Telemedicine, the future of healthcare services, refers to offering assistance to patients from a distance. Chronic care management (CCM) services, a part of the umbrella term of telemedicine, are redefining the scope of this market. In a latest report published by The New England Journal of Medicine, it states the shortcomings of the IT offerings and CCM and insists on making a paradigm shift to reengineer the process of giving patients the much-needed care. These efforts are expected to make the future of CCM more patient-centric, increase the efficiency of care given to patients, and help the economic burden for both patients and hospitals. Other multiple offerings as a part of telemedicine are bringing about a significant change in the overall dynamic of the healthcare industry by making it more accessible to people and areas that were previously difficult to instantaneously access.
There are several ways through which telemedicine is improving the scope of medical care to patients across the globe. For instance, intraoperative monitoring technology allows surgeons to perform continuous checking, testing, and recording during a complex surgical procedure. This is immensely helpful as the staff in rural hospitals generally do not have the expertise to perform such kind of minute and detailed monitoring.
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Medical diagnosis and treatment at “point of care” tests and treats patients rapidly at places close to where they live. This eliminates the need to visit a doctor or a hospital for tests, then waiting days for results, and then returning to the doctor for treatment. Point of care medicine relies on portable diagnosis and monitoring devices that can be sent to remote areas. Telecommunications allow physicians in rural areas to get advice from specialists present in another location or to share sophisticated medical details such as CT scans. Thus, the global telemedicine market is expected to witness a significant growth owing to the numerous ways by which, they help improve patient care.
Global Telemedicine Market: Overview
The rising government spending and the introduction of several favorable reimbursement policies are predicted to bolster global telemedicine market in the near future. In addition, the proliferation of mobile telecommunication technology is considered to accelerate the development of the overall market in the coming few years. In addition, the rising number of technology manufacturing units providing cheaper equipment is expected to ensure a substantial growth of the telemedicine market throughout the forecast period.
Global Telemedicine Market: Key Trends
The use of telemedicine offers time and cost efficiency, which is anticipated to encourage the growth of the global telemedicine market in the next few years. Moreover, the rising demand for privacy and personal healthcare is likely to boost the adoption of telemedicine across the globe in the next few years. A potential rise in the number of techno savvy individuals that is shifting the preference of consumers from traditional medicine to telemedicine is another major factor anticipated to supplement the growth of the overall market in the near future.
On the flip side, the delayed response time that is being exhibited by most of the forms of telemedicine is projected to hamper the growth of the global telemedicine market in the coming years. In addition, the inadequate assessment that is being reported by several medical practitioners and patients is likely to restrict the growth of the market.
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Global Telemedicine Market: Market Potential
The global market for telemedicine is expected to experience a high level of growth throughout the forecast period. The emergence of advanced telemedicine and imaging technology is projected to increase the demand for patient assessment, which further will encourage the growth of the global telemedicine market in the next few years. Furthermore, the growing focus on the expansion of the product portfolio and the number of applications is estimated to offer lucrative opportunities for key players operating in the telemedicine market across the globe.
Global Telemedicine Market: Regional Outlook
The global telemedicine market has been classified on the basis of geography in order to offer a detailed overview of the regional segments. According to the research study, in the last few years, North America led the global telemedicine market and is anticipated to continue with its dominance throughout the forecast period. The presence of a large number of players operating in this region is one of the key factors estimated to encourage the growth of the market in the next few years.
Furthermore, Asia Pacific is expected to witness substantial growth in the coming few years and register a progressive growth rate. The robust growth of this region can be attributed to the increasing population and the rising initiatives by governments to encourage the use of telemedicine in the coming years.
Global Telemedicine Market: Competitive Analysis
The leading players operating in the telemedicine market across the globe are CARDIOCOM, LLC, AMD Global Telemedicine, Inc., CISCO Systems, Inc., LifeWatch AG, Agfa HealthCare NV, Polycom Corp., OBS Medical Ltd., McKesson Corporation, Medtronic, Inc., InTouch Technologies, Inc., Allscripts Healthcare Solutions, Inc., McKesson Corp., Siemens Healthcare, Honeywell HomMed LLC, and F. Hoffmann-La Roche Ltd.
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The global telemedicine market is fragmented in nature, owing to the presence of a large number of players operating in it across the globe. The leading players are focusing on offering a wide range of products in order to attract more number of consumers and attain high profits throughout the forecast period. In addition, the introduction of new products is anticipated to accelerate the growth of the overall market and benefit the market players in the next few years.
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- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
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COVID-19 Impact
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