Need to improve healthcare infrastructure coupled with demand for adoption of modern healthcare technologies to drive the growth of global telemedicine market
According to TechSci Research report, “Global Telemedicine Market By Component (Hardware, Software, Service), By Deployment Mode (On-Premise v/s Cloud), By Type (Telehospitals, Telehomes, mHealth), By Application (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, Others), By End Users (Hospitals, Clinics, Homecare), By Region, Forecast & Opportunities, 2025”, the global telemedicine market is expected to significant growth during the forecast period on account of the increasing technological advancements and adoption of new technologies in the healthcare industry. Additionally, growing telecommunication industry coupled with the increasing smartphones and internet penetration is further expected to propel the market during forecast years. Furthermore, associated advantages of telemedicine such as improved care management, improved patient quality of life, reduced healthcare expenditure, among others are anticipated to spur the market through 2025. Besides, growing popularity remote patient monitoring service is also positively impacting the growth of market. Also, growing number of patients suffering from chronic diseases has led to increase in waiting time in hospitals & clinics hence driving a shift towards telemedicine & virtual doctors. Supportive government policies & schemes are also expected to bolster the growth of market. However, requirement of high initial investments can hamper the growth of market through 2025. Moreover, lack of awareness and trust among the population especially in the developing economies can hinder the growth of market during the next five years. Also, associated legal & reimbursement issues which are especially faced by the patients in the United States might impede the growth of market in the country. Additionally, stringent regulatory policies coupled with the requirement of skilled professionals in telemedicine might negatively impact the growth of market.
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The global telemedicine market is segmented based on component, deployment mode, type, application, end user, company and region. Based on component, the market can be categorized into hardware, software and service. The service segment can be further categorized into tele-consulting, tele-monitoring, tele-education, tele-training and others. The service segment is expected to register the highest CAGR during forecast period. This can be ascribed to the favorable reimbursements for teleconsultation. Additionally, rapid adoption of real time communication devices is further anticipated to drive the growth of segment. The services segment also help in effective evaluation and diagnosis of patients living in the remote areas. Based on type, the market can be grouped into telehospitals, telehomes and mHealth. The telehomes segment is expected to register the highest CAGR during forecast period on account of growing prevalence of chronic diseases. Additionally, telehomes provide care, monitor a patient and provide information by using latest technology in telecom. The telehomes care programs manage and reduce chronic diseases by remote monitoring the patients. The mHealth segment is also expected to witness formidable growth over the next few years. This can be accredited to the use of this platform by people to monitor their weight, diet, exercise, track blood glucose levels, headache, sleep patterns, among others. Based on application, the market can be fragmented into telepathology, telecardiology, teleradiology, teledermatology, telepsychiatry and others. The teledermatology segment is expected to dominate the market over the next few years. This can be attributed to the factors such as delivering direct care through emails, texts or other services and patients real time appointment with a dermatologist over a video platform. The teleradiology segment is expected to witness significant growth through 2025 owing to the rapid adoption of picture archiving & communication systems (PACS) in healthcare industry. This promotes easy transmission of radiology images and electronic healthcare records.
Allscripts Healthcare Solutions, Inc, Cardiocom, LLC, LifeWatch AG, InTouch Technologies, Inc, Honeywell HomMed, F. Hoffmann-La Roche Ltd, CISCO Systems Inc., McKesson Corporation, Telemedicine, Inc., AMD Global, Teladoc Health, Inc., MeMD, Encounter Telemedicine, MDLIVE, Inc., Doctor on Demand, Inc., SnapMD, Inc., AmericanWell, BioTelemetry, Medtronic Plc, Philips and others are some of the leading players operating in global telemedicine market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in April 2019, InTouch Technologies, Inc, announced the release of “Solo”, a fully integrated end to end digital healthcare system which can be used in any healthcare facility for any patient.
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“Asia Pacific is expected to witness significant growth in the telemedicine market during the forecast period, owing to the increasing healthcare expenditure and rising medical tourism in the region. Additionally, high internet penetration and cloud based services in the region is further anticipated to spur the market. Also, key vendors operating in the market are expanding their business in the region, thereby creating lucrative opportunities for the growth of market over the next few years. Furthermore, increasing healthcare costs and prevalence of chronic diseases such as cardiovascular diseases, renal diseases, cancer, diabetes, among others are positively impacting the growth of market in the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Telemedicine Market By Component (Hardware, Software, Service), By Deployment Mode (On-Premise v/s Cloud), By Type (Telehospitals, Telehomes, mHealth), By Application (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, Others), By End Users (Hospitals, Clinics, Homecare), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global telemedicine market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global telemedicine market.