“Global Telemedicine Market Analysis & Opportunity Outlook 2021”
The global telemedicine market is segmented into application such as tele-radiology, tele-cardiology, tele-dermatology, tele-gynecology, tele-neurology, tele-psychiatry tele-pathology and others. Among these segments, tele-dermatology segment grabbed the largest segment in 2014 and it is expected to seize a notable CAGR during the forecast period. Likely, growing crowd at hospitals and clinics is projected to foster the growth of telemedicine market. Apart from this, tele-gynecology segment is projected to be the fastest growing segment in overall telemedicine market.
Global telemedicine market is expected to register a CAGR of 14.7% over the forecast period. Moreover, the global telemedicine market is valued at USD 17.9 Billion in 2014. The rise in lifestyle diseases such as heart disease, stroke, cancer, chronic respiratory diseases, diabetes, and mental illness, among others are expected to be the biggest contributor for the demand of telemedicine products and services.
The teleclinics/hospitals by users contributed the largest share in overall telemedicine market in 2014. In addition to this, telehospitals provides all business to business services such as health education, telesurgery, post-acute care, interpretation service, specialist referral etc. and also business to consumer services such as remote ICU, mobile telehealth, remote patient monitoring and diseases management for telemedicine. Furthermore, many hospitals are also collaborating with other organizations to set up tele-clinics.
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Rising Chronic Diseases
The rise in the chronic disease such as congestive heart failure, diabetes, asthma etc. is one of the major drivers for growth in the telemedicine market. According to WHO, these diseases contributed to 3.78 million deaths in 1990 (40.4% of all deaths) and is expected to reach 7.63 Million in 2020 (66.7% of all deaths), coupled with other disease also. In addition to that, there has been a steep rise in average cost of hospitalization in recent years.
Increasing Number of Ageing Patients
The total number of ageing population is increasing day by day and as a result burgeoned daily care would be required by these age bracket. In addition to this, according to U.S. Census Bureau, 8.5 percent of people worldwide (617 million) are aged 65 and over and this percentage is projected to boost to nearly 17 percent of the world’s population by 2050 (1.6 billion). Moreover, old aged people in rural areas not able to travel long distance and they need care at their home. For all such issues, Telemedince can provide the solutions.
On the contrary, reimbursement for telemedicine services is limited and also requires a face to face contact between both the patient and also the provider. Further, due to dearth of proper reimbursement policies, several providers are also facing challenges in terms of investment in the technologies. These factors are believed to hamper the growth of Telemedicine Market.
The report titled “Global Telemedicine Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global telemedicine market in terms of market segmentation by application, by user and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global telemedicine market which includes company profiling of AMD Global Telemedicine INC., Philips Healthcare, GE Healthcare, Aerotel Medical Systems, Allscripts Healthcare Solutions Inc., Honeywell Life Care Solutions, McKesson Corporation, Cerner Corporation and Biotelemetry Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global telemedicine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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