Telemedicine Market Is Anticipated To Reach USD 78.82 Billion Owing To Rising Demand For Self-Care By 2022 | Million Insights
October 11, 2018 --
Global Telemedicine Market is projected to reach USD 78.82 billion by 2022 owing to increasing incidences of chronic diseases and rising demand for self-care. Telemedicine is a tool that makes healthcare more accessible, economic and which increases patients engagement. It includes the use of advanced technology and telecommunications for physicians to visit their patients in virtual manner, normally over live video or via captured images. This tool enables patients and doctors to communicate with each other across boundaries.
The concept of telemedicine is still not familiar to most physicians and providers due to its slow adoption rate in healthcare sector. However, the continual advances in technology and health innovation has majorly expanded its usability. In addition, the demand from tech savvy generation has propelled the speedy adoption due to convenience, cost saving feature and intelligent features.
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The growing geriatric population is one of the major drivers for the growth of telemedicine market. The elderly population requires extra care since they are more prone to illness like cardiovascular disorders and diabetics due to low immunity levels and long recovery time. The highly effective tool involves major features for providing comprehensive and integrated supervision to deliver remote health monitoring, maintain their independence and improve the care quality, which thereby drives telemedicine market. The growing number of partnerships and mergers is the major trend witnessed by telemedicine market. The leading businesses in the industry are enthusiastically involving in partnerships and mergers to provide superior services to healthcare organizations. Most mergers are focusing on increasing and streamlining the solutions, technology processes and offering a range of services to ambulatory & hospitals.
On the other hand, inadequate healthcare structure in emerging nations is a key barrier to the growth of telemedicine market. In developing nations like China and India, the absence of improved healthcare infrastructure restricts the growth of the market. Lack of adequate healthcare infrastructure leads to connection loss, which disconnects virtual consultation resulting in-patient following wrong treatment procedure. Several telehealth pilot development projects in emerging nations have not succeeded due to poor designed network connectivity, poor user experience, unreliable equipment and poor bandwidth availability, which hinders the growth of telemedicine market.
The market is categorized on the basis of service type, component, deployment, application, end-user and geography. On the basis of service type, telemedicine market is divided into telenursing, telepharmacy, teleradiology, teledermatology, tele-oncology, etc. Based on component, the market is segmented as service, software and hardware. Hardware segment is further divided into monitors and medical peripheral devices. Service segment is predicted to hold larger share of the market owing to increasing adoption of remote monitoring solutions by patients in remote rural regions, and technological advancements in telecommunication.
In terms of deployment, the market is divided into cloud-based and on premises. Based on application, market is classified into cardiology, ophthalmology, psychiatry, radiology, dermatology, etc. On the basis of end-user, market is divided into hospitals, clinics, and home care.
Geographically, the market is segmented as North America, Europe, Asia Pacific, and RoW. North America, followed by Europe and Asia Pacific are expected to hold larger share of telemedicine market in future.
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The key players in telemedicine market are Aerotel Medical Systems, AMD Global Telemedicine, Inc., Aerotel Medical Systems Ltd., CardioNet, CareClix, Cerner Corporation, Cisco, GENERAL ELECTRIC, IBM Corporation, Intel Corporation, Iris Telehealth, Koninklijke Philips N.V., Medtronic, TeleVital, Allscripts Healthcare Solutions, Cardiocom, Honeywell Lifesciences, Tunstall Healthcare, Care Innovations, Medvivo Group Ltd., and SHL Telemedicine.
The market is divided into the following segments based on geography:
Global Telemedicine Market 2018 - 2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
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