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Valued at $21.5 billion in 2017, the global telemedicine market is projected to generate $48.8 billion revenue by 2023, witnessing a CAGR of 14.8% during the forecast period (2018–2023).
The APAC telemedicine market is likely to witness fastest growth during the forecast period. Factors driving the market in the region include improving healthcare infrastructure, rising cases of chronic diseases, growing demand of technologically advanced healthcare facilities, and surging geriatric population. According to United Nations (UN), a total of 549.2 million people in the APAC region were aged 60 years and above in 2017. Moreover, this number is further expected to reach up to 1,273.2 million by 2050.
Dynamics of Telemedicine Market
Adoption of innovative technologies in the healthcare industry is a major trend observed in the telemedicine market. Telemedicine provides improved quality of life and allows the patients to be in constant communication with their healthcare providers, without having the need to visit the healthcare facility. For instance, in April 2018, AMD Global Telemedicine Inc., launched OnDemand Visit, a direct-to-consumer telehealth platform, which allows the healthcare organizations to expand their service offerings and engage patients in a convenient way, also provides a real-time medical visit, through any mobile or PC device.
Furthermore, increasing prevalence of chronic cardiovascular, respiratory, and oncology diseases is a key driver in the telemedicine market. According to the World Health Organization (WHO), chronic diseases are a leading cause of mortality, across the globe. Moreover, among all chronic diseases, cardiovascular diseases account for the largest number of mortality cases. For example, 17.7 million people died of cardiovascular diseases in 2015, representing 31% of the global deaths. Of these, 7.4 million deaths were due to coronary heart disease and 6.7 million were due to stroke. Therefore, to remotely monitor, record, and consult about abnormal medical conditions, telemedicine play a pivotal role.
Telemedicine Market Segmentation Analysis
The tele hospitals and clinics product category accounted for the larger share in the telemedicine market, mainly on account of widespread burden of health conditions associated with lifestyle changes.
The tele monitoring service is expected to witness fastest growth, with 17.0% CAGR, during the forecast period. The market growth in this category is attributed to the increasing need of remote patient monitoring services.
Among varied specialties of the telemedicine, the dermatology category dominated the market in the historical period. The category is further expected to retain its market dominance in the coming years, primarily because of rise in healthcare expenditure and increasing prevalence of skin diseases.
Geographical Analysis of Telemedicine Market
North America accounted for the largest share, of 48.8%, in the global telemedicine market in 2017. This is attributed to the improved healthcare infrastructure, presence of big market players, increase in healthcare expenditure, and increasing prevalence of skin and chronic diseases. According to the American Cancer Society (ACS), a total of 1.7 million new cancer cases were diagnosed in the U.S. in 2017.
However, the APAC telemedicine market is projected to witness the fastest growth during the forecast period, owing to the improving healthcare infrastructure and increasing adoption of technologically advanced products. Japan was the largest revenue contributor to the APAC market in 2017, due to surging geriatric population, along with rapid economic development in the country.
Competitive Landscape of Telemedicine Market
The telemedicine market is fragmented in nature due to the presence of several giant and small players. These include Honeywell International Inc., Care Innovations LLC, Cerner Corporation, Cisco Systems Inc., Koninklijke Philips N.V., OBS Medical Ltd., Medtronic plc, BioTelemetry Inc., Allscripts Healthcare Solutions Inc., McKesson Corporation, and Polycom Inc.
Recent Strategic Developments of Telemedicine Market Players
A number of players operating in the telemedicine market are actively involved in mergers and acquisitions, product launches, and several other business activities to gain a competitive edge. For instance, in May 2018, Allscripts Healthcare Solutions Inc. completed the acquisition of HealthGrid Holding Company, a mobile, enterprise, and patient engagement solution provider. The acquisition expanded the adoption of Allscripts’ patient engagement platform FollowMyHealth across the industry.
Similarly, in November 2017, Medtronic plc announced that the company’s Medtronic Care Management Services (MCMS) business launched its new telehealth solution, in support of U.S. Department of Veterans Affairs (VA) for home telehealth devices and services. It included the patient engagement platforms and library of disease management protocols designed to meet the patient needs.
Telemedicine Market Size Breakdown by Segment
The telemedicine market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.
Based on Type
Based on Service
Based on Specialty
Key Questions Addressed in the Report