In the year 2015, the global telemedicine market was estimated to be worth around USD 23,224 million and is expected to reach USD 66,606 million by the year 2021, growing at a CAGR of 18.8% during the forecast period (2017 – 2022).
Global Telemedicine Market- Market Dynamics
The huge growth expected in the telemedicine market is mainly due to the potential of telemedicine to revolutionize healthcare delivery as we know it. Telemedicine does this by making it possible to instantly deliver healthcare at any time to and from anywhere in the world.
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Some of the several factors driving the growth of the global telemedicine market are:
Constant technological innovation
Increasing remote patient monitoring
Rising use of treatments that require long follow-ups
In spite of the great scope for growth, there are some factors restraining the market. These include:
Legal and reimbursement issues
High cost of advanced technology
Lack of physician support combined with poor cases of implementation
Lack of infrastructure
Even though the growth of this market during the forecast period looks huge, we are still just scratching the surface when it comes to the size of this market. This is not because of any limitations of this technology but instead due to the limitations in adopting this technology. One such major limitation is the generation of doctors who are currently working in the healthcare industry.
The majority of the doctors who currently work in hospitals and clinics worldwide are in their mid-forties or fifties and have spent most of their careers using conventional means of treating patients. Training this older generation of doctors and convincing them to use telemedicine is a huge task, which most industry experts feel can never be accomplished. Hence, the full market potential of telemedicine can be tapped only after the next generation of doctors takes over the healthcare industry and that is expected to take at least another couple of decades.
In this report, the global telemedicine market has been segmented by type, technology, specialty area, and the end users.
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The market has been further segmented by type into telehospitals/clinics, telehome, mhealth (mobile health).
By technology, the market has been further segmented into Hardware, Software, and Telecommunications.
By specialty area, the market has been further segmented into general consultation, cardiology, dermatology, neurology, gynecology, trauma care, ophthalmology, orthopedics, psychiatry, pathology, general surgery and others.
By end-users, the market has been further segmented into hospitals, clinics, patients and others.
Based on geographical region, this market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.
The North American market has been further segmented into the United States, Canada, and Mexico. The European market has been further segmented into the United Kingdom, Germany, France, Italy, Spain and Rest of Europe. The Asia-Pacific market has been further segmented into India, China, Japan, South Korea, Australia and Rest of Asia-Pacific. The Middle East & Africa (Mena) market has been further segmented into GCC, Egypt, and South Africa, while the South America market has been further segmented into Brazil, Argentina and the Rest of South America.
Currently, the key challenge faced by this market is the lack of infrastructure in the emerging markets required for installing and using telemedicine. This market also has some great opportunities for companies that can simplify the technology and process involved in using telemedicine that can drastically increase the adoption of telemedicine.
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Some of the key players in the market are:
Aerotel Medical Systems
Allscripts Healthcare Solutions
AMD Global Telemedicine
Key Deliverables of the study
Market analysis for the telemedicine market, with region-specific assessments and competition analysis on global and regional scales.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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