The main objective of this report is to define, describe, and forecast the global “Telemedicine” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market. According to report the global telemedicine market is projected to grow at a CAGR of 18.4% over the forecast period of 2018-2024.
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Telemedicine is a subset of telehealth that includes both remote clinical service delivery and nonclinical elements of the healthcare system. Telemedicine is the remote delivery of healthcare services such as health assessment or consultation over the telecommunication infrastructure. It allows the healthcare service providers to examine, diagnose and treat patients almost anytime, day or night without the need for an in-person visit. Telemedicine lets healthcare providers examine, diagnose and treat patients using technology like phone, computer or other devices. Telemedicine is a burgeoning technology and has a high growth potential. Telemedicine offers a number of benefits such as it let healthcare providers diagnose common viruses like cold, infection, rashes, allergies, mental health problems like anxiety or depression and do routine follow-up visits for surgery or illness. In addition, telemedicine allows sharing of health data through digital devices such as phone apps, wearable devices, and other medical devices. Also, this technology helps to send –X-ray, ultrasound photos or images and improve access to the specialist. Moreover, Telemedicine helps in setting up virtual visits and at the same time and provide education, such as explaining how to use an inhaler.
Consistent technological innovations, increasing remote patient monitoring, the high prevalence of chronic diseases, and rising geriatric population are considered to be the driving factors fueling the growth of telemedicine market. Also, benefits offered by telemedicine is leading to the adoption of telemedicine technology in developed as well as developing countries. In addition, growing technological innovations and adoption of medical devices are facilitating growth in this market. Moreover, an increasing number of smartphone users is likely to support the growth of this market over the forecast period. However, high cost of advanced technology, legal and reimbursement issues and inadequate healthcare infrastructure in developing economies are the factors inhibiting the growth of telemedicine market. Furthermore, the global telemedicine market is expected to present several opportunities for major players due to technological advancements in the telecommunication sector.
Among the Geographies, North America dominated the global telemedicine market followed by Europe. The U.S is the main region driving the growth in the North America region. Telemedicine technology was first used in the military situations during the Civil War for ordering medical supplies or medical consultations. The growth of the telemedicine market in this region is mainly attributed to growing adoption of telemedicine from organization and patients, ongoing reforms in telehealth parity laws and improved reimbursement policies. Asia Pacific region is witness to grow at the highest CAGR during the forecast period due to growing healthcare infrastructure and on-going adoptions of medical devices.
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The report provides profiles of the companies in the global telemedicine market such as, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Honeywell Life Care Solutions, Medtronic,, SHL Telemedicine Ltd., Aerotel Medical Systems, Bio Telemetry, InTouch Technologies and Philips.
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