Telemedicine is a novel branch spawned as a result of the proliferation of healthcare IT. It serves as a platform for connecting doctors with patients in remote areas or patients with disabilities to get the right treatment. The global telemedicine market report by Market Research Future (MRFR) outlines various trends, drivers, and restraints compiled with adequate primary and secondary research.
Telemedicine Market Outlook
The global telemedicine market is poised to reach a value of USD 56,783.3 million by 2023. It can exhibit a CAGR of 16.8% from 2018 to 2023 (forecast period). It stood at USD 868 million in 2017. Adoption of electronic health records (EHR) by hospitals is one of the primary drivers of the market. The use of these records in expediting the diagnosis of patients with the help of medical history and patient use of past medicines can drive the market growth over the forecast period.
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High prevalence of chronic diseases such as diabetes, cancer, and others coupled with a shortage of clinicians can create demand in the global telemedicine market. According to the National Cancer Institute, nearly 1,685, 210 patients were diagnosed with cancer in 2016. The proliferation of telemedicine in major hospital chains is evident of the large revenue potential of the market. This is exemplified by the Chinese American Physicians E-hospital which provides online consulting services to Chinese patients as well as a plethora of other vital services.
Telemedicine Market Competitive Analysis
Major industry participants in the global telemedicine market include
- Care Innovations
- Aerotel Medical Systems
- IBM Corporation
- Cerner Corporation
- TeleVital
- Medtronic
- Tunstall Healthcare
- Intel Corporation
- GENERAL ELECTRIC
- SHL Telemedicine
- Allscripts Healthcare Solutions
- Honeywell Lifesciences
- AMD Global Telemedicine Inc.
- Iris Telehealth
- Medvivo Group Ltd.
- Cisco
- Cardiocom
- Koninklijke Philips N.V.
- Aerotel Medical Systems Ltd.
- CareClix
- CardioNet
Telemedicine Industry News
In 2019, Amazon Corporation, one of the biggest conglomerates launched Amazon Care, a virtual application for its employees. The application can assist the employees in availing the best healthcare as well as collaborating with local clinics near its Seattle headquarters to provide services.
Telemedicine Market Segmentation Analysis
The global telemedicine market is segmented by service type, component, deployment, application, and end-user.
By service type, it is segmented into tele-oncology, teledermatology, telepharmacy, telenursing, teleradiology, and others.
By component, it is segmented into hardware and software. Software consists of standalone and integrated software. On the other hand, hardware is segmented into medical peripheral devices and monitors.
By deployment, it is segmented into on premises and cloud-based.
By application, it is segmented into dermatology, radiology, psychiatry, ophthalmology, cardiology, and others.
By end-user, it is segmented into home care, clinics, and hospitals.
Telemedicine Market Regional Analysis
Asia Pacific (APAC), the Americas, the Middle East & Africa (MEA), and Europe are regions taken into consideration in the compilation of the global telemedicine market report.
The Americas can dominate the global market throughout the forecast period due to rising adoption of healthcare IT, offerings of telehealth services by various prominent hospitals and clinics, and a sophisticated healthcare infrastructure. The large potential of the market in the region is obvious with large number of physicians (86.9%) transitioning to EHR systems, according to a survey by the Centers for Disease Control & Prevention (CDC) in 2017.
Europe has assumed the second position in the telemedicine market due to rising government support for new technologies for alleviating the large patient volume. Allocation of large funds for digitizing the entire healthcare ecosystem for assisting patients and providing them with quality care is one of the biggest drivers of the regional market. According to the Parliamentary Office of Science and Technology in 2016, nearly USD 63 million was awarded to National Health Services (NHS) trusts for rapid adoption of EHRs.
The APAC region is predicted to showcase robust growth due to the growing telehealth services industry and the large patient pool. Presence of large developing economies such as Australia, India, and China can fuel the regional telemedicine market growth. Lastly, the MEA region has the least share of the market due to a paucity of required healthcare infrastructure, strict government healthcare policies, and low-performing economies.
Intended Audience
- Pharmaceutical companies
- Biotechnological institutes
- Government and Private Laboratories
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research and Consulting Service Providers
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