Why this is important to Wisconsin businesses: The government is investing in new research and technologies, opening potential doors for collaboration with health technology companies in Wisconsin.
People in France are rapidly embracing technology as part of health care.
Digital health—which ranges from wearable health devices and mobile health apps to telemedicine—is expected to grow significantly in the coming years in France. The COVID-19 pandemic made it a lot easier for the public to access health care online and to monitor their own health conditions electronically. In addition, many of France’s residents are adopting healthier lifestyles and seeking to improve their well-being.
Digital therapeutics also are becoming more mainstream, with regulatory approvals and reimbursement rates established. The French digital health market is projected to top $3 billion in 2023, with a compound annual growth rate of 7.3% through 2027, according to Statista. The largest market segment is expected to be digital fitness and well-being, with revenue projected to reach $1.8 billion this year.
The French government is likely to accelerate that trend, with its €650 million ($713 million USD) investment in a national digital health strategy, announced in October 2021 as part of the country’s Health Innovation 2030 plan. According to Euractiv Media Network, a large chunk of the funding will go toward research and innovation in areas such as prevention, teleconsultations, surgical robotics, or medical devices based on artificial intelligence. The money will also be used to train health care professionals and to expand digital health throughout France.
France already has seen significant growth in health care startups, with more than 60 of them launching each year. The sector expects €40 billion ($44 billion USD) in annual revenue with 130,000 jobs to be created by 2030.
More than 600 companies are considered part of France’s health tech industry in a broad range of fields—immunotherapy, surgical robots, big data, and more.
Software for screening and diagnostics is considered one of the most advanced areas among France’s digital health companies. That includes companies such as Avicenna, which is developing artificial intelligence solutions for emergency radiology; BioSerenity, whose devices diagnose and monitor people with chronic diseases; Omini, with a portable, rapid blood-testing device; and LAB2U, with blood tests administered by a nurse at a patient’s home.
Wisconsin companies in digital health areas may find opportunities for collaboration and sales to encourage France’s investment in health technologies.