The Global Telemedicine Market is expected to grow at a CAGR of 16.5% during the forecast period.
Telemedicine or telehealth comprises of the distribution of health services and information electronically or via telecommunication technologies. The high potential of telemedicine is being eyed by a number of experts. For example, Nokia Technology President Ramzi Haidamus stated that future could lie with digital health. He supported Nokia’s decision to invest in connected health. “We’re looking at digital health domain, where we have not launched any products and is something that comes very natural to Nokia” he said in 2016.
Telemedicine takes advantage of rapid strides in the communication technology so as to allow healthcare professionals to provide cost effective healthcare, supervision, distance-learning to the patients, reduce wastage and need for physical appointment, increasing efficiency of healthcare practitioner’s time and others. Overall healthcare system integration and cutting the scarcity of healthcare professionals through the world are other consideration of the technology.
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Key players in the Global Telemedicine Market
Key players profiled in the report are Koninklijke Philips N.V. (The Netherlands), Medtronic (Ireland) AMD Telemedicine Technologies (U.S.), General Electric Company (U.K.), Neusoft Corporation (China), McKesson Corporation (US) , Intel (US), and IBM (US).
Industry News and Analysis
GlobalMed acquired TreatMD in 2016. TreatMD will help GlobalMed to connect patients and physicians around the world. The deal will create synergy between direct-to-consumer telemedicine technologies of TreatMD coupled with client to client based telemedicine technology of GlobalMed.
In 2016, Medvivo a telemedicine company acquired Expert 24 with a primary goal of expanding its product lines and regional distribution throughout the UK, Europe, and the United States.
The strategy of most players revolve around
- Garnering distribution expansion so as to develop the market as well as gaining distribution efficiencies.
- Expansion of product lines and product weightage and gain a complete line so as to make the company a one stop destination
- Achieving synergies between in-house and acquired technologies with an aim to increase returns on investment through technological gains.
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Regional Analysis for Global Telemedicine Market:
The global telemedicine market is segmented on the basis of regions namely Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas accounts for the largest share of telemedicine market whose growth is fostered by an increase in the demand for healthcare IT solutions, presence of prominent market players, and availability of infrastructure for medical tourism.
Europe shows a significant rise in the telemedicine market. The Europe Union (EU) is funding several telemedicine projects to improve the healthcare access to the population through telemedicine technology, for instance, “Revenue Health”, is one of the projects funded by the EU.
Asia Pacific shows phenomenal growth in telemedicine market and is expected to the fastest growing region due to rising geriatric population, increasing prevalence of chronic diseases, developing telecommunication technology as well as developing healthcare infrastructure.
The Middle East & Africa is witnessing a steady rise in the telemedicine market owing to the need for tapping unreachable areas by improving technological framework across the region.
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