|Status : Upcoming||Report Code : VRHC1102||Industry : Healthcare||Available Format :|
The global telemedicine market was valued at USD 38.4 billion in 2020 and is anticipated to reach USD 195.4 billion by 2027, registering a CAGR of 37.9% during the forecast period 2021-2027. Telemedicine uses a wide range of information and communication technologies to deliver a clinical solution to patients. It includes various applications and services such as smartphones, email, two-way videos, and wireless tools. It helps in improving individual health with the help of electronic media. In addition, it also surges availability by reducing distance barriers between the medical service provider and patients. The global telemedicine market is growing at a significant rate, due to the mounting occurrence of chronic and lifestyle associated diseases, and constant requirement for enhanced healthcare quality services.
Different services such as tele-consulting, tele-education, tele-monitoring, tele-training, and others contributed to the telemedicine market size. The market has witnessed high demand for tele-monitoring due to the mounting usage of home monitoring devices and escalating benefits in the care of patients with heart failure.
Insight by End User
On the basis of end user the market is subdivided into tele-home, and tele-hospitals and clinics. Among end users, tele-hospitals and clinics segment accounted for the larger share in the market, due to mounting telemedicine adoption in hospitals and clinics. In addition, the tele-home segment is expected to grow at the fastest rate in the market due to a mounting inclination towards personalized medicine.
Insight by Service
On the basis of service, the market is subdivided into tele-consulting, tele-education, tele-monitoring, tele-training, and others. Of all the services, tele-monitoring segment is expected to grow at the fastest rate in the market due to the mounting usage of home monitoring devices and escalating benefits in the care of patients with heart failure.
Insight by Specialty
On the basis of specialty, the market is subdivided into dermatology, orthopedic, cardiology, gynecology, neurology, and others. Among all specialties, the dermatology segment accounted the largest share in the telemedicine market due to a mounting number of patients getting medical information associated to skin conditions such as acne, skin tumor, psoriasis, and rashes. In addition, the neurology segment is expected to grow at the fastest rate in the market.
The mounting occurrence of chronic and lifestyle associated diseases, intensifying medical tourism, expanding the geriatric population, escalating healthcare cost, the constant requirement for enhanced healthcare quality services, and mounting government funding and grants for telemedicine are the primary growth drivers for telemedicine market. For instance, For instance, according to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. In addition, according to the International Diabetes Federation (IDF) in 2017, approximately 425 million adults were suffering from diabetes and are expected to reach 629 million in 2045.
Technological advancement, boosting a number of smartphone users, escalating healthcare cost, the mounting medical requirement in remote locations, and expanding requirement for remote patient monitoring services in developing countries are also facilitating the growth for the telemedicine market.
Inadequate healthcare infrastructure, lack of skilled professionals, and high installation price are the major challenges for the growth of telemedicine market.
Globally, the manufacturing companies trying to enter the telemedicine market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest telemedicine market as in the region the geriatric population is increasing and developed telecommunication infrastructure. In addition, the mounting occurrence of chronic diseases and lifestyle associated diseases, escalating number of smartphone users, and the high demand for technologically advanced products are also up surging growth of the North American telemedicine market. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes.
Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting occurrence of chronic and lifestyle associated diseases. In addition, escalating healthcare expenditure, and significant development of information technology are also creating a positive impact on the telemedicine market growth in the region.
Key players in the telemedicine market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In July 2018, Royal Philips collaborated with Showa University to launch first telemedicine intensive care (eICU) program at Showa University Hospital and Showa Koto Toyosu Hospital, to help improve the results of high-risk patients.
In addition, in April 2018, InTouch Health signed an agreement to acquire REACH Health, a telemedicine software company to will expand its market share for hospitals and health systems. Koninklijke Philips N.V., Aerotel Medical Systems Ltd., Cerner Corporation, McKesson Corporation, InTouch Technologies Inc., Cisco Systems Inc., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., and Honeywell International Inc. are the key players offering telemedicine.
Source: VynZ Research