Published On: Jan 23, 2018
Some of the prominent players operating in the telemedicine technologies and services market are LifeWatch AG, Honeywell International, Inc., General Electric Company, AMD Global Telemedicine, Inc., and Aerotel Medical Systems Ltd. Several prominent players are focused on developing innovative technologies and are offering advanced products and technologies to meet specific needs of clients. A number of players are also focused on offering intuitive and user-friendly telemedicine technologies that help end users save cost and improve healthcare outcomes. This will help them gain a competitive edge over others, finds Transparency Market Research (TMR).
The global telemedicine technologies and services market stood at US$21.1 billion in 2014. The market is projected to reach US$86.7 billion by 2023 end. This represents an impressive CAGR of 17.2% during 2015–2023.
The major end users of global telemedicine technologies and services market are telehospital/teleclinic and telehome. Of these, the telehospital led the overall market. This can be attributed to the widespread uptake of cost-effective telemedicine services in various countries of the region and the growing popularity of telehospitals for better patient care.
The various regional markets are North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America. Of these, North America accounted for the leading shares of the global market in 2014, vis-à-vis revenue. The regional market is anticipated to retain its dominance throughout the assessment period. The growth is fueled by the vastly rising number of installations of telemedicine solutions in hospitals and clinics and the marked presence of prominent suppliers and technology providers. Meanwhile, in the coming years, several countries of Western Europe are anticipated to offer substantial promising opportunities for market players.
Popularity of ICT-based Medical Services to Provide Thrust to Adoption of Telemedicine
The drive for telemedicine technologies and services stems from the intensifying need for novel and cost-effective ICT-based medical services to increase the quality of patient care. The growing demand for multidimensional approaches in healthcare is a notable factor catalyzing the growth of the market. The growing demand for a universal accessibility to healthcare, especially at remote locations in various parts of the world, is a key factor stoking the demand for telemedicine. The pressing need for real-time clinical care in critical care and emergency settings is bolstering the demand for telemedicine technologies and services. A rising demand for geriatric care in numerous developing and developed regions is contributing to the growth of the market.
The presence of a wide array of telemedicine technologies and services for delivering real-time patient information, especially in less developed communities is a prominent trend boosting the market. The growing popularity of real-time telemedicine services for taking second opinion with healthcare providers is also accentuating to the growth of the telemedicine technologies and services market. Advancements in connected medical device technology bodes well for the overall market. Favorable reimbursement scenarios in several developed nations and the rising demand for cost-effective telehealth services in several developing nations are prominent trends accentuating the market. The extensive adoption of videoconferencing units in offering telemedicine solutions is boosting the market.
Integrated Telemedicine Services Witness Wide Demand
However, the paucity of clinicians practicing telehealth, especially in developing and less developed communities, is a notable factor that is likely to act as a bottleneck to the growth of the market. The unreliability and the perceived effectiveness of virtual consultation as compared to in-person visits is a notable challenge that need to overcome for the steady growth of the market. Confidentiality of the patients’ information is another noteworthy concern crippling the growth of the market.
Nevertheless, the advent of integrated telemedicine services that can be easily combined with the current healthcare practices is a key factor likely to create lucrative avenues for market players. The substantially rising adoption of imaging units for various radiology and digital pathology services is a striking trend contributing to the rapid expansion of the overall telemedicine technologies and services market. Furthermore, the remarkable adoption of advanced picture archiving and communication systems (PACS) in the healthcare system bodes well for the prospects of the market.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Telemedicine Technologies and Services Market (Component - Hardware, Software, and Services; End user - Telehospital and Telehome) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2023.”
The telemedicine technologies and services market is segmented based on:
- Videoconferencing Unit
- Imaging Unit
- Vital Sign Unit
- Store and Transfer
- Chronic Care Management
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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