11 Key Digital Health Trends Shaping Europe in 2024
Aging Population, Chronic Disorders, and Remote Monitoring Drive Market Growth.
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As we hit the middle of 2024, it's a great time to look at the main forces shaping the Digital Health Market in Europe. With 21.3% of the population aged 65 years and over, the aging population, more chronic disorders, and the rising demand for remote patient monitoring are some of the key drivers boosting market growth in this region.
Impressive Market Growth
The digital health market in Europe is expected to reach USD 267.2 billion by 2030. This rapid growth is driven by several factors:
Rising adoption of digital health services like telemedicine, remote monitoring, and electronic health records by healthcare providers.
Increasing demand for remote patient monitoring, especially due to shortage of medical professionals.
Increasing internet and smartphone use, along with government initiatives promoting digital healthcare transformation. In 2019, France launched the 'My Health 2022' plan, which focuses on enhancing eHealth services through improved interoperability, nationwide EHR implementation, AI in healthcare, a healthcare data hub, and telemedicine investment.
Segment Highlights
Tele-healthcare was the big winner, snagging 43.2% of the revenue in 2023, thanks to the aging population and the push for remote monitoring.
Diabetes apps took the top spot with a 24.3% revenue share in 2023, as diabetes cases keep climbing.
In terms of end-use, the patients segment led the market with a revenue share of 34.1% in 2023, driven by the increasing preference for telehealth services among the population.
The software component segment is expected to grow fastest due to need for efficient workflow management.
Investment Focus Areas
Artificial intelligence (AI) products and services are likely to attract investor interest and meetings.
The increasing prevalence of chronic diseases such as diabetes, cardiovascular, and respiratory diseases, among others are accelerating market investment. Cardiovascular disease causes 3.9 million deaths in Europe every year.
However, investors are cautious about digital therapeutics companies due to regulatory and reimbursement challenges.
Companies with proven clinical outcomes and return on investment metrics have an advantage in securing funding
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P.S. I used some of the following sources to obtain the data for this article:
(1) Yahoo Finance (2) Mordor Intelligence (3) Research and Markets (4) Photo by Quang Tri NGUYEN on Unsplash
