Global telemedicine market is projected to attain a size of $48.8 billion by 2023, according to P&S Intelligence.
This significant growth in the market is characterized by rising healthcare cost, increasing government funding and grants for telemedicine, increasing number of smart phone users and the surge in the prevalence of chronic and lifestyle diseases.
Insights into market segments
Based on type, the telemedicine market has been categorized into tele-hospital and clinic, and tele-home. Of these two, tele-home is expected to be a faster growing category during the forecast period, with a CAGR of 17.1%. This is attributed to the increasing use of tele-home monitoring tools, which help in monitoring the chronic conditions of a patient from home.
On the basis of service, the telemedicine market has been categorized into tele-consulting, tele-monitoring, tele-education, tele-training, and others. Of these, the tele-consulting category accounted for the largest share in this market, with 42.8% contribution in 2017. This can be ascribed to the increasing number of smart phone users and the number of benefits available with tele-consulting services, such as reduced hospital stays, and decreased healthcare expenditure and travel cost.
Browse report overview with detailed TOC on "Telemedicine Market by Type (Tele-hospital & Clinic, Tele-home), by Service (Tele-consulting, Tele-monitoring, Tele-education, Tele-training), by Specialty (Dermatology, Gynecology, Cardiology, Neurology, Orthopedics), by Geography (U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/telemedicine-market
In terms of specialty, the telemedicine market has been categorized into dermatology, gynecology, cardiology, neurology, orthopedics, and others. During the forecast period, the neurology market is expected to witness a CAGR of 17.0% due to the rapid improvement in neurological care. Telemedicine is used is used in conditions, such as neuropathy, epilepsy, Parkinson’s disease, and multiple sclerosis. It provides effective management services in medical emergencies such as stroke, seizure, sudden paralysis, and movement disorders. It also helps in initial routine and urgent neurological evaluation and lifestyle counseling.
North America stands as the largest telemedicine market
During the historical period, North America accounted for the largest share in the telemedicine market, with 48.8% share in 2017. This growth is attributed to improved healthcare infrastructure, increased healthcare spending, growing geriatric population, and growing prevalence of chronic and lifestyle associated diseases. According to the American Cancer Society (ACS), in the U.S., the estimated cancer cases diagnosed were around 1,688,780, and 600,920 deaths occurred due to cancer, in 2017.
Market players are introducing new technology for market expansion
The companies operating in the telemedicine industry are introducing advanced telehealth platforms for market expansion. For instance, in April 2017, Koninklijke Philips N.V. introduced the tele ICU enterprise software at American Telemedicine Association’s annual meeting. This latest advanced technology has rendered success to the company in population health management for critical care unit.
Some of the other key players in the telemedicine market are 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 International Inc., BioTelemetry Inc., Medtronic plc., Polycom Inc., General Electric Company, and GlobalMed.
TELEMEDICINE MARKET SEGMENTATION
Market Segmentation by Type
Market Segmentation by Service
Market Segmentation by Specialty
Market Segmentation by Geography