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Opportunity

The European healthcare system is under immense strain, primarily due to, critical shortage of medical personnel, increasing healthcare costs, growing patient demand, Demographic shift towards an aging populationRise in chronic diseases

These issues are prevalent across both Western and Eastern Europe, with several countries facing a crisis in delivering timely and effective healthcare services.

Shortage of Healthcare Personnel

Across Europe, there is a severe shortage of healthcare professionals, especially in rural and underserved regions. Countries like Germany, France, Italy, and Spain are experiencing shortages of general practitioners and specialists, leading to long waiting times for patients. For example:

  • Germany is facing a shortage of over 30,000 doctors by 2030, driven by retiring professionals and increasing healthcare demands.
  • France has over 11,000 general practitioner positions unfilled, particularly in rural areas, leading to significant access gaps.
  • Spain and Italy are similarly affected by an aging doctor workforce and fewer new medical graduates entering practice.

These shortages not only limit access to healthcare but also lead to burnout among existing healthcare workers, further compounding the problem.

Escalating Healthcare Costs

Healthcare expenditures across Europe are growing, driven by both aging populations and the rising cost of healthcare services. In 2021, healthcare spending accounted for approximately 10% of GDP across the European Union, with countries like Germany, France, and the Netherlands spending even more.

Governments and healthcare providers are seeking ways to reduce costs while maintaining quality care, making digital health solutions like Empirica a key part of the future healthcare landscape.

Global Digital Health Market Growth

The global digital health market, which encompasses digital health diagnostics, continues to experience rapid growth:

  • In 2023, the market was valued at approximately $220.5 billion
  • It's projected to reach $1.1 trillion by 2030
  • This represents a compound annual growth rate (CAGR) of 25.7%

These projections reflect continued strong growth driven by:

  1. Increasing healthcare costs: Global healthcare expenditure is expected to reach $18.3 trillion by 2030, up from $10 trillion in 2022
  2. Ongoing shortage of healthcare professionals: The World Health Organization projects a shortfall of 10 million health workers by 2030
  3. Aging global population: By 2050, it's estimated that 22% of the world's population will be over 60, up from 12% in 2015
  4. Sustained momentum in digital health adoption post-COVID-19 pandemic

European Digital Health Market

The European healthcare market, worth trillions of euros, offers a substantial opportunity for Empirica:

  • The European digital health market is expected to exceed €232 billion by 2027
  • Empirica's unique proposition, combining semantic analysis with clinical expertise, has the potential to capture a significant share of this growing market

Targeting High-Impact Areas of Healthcare

Empirica's initial focus on muscular-skeletal symptoms, fatigue, and other common conditions aligns with some of the most prevalent and costly healthcare issues in Europe. These conditions often require timely diagnosis and treatment, and delays can lead to increased healthcare costs and reduced quality of life for patients.

By addressing these areas first, Empirica can demonstrate its effectiveness in solving urgent healthcare challenges while expanding its capabilities to cover other specialties over time.