Published: December 2016
Report Code: LS10601
Category : Healthcare
Telemedicine Market Overview
The global telemedicine market size was $17.8 billion in 2015, which is expected to reach $58.6 billion by 2022, growing at a CAGR of 18.7%. Telemedicine refers to telecommunications technology, that delivers various healthcare services remotely. The market includes various services such as tele-consulting, tele-monitoring, tele-education, and tele-training and others.
GLOBAL TELEMEDICNE MARKET SIZE BY END USER, $M (2012-2022)
Based on speciality the telemedicine market has been segmented into dermatology, gynaecology, cardiology, neurology, orthopedics and others. Dermatology dominated the telemedicine market in the historical period, whereas the neurology segment is expected to grow at the fastest rate during the forecast period (2016 – 2022). Telemedicine for dermatology is an effective tool, since skin conditions can be examined better in the digital still and video images.
Based on service, the telemedicine market is segmented into tele-monitoring, tele-consulting, tele-education, tele-training, and others. Tele-consulting held the largest share of the telemedicine market in 2015, since it reduces the waiting time for the patients and also the risk of transmission of infectious disease such as cold and flu.
On the basis of end user, the telemedicine market is segmented into tele-home and tele-hospital and clinic. Tele-home is expected to register faster growth during the forecast period, due to their various benefits offered such as short hospital stay, improved access to healthcare professionals, and possibility of check-ups more frequently and quickly.
Telemedicine Market Dynamics
Growing geriatric population, rising prevalence of chronic and lifestyle associated diseases, increasing healthcare cost, growing need for remote patient monitoring services, and technological innovation and advancements are some of the driving factors supporting the telemedicine market. Also, increasing government funding and grants for telemedicine, consistent need for improved healthcare quality services and increasing number of smart phone users boost the telemedicine market. However, high technology cost and lack of trained professionals and inadequate healthcare infrastructure in developing economies are some of factors hindering the growth of the telemedicine market. Additionally, increasing acceptance of 4G and 5G spectrum and growing exposure of telemedicine in emerging economies provides ample opportunities for the players in this market. Increasing number of collaboration and partnerships is a key trend that has been witnessed in the telemedicine market.
Globally, the increasing internet penetration has fuelled the demand of telemedicine services across various hospitals and clinics. The evolution of 4G and 5G spectrum and its increasing acceptance, provides enhanced data rate and high system capacity. A key facilitator in the field of telemedicine is the use of cloud based electronic medical records that serve as a source of medical information about individual patient. With the help of 4G and 5G spectrum; high resolution medical images and video records can be made available to the physicians and medical professionals anytime and anywhere.
Additionally, the increasing use of diagnostic tools such as 3D and 4D ultrasounds, CAT scans and MRIs and the portable and hand-held equipment would also increase the acceptance of wireless networks. Therefore, the increasing acceptance of 4G and 5G spectrum and enhancement in the field of communication, with respect to wireless networks, is likely to pose as an opportunity for the players in the telemedicine market.
The growing geriatric population, and lack of primary healthcare facilities in remote areas of developing nations has been supporting the demand of remote patient monitoring services. The use of remote patient monitoring reduces the number of visits to the crowded healthcare facilities, transport related problems and other operational problems.
Remote monitoring also allows care providers to monitor patients outside the clinical settings and has therefore led to an increase in use of wireless devices for routine tasks at patient’s home. These wireless technologies enable patients to communicate with physicians wirelessly, thus reducing the need to visit hospitals or clinics for the management of the diseases.
The increasing support from government organizations plays a pivotal role in the uplift of the telemedicine market. Several government organizations are providing support in form of funding and initiatives for the implementation of telemedicine facilities. For instance, in the U.S. efforts, such as the American Telemedicine Association (ATA) National Telehealth Lobby Day, play an important role in creating awareness at the congressional level.
In November 2014, the U.S. Department of Agriculture granted $20 million in support of distance learning and telemedicine programs. Various telemedicine schemes are likely to improve the healthcare access and outcome for geriatric and chronically ill population.
Healthcare industry is filled with innovative technologies designed to improve outcomes, increase operational efficiency and expand access to healthcare services. The deployments of telemedicine services have significantly changed the healthcare services due to various technological innovation in the field of medical device and services. It has helped healthcare providers to attend several patients remotely at the same time with unified collaborative communication solutions.
Telemedicine technology has been expanding with integrated home-healthcare, connected and telemedicine platforms. For instance, SnapMD’s Connected Care platform allows healthcare systems to easily and cost effectively extends their care models to include the virtual visit, while maintaining continuity of care.
Telemedicine Market Competitive Landscape
Key player in the telemedicine market are collaborating with the other players and launching new advanced telemedicine solutions. For instance, in February 2016, Koninklijke Philips N.V. signed an agreement with Validic, to provide connected health solutions and services. In February 2016, LifeWatch AG received FDA clearance for its continuous vital signs monitoring service, for monitoring vital signs faster, conveniently and easier for patients and medical staff.
Some of the key players operating in this industry include LifeWatch AG, Aerotel Medical Systems Ltd., InTouch Technologies Inc., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc., McKesson Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., BioTelemetry Inc., Medtronic PLC, Polycom Inc., and General Electric Company.
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