Drivers:

RISING AWARENESS OF HEALTH AMONG PEOPLE AND GROWING NEED FOR REMOTE PATIENT MONITORING SERVICES:

Promoting awareness about community health issues and preventative action provides helpful and hopeful information and assistance. To have a better lifestyle people nowadays have become more health conscious and due to technological advancements such as the use of digital technology, people have become more attracted towards the beneficial things. The patient monitoring devices can be used at home and one can easily operate it to maintain their health.

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• According to MedTeck Europe, 350 million people worldwide have arthritis and they also provide awareness, collect data and implement the prevention programs to overcome the same.
• In January 2016, according to Digital Healthcare Views from Europe, NHS England named the Sheffield City in Europe region, as one of the seven national ‘Test bed’ innovation hubs that is engaged in finding that how the Notional Health Service (NHS) can improve care in England.

The cloud computing is a technology that helps to provide services to patients where individual can  easily collect or share  information with  advanced operational efficiency in less cost. The cloud based tools are designed in such a way that they are highly efficient to share important information with high speed to health service providers and to their patients. All these advanced features such as high speed, easy access are increasing the cloud services adoption rate.

• In April 2017, according to Forbes, an article published by State Of Cloud Adoption and Security, the hybrid cloud adoption last year grew 3 times more from 19.0% to 57.0%. It has also reported that in upcoming 15 months 80.0% of all IT budgets may integrate to the cloud solutions. The publication has also stated that within 2 years 73.0% of companies may become fully software-defined data center.

INCREASING PREVALENCE AND RISK OF DISEASES AND INCREASING PENETRATION OF SMART PHONE AND TABLET USERS:

Prevalence of diseases is the actual number of cases alive during a period of time (period prevalence) that gives measure of the disease in recent time. It was found that with the increase in the population, the number of diseases like diabetes, neuromuscular, fetal problems and others is also increasing.

There are some statistics given below for prevalence of diseases and they are as follows:

• In February 2014, according to National Center for Biotechnology Information (NCBI), it was estimated that prevalence of diabetes in the year 2013 were with wide range in the 56 diverse countries and in Europe diabetes prevalence was from 2.4% in Moldova to 14.9% in Turkey.
• According to European Heart Network AISBL, it was estimated that in 2015, 85 million or more people in Europe were suffering from cardiovascular disease (CVD) and almost 49 million people were living with CVD in the European Union (EU).
• In October 2017, according to Science Direct, the estimation was done in Europe for the prevalence of Alzheimer's disease and it was found that 5.05% of the population is suffering from Alzheimer's disease. The prevalence of this disease in men was 3.31% and in women it was 7.13%.
• The smart phones and tablets devices which are used by health care professionals (HCPs) brought meaningful transformation in clinical practices. These devices have become major part in health care settings leading to the rapid growth in the development of healthcare by providing software applications or apps.

TECHNOLOGICAL ADVANCEMENT IN HEALTHCARE IT:

• In Europe, change in the climate affects the health of people with changes in weather patterns and temperatures. Such changes in air, water and food is leading to quality and quantity, ecosystems, agricultural, livelihoods and infrastructural changes which is the main reason for poor health. These are affecting human health and well-being. Due to this there is an increase in the health exposures and risks in the existing environmental pattern. Such changes in environment is affecting the human health and is leading to various health related issues such as cardiovascular diseases, allergies, mental illness, respiratory diseases and many others.
• Earlier, people used to visit hospitals for such problems but now due to change in the scenario and advancement in the medical health field these problems can be operated at home by using digital technologies. The technology is becoming more useful for the people in the recent era.

Restraints:

ELECTRONICS AND TELECOMMUNICATION ISSUES:

• A digital solution in healthcare sector plays an important role for millions of citizens for their welfare and radical changes which has been found with healthcare services that are delivered to patients.
• Digital health is the use of information and communications technologies through mobile or other digital devices for making an improvement in human health.
• Few issues in the communication that takes place while providing healthcare solution are as follows:
• Lack of communication between providers or HER vendors
• Coding by providers does not correlate
• Patients do not have their records
• Communication issue among policymakers

HIGH CAPITAL EXPENDITURE AND MAINTENANCE REQUIREMENT:

The investment in the healthcare yield returns the labour productivity and cost-saving thereby, contributing to GNP (Gross National Product) growth. Economic development can lead to better health and higher expenditure. Monitoring devices are considered critical and expensive for treating the health related issues. Government initiatives had framed reimbursement policies for the same.

Healthcare is always found to be a capital intensive industry that requires huge investments in the medical devices, services and product.

• Health information technology spending is increasing due to mandate electronic record keeping and need to achieve meaningful data.
• According to the European Commission, almost 15.0% of all government expenditure in the European Union (EU) takes place in health care sector.
• In 2014, according to Mediteck Europe, more than 11,000 patent applications were filed with the European Patent Office (EPO) in the field of medical technology.

Opportunity:

AFFORDABLE AND MANAGEABLE DEVICES:

Digital health solutions contain clinical and medical devices, apps, and related services that are used in the DNA and genetic testing.  The devices, apps, and related services as a resource are used for providing solutions which are already available in the market or are currently in development. For getting better solution in a service, development is carried out by different companies and then it is provided to customers.

• In January 2017, according to the European Commission, WHO survey in 2015 on eHealth stated that 59.0% of European region have a national EHR system. In the Europe, “eHealth Action Plan 2012- 2020” was launched which was useful in improving interoperability in subnational regions as well as in cross-border systems.
• The fitness trackers, a wearable device that records a person’s daily physical activity, can be connected to medical devices, telemedicine and remote monitoring.
• So, the digital transition on the upswing, improved care delivery efficiency, cost saving for health organizations and many other benefits provided by these devices can be considered as an opportunity in growing this market.

Challenges:

PRIVACY AND SECURITY CHALLENGES IN DIGITAL HEALTHCARE:

• Electronic healthcare technology creates wide potential that improves clinical outcome worldwide and transforms better care delivery. However, there are growing concerns related to the security of healthcare data and devices. Better connectivity to computer networks in recent time has exposed medical devices to new cybersecurity vulnerabilities as the important data need to be secured from stealing or cybercrime.
• Cybercrime in healthcare sector is affecting mainly because of two main reasons. First one is the valuable data availability and weakness in its defences. Cybersecurity breaches involve stealing and ransomware attack by taking out data and codes related to hospitals.
• In 2017, the cybersecurity world experienced a multitude of data breaches where the major target was healthcare industry. These breaches were done by hacking, skimming and phishing attacks.
• Breaches in data related to the health may break the patient’s trust for particular disease treatment with digital technology and this may hamper the growth of the market.

FAILURE IN THE TRANSMISSION OF DATA:

The health information exchange is essential for interoperability of data related to the patient  but are sometimes hindered due to the slow pace of HIE services adoption which is a challenging art in healthcare sector for information sharing. The act of transferring the data of health information via electric mode is known as health information exchange. It is widely used to bring all the health care entities at one place where health information exchange for all the data is carried out with the purpose of improving health and care in their community. At a time, collecting all data sometimes causes problems in transferring the correct data to right place.

Digital health involves advanced disruptive innovations, medical technologies and digital communication that provide best practice in the healthcare sectors. With increase in the cost of chronic conditions treatment and shortage of doctors worldwide, the need in the same sector fails to catch up with the rapid progression of the medical technology industry.

• According to Healthcare Information and Management Systems Society (HIMSS), there are some problems in the health information exchange in healthcare IT sector that includes, the slow HIE services adoption by stakeholders of clinical and health field, lack of interoperability standards, rapid shifts in technology and others. These are the major points that may lead to failure of data due to technical issues.

Due to the loss in the connectivity, sometimes the important data related to the patient gets deleted during transferring the same and such issues are found to be challenging in this market as they may hamper the growth of the market.

Market Trends:

On the basis of product, the market is segmented into device, software and services. Device segment is sub-segmented into vital signs monitoring devices, glucose monitoring devices, sleep monitoring devices, foetal monitoring & obstetric devices, and neuromonitoring devices. Software segment is sub-segmented into healthcare apps, chronic disease apps, personal health apps and others. Services segment is sub-segmented into remote monitoring, consultancy services and others. In 2018, devices segment is expected to dominate the Europe digital health monitoring market at the highest CAGR of 18.3% in the forecast period of 2019 to 2026.

On the basis of type, the market is segmented into telehealth, EHR/EMR, mHealth, wireless health and others. In 2018, wireless health segment is expected to dominate the Europe digital health monitoring market at the CAGR of 17.1% in the forecast period of 2019 to 2026. However, mhealth segment is growing with highest CAGR 18.5% in the forecast period of 2019 to 2026.

On the basis of end user, the market is segmented into hospital, clinics, ambulatory surgical centers, homecare settings and others. In 2018, hospitals segment is expected to dominate the Europe digital health monitoring market at the CAGR of 17.8% in the forecast period of 2019 to 2026. However, homecare settings segment is growing with highest CAGR 18.2% in the forecast period of 2019 to 2026.

Major Players: Europe Digital Health Monitoring Market 

Some of the prominent participants operating in this market are Medtronic, Agfa-Gevaert Group., iHealth Labs Inc., OMRON Corporation, Boston Scientific Corporation, BioTelemetry, Inc., BIOTRONIK SE & Co. KG, Honeywell International Inc., Epic Systems Corporation, Siemens Healthineers AG, Allscripts , McKesson Corporation, Koninklijke Philips N.V., Abbott, IBM Corporation, GENERAL ELECTRIC COMPANY, Cerner Corporation, Cisco Systems, Inc., Qualcomm Technologies, Inc. and among others.