Telemedicine Market Research Report, By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) – Global Industry Size, Trends, Growth, Analysis, Share, Forecast Till 2023
Telemedicine is a medium for serving patients in remote locations or unable to visit doctors physically due to their ailments. The global telemedicine market report compiled by Market Research Future (MRFR) contains a thorough analysis keeping in view the changing trends and viewpoints of the various economies. The regions and sub-segments are given special attention with respect to global drivers and challenges.
Telemedicine Market Overview
Global telemedicine market size can balloon to USD 56,738.3 million by 2023. Adoption of electronic health records (EHR)/electronic medical records (EMR) across the healthcare sector for digitization of patient data is one of the biggest drivers encouraging market growth. As per the Office of the National Coordinator for Health Information Technology (ONC), close to 64% of general physicians chose EMRs to store and manage patient records in 2015, signaling the change of attitude within the sector.
High prevalence of chronic diseases such as cancer, diabetes, and others are predicted to spur the market in the forecast period (2018-2023). Lack of skilled personnel and development of healthcare services to assist patients can fuel the telemedicine market to exhibit 16.8% CAGR during the forecast period. According to a study published in the Journal of Medical Internet Research, the Chinese American electronic hospital provides a range of services from teleconsulting to transfer of patients for Chinese patients globally.
But the high installation cost of the software can lead to hesitation among hospital chains and slowdown market growth.
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Telemedicine Market Segmentation
The global telemedicine market report segments it by service type, component, deployment, application, and end user.
By type of services, the telemedicine market is segmented into telenursing, teleoncology, telepharmacy, teledermatology, teleradiology, and others. On the basis of the component, the market is categorized into software and hardware. Software segment comprises standalone software and integrated software. Hardware segment is divided into monitors and medical peripheral devices.
By deployment, the market is segmented into on premises and cloud-based. The cloud-based segment is likely to gain a larger market share due to large scale adoption of these systems due to their flexibility to expand offerings without eating up physical space. Major market applications include radiology, cardiology, ophthalmology, dermatology, psychiatry, and others.
By end user, the market is segmented into hospitals, clinics, and home care. Preference of home care due to the large geriatric populace and inability of certain patients to endure long travel for visiting doctors can bode well for the market growth. Home care can contribute heavily to the global telemedicine market till 2023.
Telemedicine Market Regional Analysis
Asia Pacific (APAC), the Middle East & Africa (MEA), Europe, and the Americas are major regions studied and analyzed in the global telemedicine industry report.
The marriage between healthcare and IT in the Americas have emerged as primary drivers behind the substantial growth of the regional telemedicine market. A report, based on the survey conducted by the Centers for Disease Control and Prevention (CDC) in 2017, asserted physicians handling such technologies equate to approximately 86.9% of the office-based physicians using the EMR/EHR system. The ballooned healthcare expenditure and presence of major players within the region are bolstering the claim for its premier spot.
Europe’s revenues are mostly guided by government funds and expenditures in research and development. It follows the Americas in ranking. Western Europe is far more developed than its counterpart, Easter Europe. Italy, the U.K., France, and others within the former are doing well to take the market forward.
The APAC region can grow the fastest due to major economies of India and China increasing their regional share by implementing plans of setting up telemedicine services which can reach patients in remote areas. This growth is supported by the Indian Brand Equity Foundation which pegs India to be one of the regions with the highest potential in 2017.
Telemedicine Market Competition Outlook
Honeywell Lifesciences, Intel Corporation, Allscripts Healthcare Solutions, Cardiocom, Medvivo Group Ltd., AMD Global Telemedicine, Inc., Medtronic, Care Innovations, CareClix, SHL Telemedicine, Cerner Corporation, Koninklijke Philips N.V., Cisco, GENERAL ELECTRIC, TeleVital, CardioNet, IBM Corporation, Iris Telehealth, Tunstall Healthcare, and Aerotel Medical Systems are major players of the global telemedicine market report.
Telemedicine Industry News
Neonatologists at Mayo Clinic are embracing telehealth for the treatments of newborns in emergencies which can improve the outcome of surgeries.
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