Digital Health Market size in Germany was valued at more than USD 11 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of XX.X% from 2019 to 2028.
Telemedicine consultations which were not permitted under the German healthcare laws until 2018 are not only permitted but also promoted. Apart from the promotion, Telemedicine services are also reimbursed under the state health insurance agency, whose services approximately 90% of the German populace avail. Hence, an increasing number of market players are focusing on the introduction of digital healthcare solutions in Germany.
Market Driving & Restraining Factors
Market Growth Drivers:
Growing Adoption of Telemedicine and mHealth: – The increasing acceptance of various technologies such as mHealth and telemedicine by the German population is expected to boost the expansion of digital health platforms. Moreover, favorable reimbursement policies for digital health solutions will simultaneously create opportunities for the market.
Increasing Awareness on New Technologies: – The increasing awareness about various advantages of new technologies in healthcare such as greater accessibility, efficient treatment, disorder management, and cost-effectiveness will have an excellent effect on the market during the forecast period. Also, the emerging number of companies in healthcare will favor the healthy growth of the market.
Developments in Legislature to boost Digital Adoption: – Apart from supporting the greater adoption of telemedicine, and mHealth, the law also makes important provisions for electronic health records (EHR).
Covid-19 Factor: – Large number of patients with chronic diseases will stimulate the demand for remote monitoring solutions. As the COVID-19 pandemic has forced the hospitals to triage the patients, there will be a growing adoption of remote monitoring solutions to ensure the health of patients with chronic conditions. Furthermore, patients with chronic conditions and geriatric individuals are more susceptible to coronavirus infection. Thus, caregivers will prefer remote monitoring of these patients to avoid exposure and improve patient quality of life, augmenting the digital health market growth.
Data Privacy Concerns: – Patient’s Data privacy is the concern that led to the adoption of smart healthcare as an equivalent and appropriate substitute for conventional treatment in several diseases.