The Global Telemedicine Market is estimated to grow from $25.53 billion in 2015 to $57.92 billion in 2020, with a compound annual growth rate (CAGR) of 17.85% over the next five years. Though it represents a small share in the healthcare market currently, it is one of the fastest budding sectors in overall healthcare market. Although telemedicine programs have been in vogue for nearly half a century, the recent healthcare reforms have been instrumental in promoting the increased usage of such applications.
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The increase in average age has resulted in elderly patients who need maximum healthcare; this is increasing the overall healthcare cost globally. Patients today are more aware and demand better healthcare services. The total number of healthcare professionals is not enough to meet needs of the increasing number of patients. With healthcare specialists spread across the globe, the teleconsultation–referrals–second opinion chain has expanded globally. Use of telemedicine helps in improving individual health with the assistance of electronic media. It also increases accessibility by tumbling the distance barriers between medical service providers and patients.
Increasing population, growing number of chronic diseases and rising cost of healthcare services are the significant key drivers for growth of global telemedicine market. In addition, increased use of technology in healthcare conveyance and dearth of physicians in rural areas is foreseen to offer new prospect for growth of telemedicine market. On the other side, lack of trained and skilled professionals in the remote areas, dearth of consumer awareness about new-fangled technology and its uses are some of the key aspects inhibiting the growth of telemedicine market
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The global market for telemedicine is segmented on the basis of Technology (Hardware, Software, Telecommunications), Service (Remote Patient Monitoring, Store-and-Forward, Real-Time Interactive), Applications (Tele-Cardiology, Tele-Pathology, Tele-Radiology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health), Delivery mode (Web-based, Cloud-based) and End User (Tele Hospitals, Tele Homes).
Medical consultation services will keep on to be the most regularly used form of telemedicine used by physicians for escalating the outreach of their medical advice. The tele-monitoring segment will also enjoy an upward trend owing to the increasing diabetic and disabled population. On the basis of geography, the market is analysed under various regions namely, North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. North America and Europe accounts for the major share of the market. This is owed to high acceptance for technology in these regions. Brazil, China, Russia and India are expected to show high growth rate due to increasing population and rising incidence of chronic diseases
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Telemedicine players are focused on improving their technology offerings in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies are evaluating the return on investment (ROI) and clinical outcomes of the telemedicine technology. Tier I players are evaluating opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the ability of telemedicine to support e-healthcare and considerably improve the bottom line. Some of the major companies operating in the telemedicine market are AMD Global Telemedicine, GE Healthcare (U.K.), CISCO Systems, Inc., Medtronic, Inc., Honeywell Lifesciences, Aerotel Medical Systems, Philips healthcare, McKesson Corp, Cerner Corporation, CardioComm. Other players in the telemedicine market are Apollo Hospitals (India), 3M, Robert Bosch Healthcare, Neosoft (China), SnapMD (U.S.), Polycom Corp., F. Hoffmann-La Roche Ltd., InTouch Technologies, Inc., LifeWatch AG, OBS Medical Ltd., Siemens Healthcare, Agfa HealthCare NV, Allscripts Healthcare Solutions, Biotelemetry, Inc.
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