The Global Telemedicine Market is anticipated immense growth owing to advances in communication technology. The pressing need for home healthcare solutions amid the expanding geriatric population is likely to augment its market size by 2023. Advances in storage, electronic health records, and digitization of data are likely to bolster the market growth.
The Global Telemedicine Market size expected to surpass USD 56,738.23 Million by 2023, as per the latest report by Market Research Future (MRFR). It can exhibit a 16.8% CAGR from 2016 to 2023 (forecast period). The promotion of telemedicine by majority of the nations to reduce paperwork and extract patient medical history rapidly is expected to augment the market size. This has been observed by the increasing adoption of electronic health records (EHR)/electronic medical records (EMR) by hospitals and clinics. Increasing prevalence of diseases such as cancer, diabetes, and others is likely to boost the demand for telemedicine during the forecast period.
Telemedicine, a branch of Telehealth, can provide remote clinical services to patients. The advances in communication networking technologies have afforded doctors and patients a medium to communicate with each other. Some of the applications include remote chronic disease management, remote post-hospitalization care, assisted living center support, school based telehealth, and follow-up visits.
The easy access to smartphones and smartphones owing to rise in expendable income levels of patients is likely to encourage the market growth. The use of mobile applications to communicate with physicians and doctors for the elderly can bode well for the market. Furthermore, the medical assistance offered to patients in rural or disaster-stricken areas with the help of telemedicine is likely to fuel the market in the coming years.
The Current Competition
Notable players in the telemedicine Industry include IBM Corporation, Cardiocom, Cerner Corporation, Koninklijke Philips N.V., Honeywell Lifesciences, GENERAL ELECTRIC, Tunstall Healthcare, CardioNet, Care Innovations, CareClix, AMD Global Telemedicine, Inc., Aerotel Medical Systems, Intel Corporation, Iris Telehealth, SHL Telemedicine, TeleVital, Medvivo Group Ltd., Cisco, Allscripts Healthcare Solutions, Aerotel Medical Systems Ltd., Medtronic plc, and others.
Partnerships and collaborations are employed by players to gain a significant edge in the market. For instance, BioTelemetry Inc joined hands with Apple in 2017 to provide cardiac monitoring services for the Apple Heart Study.
Citizens Medical Center, a hospital in Texas, U.S., is gaining accolades for providing outstanding care to stroke patients. The telemedicine program offers patients access to neurology consultants at the University of Texas Health Science Center. Neurology consultants can use video conferencing to zoom in on patients and get real-time assessments of their current conditions. The telemedicine program has been instrumental in bringing down the death rates caused by stroke considerably.
Dermatology to Accrue Significant Revenues by 2023
By component, the market is segmented into software and hardware. The former is further sub-segmented into standalone and integrated software, while the hardware segment is divided into medical peripheral devices and monitors. The software segment is touted to grow the fastest owing to its importance as a medium between the database and users. Various services provided under telemedicine include tele-oncology, teledermatology, teleradiology, telepharmacy, telenursing, and others.
Major Telemedicine Market applications include dermatology, radiology, ophthalmology, cardiology, psychiatry, and others. The dermatology segment is projected to exhibit a significant CAGR over the forecast period owing to store-and-forward technology in telemedicine. For instance, Direct Dermatology, a U.S. company, allows patients to upload an image of their skin problem, with the diagnosis and results forwarded to the patient in their e-mail.
Key end-users of telemedicine include clinics, hospitals, and homecare. Telemedicine can be deployed in two ways, on-premises and cloud.
Key regions considered for the telemedicine market include Asia Pacific (APAC), the Middle East & Africa (MEA), the Americas, and Europe.
The Americas is projected to perform well during the forecast period owing to the adoption of healthcare IT and well-developed healthcare infrastructure. This is buttressed by a survey by the Centers for Disease Control and Prevention (CDC) in 2017 which stated that nearly 86.9% physicians use EMR/EHR in their premises to expedite the diagnosis rate. The rise in healthcare expenditure and presence of various medical giants is likely to propel the market forward during the forecast period.
The Europe telemedicine market is the second-largest owing to adoption of the latest technologies and supportive healthcare reforms by governments in the region. According to a report in 2016 by the Parliamentary Office of Science and Technology, nearly USD 54 million was allotted to NHS Trusts and local authorities to digitize their records. This move can relieve the workload of midwives, healthcare assistants, and nurses in the U.K. and update patient information more quickly. Furthermore, the regional demand is projected to grow thanks to the urgent demand by patients in the U.K., France, Italy, and others.
The APAC market is anticipated a brisk growth rate till 2023 owing to the adoption of telemedicine and the large patient pool. The digitization of health records and reimbursement schemes has made outpatient billing a seamless process for patients. Growing economies such as India, China, and Australia are likely to contribute to global market revenue. The Indian telemedicine market valuation can reach USD 32 million by 2020.
The MEA market has the potential to exhibit a strong growth rate till 2023 owing to the strong economic growth of countries in the Middle East.
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