The global telemedicine market size can reach USD 56,738.3, demonstrating a significant CAGR of 16.8% over the forecast period of 2014-2023, as per a research report Market Research Future (MRFR). Telemedicine facilitates provision of medical help through the use of telecommunications technologies such as email, video conferencing. The market has grown considerably over the recent years on account of increasing prevalence of chronic diseases such as diabetes, cancer, and others. Easier-to-use applications and growing acceptance of patients to seek medical help through smartphones and computers is aiding the growth of the telemedicine market. Rise in geriatric population who are more prone to diseases and are unable to reach out to healthcare providers have induced the demand for telemedicine. Telemedicine also facilitates patient monitoring and medical aid provision in remote and in areas flood and tsunami affected areas. Growth in number of smartphone users and increasing adoption of electronic health record (EHR) are also fundamental drivers of the market. Various governments have endeavored to introduce telemedicine for regular operations and have planned to equip state-owned hospitals with telemedicine facility for both ambulatory and intensive care treatment which can boost the market demand in the coming years. The market is likely to be driven by other factors such as dearth of healthcare professionals, innovation in communication technology and favorable reimbursement scenario for telemedical services in developed countries. Despite the fascinating development of telemedicine, the market growth might be bounded by some factors. Late adoption of telemedicine has proven to be a barrier to the market growth. A key barrier to the adoption of telemedicine is the prevalence of perception among people that telemedicine programmes are expensive to implement. Underdeveloped infrastructure and lack of technical expertise in developing countries also act as a barrier to adoption which might restrict market growth. Absence of unified technical standards & guidelines and lack of interoperability have been an issue for the growth of the market. Legal issues associated with ensuring patient confidentiality and stringent government regulations are other limiting factors.
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Segmentation
The global telemedicine market is segmented based on service type, component, deployment, application, and end-user. By service type, the market has been segmented into telenursing, tele pharmacy, teleradiology, tele dermatology, tele-oncology, others. By component, the market has been segmented into software and hardware. The software segment is further segmented into integrated software and standalone software. The hardware segment is further segmented into monitors and medical peripheral devices. By deployment, the market has been segmented into cloud-based and on premises. By application, the market has been segmented into cardiology, ophthalmology, psychiatry, radiology, dermatology, and others. By end-users, the market has been segmented into hospitals, clinics, home care.
Regional Analysis
The key markets of the global telemedicine market include the Americas, Europe, Asia-Pacific and the Middle East & Africa. The Americas account for the largest share of the market owing to the presence of a well-developed healthcare sector in the region. Rising adoption of telemedicine, increased expenditure on healthcare and the concentration of major players in the region are other factors supporting the dominance of the region. Europe is the second largest market after the Americas owing to the increased adoption of novel technologies in the healthcare sector and rising government support to improve healthcare facilities in the region. Developed economies like Italy, U.K, France, and others are the key contributors, making western Europe the leading market. Asia-Pacific is slated to emerge as the fastest growing market due to the presence of a vast patient pool and growing adoption of telemedicine in the developing economies of the region. The Middle East & Africa hold the smallest share in the global telemedicine market due to slow adoption of telemedicine owing to weak economic conditions, lack of adequate health care facilities in the region, especially within Africa. However, the Middle East market is consolidated and accounts for the majority share in the Middle East & Africa market.
Competitive Landscape
Notable players of the market include AMD Global Telemedicine, Inc., CareClix, Cisco, IBM Corporation, Iris Telehealth, Medtronic, TeleVital, Allscripts Healthcare Solutions, Honeywell Lifesciences, Care Innovations, Aerotel Medical Systems Ltd., CardioNet, Cerner Corporation, GENERAL ELECTRIC, Intel Corporation, Koninklijke Philips N.V., TeleVital, Allscripts Healthcare Solutions, Honeywell Lifesciences, Care Innovations, Aerotel Medical Systems Ltd., and others.
Industry Updates
In July 2018, the U.S. Department of Health and Human Services Administration for Community Living provided a telemedicine grant of $450,000 to the University of Arkansas for Medical Sciences (UAMS) for providing care and services to traumatic brain injury (TBI) survivors. UAMS is widely recognized for its telemedicine programs and telemedicine networks.
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