Published: Jun, 2018
The global telemedicine market is anticipated to demonstrate promising growth in the coming years, according to a report published by Transparency Market Research (TMR). The market is characterized with the presence of a number of small and large players, and features a highly competitive environment. The leading vendors operating in the global telemedicine market are CISCO Systems, Inc., McKesson Corporation, Polycom Corp., and AMD Global Telemedicine. Vendors are expected to capitalize on emerging economies in order to gain from their untapped potential. Other noteworthy market players include Allscripts Healthcare Solutions, Inc., InTouch Technologies, Inc., CISCO Systems, Inc., Honeywell HomMed LLC, Siemens Healthcare, LifeWatch AG, and Agfa HealthCare NV.
The global telemedicine market was estimated to be at US$14.3 bn in 2014 and is anticipated to rise to US$36.3 bn by 2020. The CAGR over the forecast period from 2014 to 2020 is forecasted to reach 14.30%, thus, showcasing the lucrativeness of the market in the coming years. On the basis of specialty, the neurology segmented is anticipated to emerge victorious in the market, with a CAGR of 15.90% over the forecast period. The rising incidence of Parkinson’s disease and Alzheimer’s disease across the globe are amongst the pivotal factors responsible for the spurring growth of this segment. Amongst the various geographical regions, Asia Pacific is expected to take a lead over other regions by the end of the forecast period.
Spurred Adoption of Remote Patient Monitoring to Boost Market Growth
The expanding reception of computerized wellbeing stages, for example, m-wellbeing, telehealth, EMR, and different remote advances, is changing the healthcare business. Healthcare associations are embracing computerized health stages to empower remote checking of patients, increment healthcare conveyance efficiencies, and offer better access to electronic wellbeing data, and headways in the nature of healthcare services. Remote monitoring will build the productivity of activities and lessen costs. Additionally, these telemedicine innovation stages give extensive variety of healthcare needs and capacities, for example, chronic disease management, clinical disease support, and population health services. Such advantages will fuel the development of the telemedicine market over the coming years.
Attributable to the declining expense of savvy gadgets and the growing proliferation of the Internet, customers can undoubtedly counsel doctors whenever the timing is ideal without long-distance travel. Additionally, doctors can likewise offer help to patients from remote areas. Video counseling is picking up acceptance as it is advantageous to the patients and doctors and helps in sparing time and is to a great degree gainful in giving excpetional care in crisis circumstances and guarantee tolerant survival.
Potential Market Opportunity As Yet Unexplored, Coming Decade to See Higher Uptake
Despite the fact that the development of telemedicine market over the forecast period looks promising, this is simply scratching the surface of the market possibility. This isn't a direct result of any restrictions of the innovation however rather because of the impediments in embracing this innovation. One such significant constraint is the age of healthcare professionals who are as of now working in the healthcare business.
Most of the doctors who as of now work in healing facilities and centers worldwide are in their mid-forties or fifties and have spent the vast majority of their professions utilizing customary methods for treating patients. Preparing this more established age of doctors and persuading them to utilize telemedicine is a colossal undertaking, which most industry doctors feel can never be expert. Subsequently, the full market capability of telemedicine can be tapped simply after the up and coming age of doctors assumes control over the healthcare business and that is relied upon to take in any event another couple of decades.
This review is based TMR’s report titled, “Telemedicine Market (Specialty, Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.”
The market is segmented along the following lines:
- Telemedicine Market, by Specialty
- Emergency Care
- Internal Medicine
- Telemedicine Market, by Service Type
- Telemedicine Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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