The telemedicine industry has grown exponentially in recent years shows a promising future with significant growth.The global Telemedicine market is valued at €50 billion (Gminsights, Fortune business, 2020) in 2020. The market is expected to experience a 19% CAGR from 2021-2027 and is to be valued at €142 billion with Europe accounting for ~€11 billion of market share.
The market is expected to remain supported by its key growth drivers like growing number of smartphones, improving telecommunication networks and infrastructure, and favorable government initiatives to expand the reimbursement options and increasing venture capital funding in the industry. Additionally, the global spread of COVID-19 infection and promotion of social distancing has significantly increased the demand for virtual healthcare.
Telemedicine solutions have recently started to take up across EU Member States and its deployment depends on several factors, including the availability of funding for investment in medical technology and infrastructure, the availability of digital skills amongst medical personnel, and the ability of the market environment to match the supply and demand for telemedicine solutions and services. However, with rise in chronic diseases, aging population, and global pandemic, the governments in EU member countries are taking favorable steps towards increasing the deployment speed of telemedicine. The market currently comprises of few major players, which are primarily focusing on technological development to acquire major market share.
So, what makes Telemedicine Investment a no-brainer for investors:
- Huge Growth Potential in Europe
- Higher Readiness Towards Telemedicine
- Significant Increase in Telemedicine Demand due to COVID-19
- Favorable Regulatory Environment for Telemedicine
- Higher VC and Private Equity Attention
References:
https://www.fortunebusinessinsights.com/industry-reports/telemedicine-market-101067
https://www.mordorintelligence.com/industry-reports/global-telemedicine-market-industry
https://www.gminsights.com/industry-analysis/telemedicine-market