By 2026, the European telehealth market is estimated to witness more than a four-and-a-half-fold growth, garnering $20.7 billion revenue, finds Frost & Sullivan
SANTA CLARA, Calif., March 17, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis, Innovative Business Models Powering the Telehealth Market in Europe, finds that the severe impact of COVID-19 on the healthcare sector across Europe catapulted the use of telehealth. It ensured efficient access to essential healthcare services for patients with chronic conditions or those requiring acute and urgent care during the pandemic. The healthcare sector shift to the "anytime and anywhere" model in response to the pandemic resulted in a massive surge in the region's telehealth market. By 2026, the booming market is estimated to witness more than a four-and-a-half-fold growth, garnering $20.7 billion revenue from $4.41 billion in 2019, up at a strong compound annual growth rate (CAGR) of 29.4%.
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"Rising demand for consumer-centric services and tools in Europe's healthcare system is leading to the development of new business models," said Chandni Mathur, Healthcare & Life Sciences Senior Industry Analyst at Frost & Sullivan. "Adoption of advanced technologies such as artificial intelligence (AI), virtual reality, blockchain, the internet of medical things (IoMT), wearables, and cloud computing is expected to disrupt the telehealth market. 5G will feature as a key enabler to boost the adoption and effective utilization of these disruptive technologies."
Mathur added: "From a product type perspective, virtual visits will lead the overall telehealth market, registering growth at an astounding CAGR of 41.2% over the forecast period, followed by remote patient monitoring (RPM) at 20.4%. Further, mhealth and personal emergency response systems (PERS) will also contribute significantly to the market, garnering revenue at 27.5% and 7.7% CAGR, respectively."
Telehealth equipment makers, service providers, and technology enablers have an uphill task catering to the pandemic-driven sudden demand, which will require business model revision across the telehealth ecosystem. As a result, telehealth market participants have the following growth opportunities:
Behavioral health: Partner with focused solutions providers and pharma companies to offer digital therapeutic solutions.
RPM for real-world evidence collection: Standardize data collected through RPM devices and mobile apps that record patient-reported outcomes.
Doctor-to-doctor communication: Doctor-patient communication, information exchange, and integration with electronic medical records (EMRs) are expected to be game-changers.
Consumer wearables: Cater to the entire care continuum needs, track basic vital parameters and integrate with health records. The use of consumer wearables has risen, especially as patients become more aware of and involved in their health and wellness journey.
Innovative Business Models Powering the Telehealth Market in Europe is the latest addition to Frost & Sullivan's Healthcare & Life Sciences research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Innovative Business Models Powering the Telehealth Market in Europe
SOURCE Frost & Sullivan