The Europe Telecare Market would witness market growth of 4.9% CAGR during the forecast period (2021-2027).
The use of telehealth services is being fueled by increased government funding and efforts. For example, the Biden-Harris Administration announced a USD 19 million investment intending to strengthen healthcare delivery and resolve gaps in care in rural areas with limited access to key services in August 2021. To acquire a competitive advantage and increase their product line and business presence, key competitors are contemplating their alliances and mergers and acquisitions.
The cost of healthcare services is increasing all across the world. Increasing consumption of healthcare services is the key driver of rising healthcare expenses, which leads to increased consumer demand for novel and innovative treatments, lifestyle variables, and other considerations. Additionally, cost-shifting from government programs to private payers is also playing a major role in this. Additionally, low reimbursements have escalated the cost-shifting pressure on doctors and hospitals. Due to this, the preferences of patients are rapidly shifting toward telecare services.
The rising geriatric population, higher consumption of modern telecare solutions, increasing disposable income, and increasing government initiatives to develop novel telecare solutions are the primary drivers fueling the growth of the regional market. Home care setups are being encouraged across the region because they are easily accessible, continuously monitor health, and provide quick results.
According to Euraxess, the share of Europe's long-term healthcare costs in GDP is estimated to increase from 1.8 percent in 2010 to 2.2 percent in 2025, and then to 3.2 percent in 2050. Additionally, Government across this region is expected to increase their investments in protecting the health and wellness of their citizens. As a result, healthcare and social-care employees account for a significant portion of the overall workforce.
The Germany market dominated the Europe Telecare Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $348.3 million by 2027. The UK market is exhibiting a CAGR of 4.1% during (2021 - 2027). Additionally, The France market would display a CAGR of 5.7% during (2021 - 2027).
Based on Product Type, the market is segmented into Activity Monitoring and Remote Medication Management. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Telecare Market Size will Hit $5.5 Billion by 2027, at a CAGR of 5.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Abbott Laboratories, Pfizer, Inc., Sanofi S.A., Johnson & Johnson, AllScripts Healthcare Solutions, Inc., AT&T, Inc., Samsung Electronics Co., Ltd., Apple, Inc., Qualcomm, Inc., and Google LLC.
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