As per a detailed analysis by Market Research Future (MRFR), the global telemedicine market is anticipated to garner USD 56,738.3 million, demonstrating a CAGR of 16.8% during the forecast period (2017-2023). The extensive adoption of the electronic health record and electronic medical record (EHR-EMR) is favoring the telehealth market growth across the globe. Telemedicine serves as a provision for remote clinical services with the help of two-way and real-time communication between the healthcare provider and the patient. It involves the use of audio, electronic, and visual means. Telemedicine incorporates different audiovisual elements which are extensively used to integrate communication between the healthcare providers and the patients. It is specifically used for the people dwelling in remote areas and allows them to discuss healthcare providers regarding their health-related issues.
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Market Potential and Pitfalls
The telemedicine market has witnessed a tectonic surge in the past few years due to the surging prevalence of chronic diseases like diabetes and cancer. Such chronic diseases require a patient to stay under complete monitoring. This has resulted in the growing use of telemedicine for monitoring purposes as it allows the patients to save the expenses of the hospitalization and allow them to recuperate in the comfortable environment of their home. The growth in the geriatric population has also triggered the demand for home care and other related healthcare innovations. The efforts made to expand the outreach of the healthcare sector is considered to fuel the growth of the market, as making high-end healthcare services available to everyone has become a prime objective for the governments across the globe. The cost of healthcare is rising across the world due to the extensive utilization of healthcare services, which further demands for innovative techniques and lifestyle factors. The rising expense of healthcare is further driving the growth of the market in the foreseeable future. The surging demand for digital health platforms like telehealth, m-health, EMR, and other wireless technologies is considered another major factor that is encouraging the market growth.
On the contrary, the violation of security laws and privacy is predicted to restrict the market growth in the foreseeable future. While patients communicate with their healthcare professionals through telehealth, there is a high risk of privacy laws and security violations. To reduce such risks, telehealth providers require to have reliable and strong ways to verify the doctor’s and the patient’s identity.
Global Telemedicine Market: Segmental Analysis
The telemedicine market has been segmented on the basis of application, service type, deployment, component, and end user.
By mode of service type, the telemedicine market constitutes telenursing, teleradiology, telepharmacy, tele-oncology, teledermatology, and others.
The component segment of the telemedicine market comprises software and hardware.
Based on deployment, the telemedicine market is segmented into on-premises and cloud-based.
Cardiology, psychiatry, ophthalmology, dermatology, radiology, and others comprise the application segmentation of the telemedicine market. Among these, the dermatology segment is anticipated to gain prominence due to factors like direct care through texts, emails, and other services. Also, a patient’s real-time appointment with a dermatologist through a video platform is likely to fuel the segment’s growth.
Based on end-users, the market includes clinics, hospitals, and home care. Among these, the hospital segment is considered to gain prominence as telemedicine is highly used in the hospital by deploying telemedicine solutions and services to the users in clinics and hospitals.
Considering the global scenario, the American region is considered to dominate the telemedicine market globally owing to the presence of well-developed healthcare infrastructure, surging adoption of healthcare IT, and telehealth services. As per the Centers for Disease Control and Prevention, around 86.9% of the office-based physicians used EHR-EMR systems in back in 2017.
The European region bags the second position in the global market due to the surging adoption of latest technologies in the healthcare industry. The growing support from the government in order to address healthcare demands is likely to support the growth of the regional market. As per the Parliamentary Office of Science & Technology, the Integrated Digital Care Fund awarded 63 million to NHS Trusts for adopting EHR in 2016.
Asia Pacific is expanding at the fastest rate owing to the presence of a colossal patient population coupled with the booming telehealth services market in this region. Continuous developing economies like China, India, and Australia further triggers the demand for telemedicine in this region. As per the Indian Brand Equity Foundation, the telemedicine sector emerged as the fast-growing sector in 2017.
May 02, 2019: Optima Health has recently launched the first rollout of CareLink. It is a collaboration with MDLive to use telehealth in order to improve the health of the population and quality measure scores.
The key players operating in the global telemedicine market comprises CardioNet, AMD Global Telemedicine, Inc., Cerner Corporation, CareClix, GENERAL ELECTRIC, Cisco, Intel Corporation, IBM Corporation, Koninklijke Philips N.V., Iris Telehealth, Care Innovations, SHL Telemedicine, Medtronic, Aerotel Medical Systems, TeleVital, Cardiocom, Allscripts Healthcare Solutions, Tunstall Healthcare, Honeywell Lifesciences, Medvivo Group Ltd., Aerotel Medical Systems Ltd., and others.
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