Exponential Rise in Chronic and Critical Ailments to Support Growth Spurt in Global Telemedicine Market
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. A new research offering collated by Adroit Market Research evaluates versatile developments in the telemedicine space and evaluates their growth steering abilities. Information as such play crucial roles in deciphering the exact pulse of the market and eventually design and deploy appropriate business decisions benefiting sustainable revenues.
Telemedicine is a unique confluence of medical offerings and technological innovations adequately supported by medical professionals who offer extended support in diagnosis, assessment and subsequent therapeutics.
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Healthcare providers are already using telemedicine services to improve current healthcare value chain in order to fill gaps, enable 24*7 care, and provide access to medical specialists. Digital healthcare model provides seamless, ubiquitous, affordable and integrated features which patients can easily accommodate in daily lifestyle. Shift towards demand driven healthcare, telemedicine has become first and most widely accessible point of care services in case of medical emergencies.
Demand of patients are changing and is expected to improve the penetration rate in coming years. Patients wants to know the data regarding their profile and medical conditions. Ample amount of data is available on internet regarding medical conditions hence patients keep themselves updated regarding their symptoms, and medications. Such keen nature of patients is expected to increase the adoption rate of telemedicine in coming years as consumers are being aware of what they have and what can be the possible outcomes in near future. Instead of being miss leaded by inaccurate information from internet, doctors and patients both prefer disclosure of EHR to the patients. It has been observed that patients avoid visiting doctor physically and prefer teleconference or video conference with the doctor. With increasing adoption of telemedicine, patients will not have to travel all the way long to the hospital and doctors can too attend all patients sitting at single place. Waiting time can be eliminated and process can be made automated minimizing human errors in accounting and other operations.
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Telemedicine is uniquely carried out via visual, audio and electronic elements. Telemedicine market advances is closely influenced by rampant inclusion of electronic medical record (EMR) architecture for superlative healthcare delivery. It is vital to understand the role of COVID-19 outrage in expanding the functional potential of telemedicine. With physical visits to hospitals curtailed and burgeoning burden on the healthcare delivery models, reliance on telemedicine evolved from a mere pilot study project to more robust integration to address larger patient pools, while minimizing exposure risks for healthcare professionals.
Besides COVID-19 offering as a launchpad for supporting growth, telemedicine market is a highly promising venture as rise in chronic and critical ailments such as diabetes and cancer rise exponentially. Further, advanced in smart device ownership, and all-pervasive internet connectivity further boost growth prospects manifold.
However, lack of adequate skill is likely to dampen growth vigor considerably. Also, initial costs associated with installation also deters adoption rates across mid and low income countries, dampening growth.
IN terms of regional growth prospects, matured economies such as North America and Europe are expected to lead from the front owing to improved awareness and seamless confluence of medical offerings and IT architecture. This is also supported by favorable government initiatives towards healthcare improvisation as well as government and corporate funding.
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.
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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
- Teleradiology
- Telecardiology
- Telepsychiatry
- Teledermatology
- Others
- Telehome
Component Overview, 2015-2025 (USD Million)
- Services
- Hardware
- Software
- Telecom & Networking
Regional Overview, 2015-2025 (USD Million)
- North America
- S.
- Europe
- Germany
- UK
- France
- Asia-Pacific
- China
- Japan
- India
- Central & South America
- Middle East & Africa
Potential Areas for Telehealth Growth
- Chronic care management
- Pharmacy services
- Telestroke services
- Provider-to-provider
- Tele-ICU tools
- Specialty telemedicine consults
- Diagnostic screening for diabetes-related eye disease
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