According to a report by Grand View Research, Inc., global telemedicine market is predicted to value USD 113.1 billion by 2025. Growing requirement for advanced technology that can monitor various chronic conditions such as cardiovascular conditions, diabetes, and cancer is anticipated to propel demand for telemedicine. It is likely to deliver health education, health care, and health information at a distance. In addition, it can offer advanced patient centered care coupled with increased access to remote locations. Moreover, it can also reduce emergency room visit and hospitalization rate among patients.
Healthcare sector is enormously huge and its centralization is likely to support in harmonizing entire process as well as providing economic assistances. All businesses are likely to incorporate six sigma and lean management in their practice to enhance resource practice and increase efficiency. According to community care plan of eastern Carolina (CCP), installation of telehealth program is expected to allow clinicians and medical providers to attend over 20 patients in one week as compared to mere 10 before. Growing demand of patients to presume better and earlier healthcare provision coupled with increasing disposable income can propel growth of market.
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U.S. telemedicine market by product, 2014 – 2025 (USD Billion)
Growing adoption of home care coupled with rising concerns to reduce hospital visits can influence growth of market. Rising cases of chronic disorders attributed to increasing number of geriatric population globally is likely to stimulate market growth. High demand for self-governing and healthy existence by patients can augment growth of market over next few years. Enhancing application of internet, virtual medicine and high demand for centralization of healthcare can fuel market growth during the forecast period (2014 to 2025).
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Global telemedicine market, by region, 2015 (%)
To cater to rising demand for telemedicine, most companies and research institutes are likely to get involved in R&D activities to develop advanced solutions. For instance, a team of researchers from Dell medical school at university of Texas recently observed that diabetic retinopathy screening via telemedicine is expected to have long-term benefits for patients in urban and remote areas. Researchers are expected to collect data on total number of patients screened to count number of patients who required further evaluation and those who got evaluated by trained retina specialists. According to data collected, 5764 patients are expected to receive screening in past years. Among them, 5632 are found to get gradual images. Another 1830 are expected to have retinal pathology and 1152 are likely to be diagnosed with diabetic retinopathy (DR).
The telemedicine market can be segregated on the basis of product and region. Based on product, the market can be categorized into network & connectivity, hardware, and others. In 2016, hardware segment dominated the market and accounted for largest market share. The segment is likely to include products such as desktop, laptops, speakers, microphones, videoconferencing, webcams, and display monitors. Hardware used in telemedicine can abide to specific conditions that are required for its competent functioning. Hardware is likely to be graded and selected based on traits such as general memory & video, connectivity & email feature, and processor speed and display quality.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East & Africa (MEA). In 2016, North America accounted for significant 32.8 % of market share. United States is expected to be dominant attributed to prevalence of refined medical services in the country. In addition, supportive initiatives from local governments including introduction of incentive system by Medicaid and Medicare.
In Asia Pacific, the market is expected to witness substantial growth attributed to high demand for healthcare IT services in healthcare. In addition, rising investments from local governments to develop healthcare facilities can fuel market growth in the region.
In Latin America, the market is likely to grow well over the forecast period owing to rising demand for post-acute care supervision.
Some of the leading companies offering telemedicine are Philips Healthcare, IBM, McKesson Corporation, Intel Corporation, and AMD Telemedicine. Most companied are likely to adopt strategic actions such as new product launches and mergers & acquisitions to expand their work portfolio and gain traction among consumers.
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