Adroit Market Research launched a study titled, “Global Telemedicine Market Size 2017 by End Users [Telehospitals/Teleclinics (Teleradiology, Telecardiology, Telepsychiatry, Telepathology, Teledermatology, And Others) and Telehome]; by Component (Services, Hardware, Software, Telecom and Networking); by Region, and Forecasts 2018 to 2025”. The study covers the global telemedicine market value on an annual basis between 2015 and 2025. The global telemedicine industry report also includes insights into the market including pipeline analysis, Porter’s Five Forces analysis, drivers and restraints. The global telemedicine market share has been covered by different end-users and components for the specified time period on a regional and country level. The detailed information regarding the top telemedicine market leaders has also been covered in this study.
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The global telemedicine market size is estimated to reach USD 118.13 billion by 2025 driven by technological advancements such as remote patient monitoring, real-time interactive services and many more in the healthcare system. Increasing physician spending in developed as well as developing nations is expected to be one of the key drivers for the global telemedicine market growth. Furthermore, rapid developments within the healthcare industry such as the emergence of connected healthcare devices are expected to drive the growth of telemedicine market size in near future.
Shortage of doctors in coming years is also expected to support the market growth. Telemedicine enables multiple patient interactions simultaneously minimizing the requirement of doctors within the hospitals. According to the Association of American Medical Colleges, a shortage of 130,600 physicians will be experienced by 2025 creating a market opportunity for telemedicine providers.
Currently, a large pool of medical practitioners have reached the age of retirement and less number of students are opting for medical studies. Furthermore, the financial burden of medical travel is also expected to increase the uptake of telehealth. According to the Ontario Telemedicine Network annual report, 237 million kilometers of medical travel was avoided using telemedicine in 2013. Such factors are expected to increase the penetration of telemedicine in the coming years.
On the basis of region, Europe contributed major market share in 2017 and is expected to maintain its dominance over the forecast period. The high penetration rate of telemedicine in countries such as Germany, UK, France, and Spain is expected to fuel the regional market growth. Consumer preferences towards virtual doctor visits instead of physician visits are expected to act as an opportunity for service providers within the region.
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Furthermore, government regulations promoting telemedicine are also expected to increase penetration in the coming years. For instance, in June 2018, German Medical Association uplifted E-Health Law which allowed telemedicine to be used only for follow-up visits. Such trends are expected to drive the regional demand for telemedicine over the forecast period.
In 2017, Asia Pacific accounted for more than 20% of the global telemedicine market share and is expected to emerge as the most lucrative market for telemedicine by 2025. Countries such as India are expected to grow with the highest CAGR over the forecast period. More than 60% of Indian population lives in rural areas. The population lacks healthcare infrastructure and computer knowledge. For the implementation of telemedicine, sound computer knowledge is a criteria. Due to all these reasons, India is facing numerous challenges in implementing telemedicine. However, telemedicine is expected to emerge within the Indian healthcare sector in tandem with the growing digitization and government support. This can change the face of rural healthcare practices by using such a developed technology to provide basic medical facilities.
McKesson Corporation, Koninklijke Philips N.V., GENERAL ELECTRIC COMPANY, Cerner Corporation, IBM, Honeywell Life Care Solutions, AMD Global Telemedicine, Inc., Cisco Systems, Inc., Medtronic, Aerotel Medical Systems (1998) Ltd., Allscripts, and InTouch Technologies, Inc. are the leading players present within the global telehealth (telemedicine) market. The global telemedicine industry is highly fragmented in nature, which has resulted in mergers & acquisitions as leaders are looking at integrating their operations. For instance, InTouch Health, a provider of enterprise telehealth platforms, announced that they had entered into an acquisition agreement with TruClinic, a web-based telemedicine provider specializing in direct-to-consumer virtual care solutions based in the US in January 2018. With this acquisition, InTouch Health is likely to expand its product bouquet to enable themselves to provide a full range of virtual care programs.
Key segments of the global telemedicine market
End User Overview, 2015-2025 (USD Million)
- Telehospitals / Teleclinics
Component Overview, 2015-2025 (USD Million)
- Telecom & Networking
Regional Overview, 2015-2025 (USD Million)
- North America
- Central & South America
- Middle East & Africa
Some Points from Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Telemedicine Overview, By End-User
Chapter 5. Telemedicine Overview, By Component
Chapter 6. Telemedicine Market Overview, By Region
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