A recent report published by Infinium Global Research on telemedicine market provides in depth analysis of segments and sub-segments in global as well as regional telemedicine market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional telemedicine market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global telemedicine market. According to report the global telemedicine market is projected to grow at a CAGR of 18.4% over the forecast period of 2018-2024.
Telemedicine is a subset of telehealth that includes both remote clinical service delivery and nonclinical elements of the healthcare system. Telemedicine is the remote delivery of healthcare services such as health assessment or consultation over the telecommunication infrastructure. It allows the healthcare service providers to examine, diagnose and treat patients almost anytime, day or night without the need for an in-person visit. Telemedicine lets healthcare providers examine, diagnose and treat patients using technology like phone, computer or other devices. Telemedicine is a burgeoning technology and has a high growth potential. Telemedicine offers a number of benefits such as it let healthcare providers diagnose common viruses like cold, infection, rashes, allergies, mental health problems like anxiety or depression and do routine follow-up visits for surgery or illness. In addition, telemedicine allows sharing of health data through digital devices such as phone apps, wearable devices, and other medical devices. Also, this technology helps to send –X-ray, ultrasound photos or images and improve access to the specialist. Moreover, Telemedicine helps in setting up virtual visits and at the same time and provide education, such as explaining how to use an inhaler.
Consistent technological innovations, increasing remote patient monitoring, the high prevalence of chronic diseases, and rising geriatric population are considered to be the driving factors fueling the growth of telemedicine market. Also, benefits offered by telemedicine is leading to the adoption of telemedicine technology in developed as well as developing countries. In addition, growing technological innovations and adoption of medical devices are facilitating growth in this market. Moreover, an increasing number of smartphone users is likely to support the growth of this market over the forecast period. However, high cost of advanced technology, legal and reimbursement issues and inadequate healthcare infrastructure in developing economies are the factors inhibiting the growth of telemedicine market. Furthermore, the global telemedicine market is expected to present several opportunities for major players due to technological advancements in the telecommunication sector.
Among the Geographies, North America dominated the global telemedicine market followed by Europe. The U.S is the main region driving the growth in the North America region. Telemedicine technology was first used in the military situations during the Civil War for ordering medical supplies or medical consultations. The growth of the telemedicine market in this region is mainly attributed to growing adoption of telemedicine from organization and patients, ongoing reforms in telehealth parity laws and improved reimbursement policies. Asia Pacific region is witness to grow at the highest CAGR during the forecast period due to growing healthcare infrastructure and on-going adoptions of medical devices.
The report on global telemedicine market covers segments such as, by type, by clinical service, by technology and by mode of delivery. On the basis of by type the global telemedicine market is categorized into live video-conferencing, store-and-forward or asynchronous video, remote patient monitoring and mobile health or mhealth. On the basis of by clinical service the global telemedicine market is categorized into teleradiology, telecardiology, teleconsultation, teledermatology, telesurgery, telepathology and telepsychiatry. On the basis of by technology the global telemedicine market is categorized into software, hardware and telecom. On the basis of by mode of delivery the global telemedicine market is categorized into cloud based delivery and on premise delivery.
he countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global telemedicine market such as, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Honeywell Life Care Solutions, Medtronic,, SHL Telemedicine Ltd., Aerotel Medical Systems, Bio Telemetry, InTouch Technologies and Philips .
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global telemedicine market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of telemedicine market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the telemedicine market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the telemedicine market to understand the present and future trends in this market and formulate their strategies accordingly.
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