Global Telemedicine Market
Global Telemedicine Market was valued at USD 22.39 billion in 2019 and it is expected to reach USD 78.80 billion by 2017, growing at a CAGR 17. 73% from 2019 to 2027.
Qualiket Research studied global Telemedicine Market report includes major growth factors such as increase in technological advancements, healthcare costs, remote patient monitoring, and rise in burden of chronic diseases. The market report includes a forecast and an analysis of telemedicine market on a global level as well as regional level. The study covers drivers and restraints of telemedicine market with their impact on market growth over the forecast period.
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Global Telemedicine Market Overview
Telemedicine is defined as the diagnosis or treatment of patients by means of telecommunication technology. Telemedicine have various benefits such as better management of chronic diseases, reduced travel time, reduce the cost of health care, increases efficiency, and shorter hospital stays. Telemedicine is a game-changer for healthcare industry it brings healthcare system directly into the patients door. Telemedicine is based on various technologies such as email, smartphones, and video conferencing.
Global Telemedicine Market Drivers
Advancements in information and communication technology is the major driving factor for the telemedicine market which is expected to boost the telemedicine market, growth in near future. Furthermore, rise in geriatric population will increase the demand for telemedicine in this forecast period. Nowadays, telemedicine rapidly transforming healthcare industry, and in the next few years it may become the most accepted, and used method of diagnosis and treatment. Increase in research and development activities such as remote patient monitoring is expected to boost the growth of global telemedicine market.
Market Segmentation
Global Telemedicine Market categorized into product type, component, services, delivery mode, and region.
Based on the product type market is segmented into Telehospitals, Telehomes, and Mobile Health, by Component such as Hardware, Software, and Others.
Based on services market is categorized into Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry, and Others. The product and services segment accounted for the maximum share in 2019 and it is estimated to dominate the market throughout forecast timeline. Rapid adoption real time communication devices and entry of new service providers will positively influence the market growth. The demand for telemedicine products is expected to boost in upcoming years. These products are used for effective evolution and diagnosis of patients living in remote areas by using telecommunication technology.
Based on the component global telemedicine market the market is segmented into hardware, software, and others. Also, based on deployment mode market is segmented into on-premise delivery, and cloud based delivery. These deployment modes are expected to register a moderate CAGR in the market, during this forecast period.
Key Players
Some of the key players operating in the telemedicine market include McKesson Corporation, Philips Healthcare, GE Healthcare Ltd., Cerner Corporation, IBM, Honeywell Life Care Solutions, AMD Global Telemedicine, Inc., Cisco Systems, Medtronic PLC.,InTouch Technologies Inc, Aerotel Medical Systems Ltd, BioTelemetry Inc, CardioNet, CareClix, Allscripts, and Medvivo Group Ltd.
Regional Analysis
The North America expected to dominate the global telemedicine market due to availability of a well-developed healthcare sector, as well as tele-health services. Telemedicine is a rapidly growing industry in the North America. Increase in demand for mobile technologies, along with adoption of homecare by patients which is expected to fuel the market growth.
Europe dominated the global telemedicine market owing to high demand for telemedicine in the past few years. Also, APAC is estimated to be the fastest growing region due to huge patient pool and increase in adoption of tele-health services. Furthermore, the presence of continuously developing countries such as China, India, and Australia within this region drives this market growth.
Middle-East and Africa has least share in global telemedicine market growth due to the poor economies, stringent government policies, and lack of healthcare services and infrastructure especially within Africa region.
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