Published Date: August, 2017
The report on global telemedicine market is an in depth analysis of the segments and sub-segments in the telemedicine market. The report provides analysis for the global as well as regional markets over the period of 2016 to 2024. According to report the global telemedicine market is expected to grow at a CAGR of 18.8% over the forecast period of 2018 - 2024. Telemedicine is a use of telecommunication and information technology to deliver remote healthcare services from distance. It helps to eliminate distance barrier and improve access to medical services that would not consistently available in distant rural areas. Telemedicine services use video conference, email, smart phones, wireless tools and other forms of telecommunication technologies. This technology allows communication between patient and healthcare staff with convenience as well as transmission of medical, imaging and health information from one end to another. Lack of access to physicians in rural and remote areas provides an opportunity for telemedicine to spread its network and reach millions of patients, to provide widespread health services.
In 2016, the size of global telemedicine market was valued at USD 20.58 billion and it is projected to reach USD 81.51 billion by 2024. Consistent technological innovations, increasing remote patient monitoring, high prevalence of chronic diseases, and rising geriatric population are considered to be the driving factors fueling the growth of telemedicine market. Moreover, increasing number of smart phone 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 telecommunication sector.
Figure: Global Telemedicine Market- Expansion Strategies
The report segments the telemedicine market by services, by application, by end users, by mode of delivery and by regions. Market segmentation based on services includes tele-monitoring, tele-training, tele-education, tele-consultation and others. On the basis of application market segmented into gynecology, dermatology, cardiology, neurology, orthopedics, consultations, emergency care and others. Moreover, on the basis of end users the market is segment into tele-hospital and clinic and tele-home; whereas, mode of delivery segment comprises web based and cloud based.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2016 – 2024.
The report provides regional analysis covering geographies such as North America, Europe, Asia Pacific, and Rest of the World (RoW). North America was the leading market for telemedicine globally, with market share of more than 33% in 2016. The growth in North America region is attributed to affordable care act, ICD-10 implementation, reimbursement and incentive plans, and technological advancement in telemedicine. The countries covered in the North America region include the U.S., Canada, and Mexico. The U.S. drives the growth in the North America region as it is the largest market in the region. Asia Pacific is the second largest market and is anticipated to dominate the global telemedicine market over the forecast period. This is due to increased government support and investment in R&D, growth in geriatric population in Japan, favorable initiatives for the adoption of tele-pathology in china, low doctor-patient ratio as well as rapidly growing healthcare industry in India. Moreover, Asia Pacific is anticipated to grow at a highest CAGR of 25% over the forecast period of 2018 to 2024.
The report provides profiles of the companies in the global telemedicine market such as, LifeWatch AG Cepheid, Inc., 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, and Honeywell Life Care Solutions.
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 to 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. Additionally, the analysis highlights rise and fall in the market shares of the key players in the market. 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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