The global Telemedicine Market size was valued at USD 24.9 billion in 2016 and is anticipated to reach USD 113.1 billion by 2025, with a CAGR of 18.3%. Global telemedicine demand is expected to show a steady growth on account of increasing focus on emergency healthcare services. Development of information technology and increased internet speed has significantly contributed towards the overall industry growth. Telemedicine is a service through which healthcare service is delivered with the help of communication technologies for patients at a distance. It is used to provide clinical healthcare facilities that are not available in remote areas. It helps in eliminating distance barriers and often used in emergency situations.
Delivery of healthcare service in remote and rural areas drives the overall market. It is difficult for medical institutions to set up their facilities in rural markets. These markets are catered through telemedicine technology. Telemedicine is beneficial for patients who live in isolated communities. These patients can receive treatment from doctors without the need for patients to travel to visit them. Development in mobile technology has helped healthcare professionals share information and discuss medical issues on a real time basis as if doctors were present in the same place.
Telemedicine eliminates the risk of transmission of contagious diseases between patients and physicians. Some patients do not feel comfortable in seeking a treatment at a doctor’s clinic. Some patients are home bound are require an ambulance for their movement. These kinds of patient characteristics drive the market growth over the future. Telemedicine has helped to fasten the treatment process especially in the field of emergency healthcare. These technologies are efficient in crowd control. It helps in reducing the burden on hospitals and administrative staff. Medical counselling through web conferencing has enabled hospitals avoid time delays and long queues. Therefore, healthcare organizations with large inflow of patients are expected to find major applications for crowd management.
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Further, telemedicine has given rise to many diverse fields under the umbrella technology which include telenursing, telepharmacy, telerehabilitation, teletrauma, telecardiology and telepsychiatry. Absence of well-established I.T arrangement is expected to pull down the overall system growth as launching these applications requires highly proficient I.T systems, internet and maintenance. Moreover, these applications are high in cost and require regular updates and maintenance.
Regulatory bodies play an important part in overall development of the industry. Manufacturers and healthcare institutes depend on government support with respect to financial aid. Practitioners require a full license to deliver these services in the U.S. Development of technology, especially in the field of robotics, is expected to provide great opportunities in the near future. Remote surgery has been made possible with the help of robotics where robots are controlled by surgeons sitting at a remote distance. Such innovations are expected to provide bright prospects for the overall industry growth.
Implementation of these facilities in defense and military has enabled doctors to provide instant medication at remote locations. Market penetration in diverse sectors including military, oil extraction and mining is expected to propel the demand in near future. Segmentation is done on the basis of service delivery which includes store and forward, remote monitoring and real-time interactive. Store and forward segment does the work of acquiring data which is used by the doctor for assessment. The assessment is done either on real time basis or it can be done offline as per convenience. Specialties including Dermatology, radiology, and pathology are known to take help of telemedicine services.
Real time interactive segment is the most popular and fastest growing segment. This is a replacement of traditional face to face visits where physical examination, history reviews, psychiatric evaluations are undertaken using these facilities. Remote monitoring segment enables a doctor to observe a patient remotely using multiple technical devices. These kinds of facilities are used in managing chronic disorders including cardiac arrests, asthma and diabetes. North America is expected to observe highest demand in the global industry on account of the well-developed healthcare sector and implementation of advanced IT infrastructure.
Similarly, Western Europe is expected to show a substantial demand over the forecast period on account of increasing emphasis by the regional government on healthcare facilities coupled with the stringent regulatory framework. Asia Pacific and the Middle East are expected to observe significant growth on account of the increasing government initiatives to establish proper healthcare infrastructure in developing economies including China, India, Japan and UAE.
Key vendors providing technical products are Intouch Technologies, Cardiocom, LLC, Cisco systems, AMD Global Telemedicine, Honeywell, Siemens, McKesson, Hoffmann-La Roche, Allscripts Healthcare, Agfa Healthcare, Lifewatch, and Medtronic. Major companies that provide these services are American Well, Teladoc, and Doctor on Demand. Companies are focusing on creating awareness of these technologies to increase their overall demand. Establishment of dedicated facilities for various industrial sectors is expected to provide fuel the market.
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Global Telemedicine Product Outlook (Revenue, USD Million, 2014-2025)
• Network & Connectivity
Telemedicine Regional Outlook (Revenue, USD Million, 2014-2025)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa (MEA)
• South Africa
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