemedicine market over the forecast period.
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However, some factors are hampering the market and should halt growth in the future, such as the requirement for high initial capital, cases of inadequate implementation of telemedicine, inappropriate reimbursement policies and lack of work qualified.
Moreover, technological improvements to improve health services are expected to open up new growth opportunities for the telemedicine market in Europe in the years to follow.
Market Segmentation:
The Europe telemedicine market is segmented by type of service, technology and application. These services are offered in the form of tele homes and telehospital/teleclinics. The Telehospital segment dominates the market, while Tele home services are growing at a faster pace. Based on technology, the market is segmented into telecommunications, software, hardware and networks. Telemedicine has a wide range of applications, including telecardiology, telepathology, teleradiology, telepsychiatry and other areas. The telecardiology market is growing faster due to the increasing incidence of heart disease.
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Geographic Segmentation:
The European telemedicine market is analyzed in various regions, namely Germany, the United Kingdom and France. Europe represents the important part of the global market. In the EU Member States, more than four out of five young people aged between 16 and 29 used a computer daily in 2015. A lifelong learning strategy for 2020, which includes establishing the necessary infrastructure to ensure that all schools have access to technology and the Internet as a prerequisite for digital learning. The European Union has begun promoting the use of telemedicine to improve access to medical care while saving resources.
The market is made up of some of the major players and these are focused on technological breakthroughs to gain the largest market share. The market has seen large-scale technological developments in recent years. The integration of services such as EMRs, image communication systems (PACS), telehealth services, RFID, etc., is becoming increasingly important in Europe.
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