The Global Telemedicine Market is presumed to garner USD 56,738.3 during the forecast period (2014-2023). The market is expected to project 16.8% CAGR owing to the prevalence of chronic diseases, asserts Market Research Future (MRFR). Telemedicine is referred to as the remote delivery of healthcare services like consultations over teleconference or telecommunication, which enables healthcare professionals to diagnose, evaluate, and treat patients. It serves as a provision for several remote clinical services which helps in the two-way communication between the patient and healthcare provider.
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The prominent players operating the Global Telemedicine Market are Iris Telehealth, Cardiocom, AMD Global Telemedicine Inc., Cisco, Aerotel Medical Systems Ltd., Cerner Corporation, Tunstall Healthcare, Honeywell Lifesciences, CareClix, GENERAL ELECTRIC, Care Innovations, CardioNet, SHL Telemedicine, Allscripts Healthcare Solutions, Aerotel Medical Systems, TeleVital, Koninklijke Philips N.V., Intel Corporation, Medvivo Group Ltd., IBM Corporation, Medtronic, and others.
Drivers and Constraints Impacting the Market
With the increasing adoption of electronic medical record and electronic health record, the global telemedicine market is likely to flourish during the assessment period. Growing incidences of chronic diseases such as cancer and diabetes coupled with the increasing demand for improving the healthcare services are boosting the market. Healthcare organizations are also adopting digital healthcare platforms in order to enable remote monitoring of the patients. Remote monitoring will foster the efficiency of operations and will also reduce the cost. Moreover, such technology platforms provide a wide range of healthcare needs such as clinical disease support, chronic disease management, and population health management. Such benefits are further considered to stimulate the market growth of telemedicine in the coming years.
On the flip side, high cost of implementing telemedicine systems such as EHR and EMR is considered to retard the global telemedicine market. Strict regulations associated with telemedicine are anticipated to hinder the growth across the globe. Moreover, lack of technical expertise and underdeveloped infrastructure in the developing countries acts as a barrier to the growth of the market.
Global Telemedicine Market: Segmental Analysis
The Telemedicine Market is segmented on the basis of component, service type, application, deployment, end-user, and region.
By mode of service type, the Global Telemedicine Market has been segmented into telepharmacy, telenursing, teledermatology, teleradiology, tele-oncology, and others.
By mode of component, the Global Telemedicine Market has been segmented into hardware and software. Among these, the software segment has been sub-segmented into standalone software and integrated software. The hardware segment has been sub-segmented into medical peripheral devices and monitors.
By mode of deployment, the Global Telemedicine Market has been segmented into on-premise and cloud-based. Among these, the cloud-based deployment holds the major market share and is estimated to maintain its dominance over the forecast period.
By mode of application, the Global Telemedicine Market has been segmented into ophthalmology, cardiology, radiology, psychiatry, dermatology, and others.
By mode of end-users, the global telemedicine market has been segmented into homecare, hospitals, and clinics.
Geographically, the telemedicine market span across regions namely, America, Europe, Asia Pacific, and the Middle East and Africa.
Among all the regions, America is considered to dominate the Global Telemedicine Market owing to the increased adoption of healthcare IT and a well-developed healthcare sector in this region. Also, the presence of major market players coupled with increasing expenditure on healthcare is considered to stimulate the market growth in this region.
Europe holds the second position due to the rising adoption of latest technologies along with growing government support to address the healthcare demands. The Asia Pacific region is the fastest growing region owing to the presence of huge patient population. Also, with the expanding telemedicine sector, the market is likely to flourish in this region. Also, the presence of developing countries such as Australia, India, and China are expected to augment the growth of the market.
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