Telemedicine market Overview:
Telemedicine Market corresponds to small share in the healthcare market currently, it is one of the fastest budding segments in the overall healthcare market. Although telemedicine programs have been in vogue for almost half a century, the recent healthcare reforms have been instrumental in promoting the increased handling of such applications.
The rise in average age has resulted in elderly patients who need maximum healthcare; this is growing the overall healthcare cost globally. Patients today are most aware and demand better healthcare services. The total number of healthcare professionals is not enough to meet needs of the growing number of patients. With healthcare specialists spread across the globe, the teleconsultation–referrals–second opinion chain has prolonged globally. Use of telemedicine helps in improving individual health with the support of electronic media. It also increases accessibility by tumbling the space barriers between medical service providers and patients.
Growing population, growing number of chronic diseases and increasing cost of healthcare services are the significant key drivers for the growth of global telemedicine market. In addition, increased use of technology in healthcare conveyance and dearth of physicians in rural areas is foreseen to propose new prospect for growth of telemedicine market. On the other side, lack of trained and skilled professionals in the remote areas, dearth of consumer awareness about new-fangled technology and its uses are some of the major aspects inhibiting the growth of telemedicine market
Telemedicine market Forecast Report (2018-2023)
The Telemedicine market was estimated to reach from USD 35.46 billion in 2018 to USD 80.61 billion in 2023 with a compound annual growth rate (CAGR) of 17.85% over the next five years.
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Telemedicine market Segmentation
- Delivery mode
- End User
Medical consultation services will keep on to be the most frequently used form of telemedicine used by physicians for escalating the outreach of their medical advice. The tele-monitoring sector will also enjoy an upward trend owing to the increasing diabetic and disabled population.
Telemedicine geographical market
North America and Europe accounts for the highest share of the market. This is owed to high acceptance for technology in these areas. China, Brazil, Russia and India are expected to show high growth rate due to rising population and rising incidence of chronic diseases
Telemedicine players are focused on improving their technology assistance in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies are assessing the return on investment (ROI) and clinical outcomes of the telemedicine technology. Tier I players are assessing opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the ability of telemedicine to support e-healthcare and considerably attain the bottom line.
Key Developments in the Market
- Nov 2017: The BioTelemetry, Inc., announced a partnership with Apple Inc. to offer cardiac monitoring services in conjunction with the Apple Heart Study
- Nov 2017: Telcare, (a division of BioTelemetry) the manufacturer of the world’s first FDA-cleared cellular-enabled blood glucose monitor, come into a strategic collaboration with Onduo, a joint venture created by Verily (an Alphabet company) and Sanofi. Under this partnership, Telcare is likely to provide as the supplier of remote blood glucose systems and the resulting data for patients enrolled in Onduo’s groundbreaking diabetes management program
Some of the major companies operating in the current Market are
- AMD Global Telemedicine
- GE Healthcare (U.K.)
- CISCO Systems, Inc.
- Medtronic, Inc.
- Honeywell Lifesciences
- Aerotel Medical Systems
- Philips healthcare
- McKesson Corp
- Cerner Corporation
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