Global Telemedicine Market: Snapshot

The rapid development of the healthcare industry and the expansion of the computerized well-being stages, which are projected to enhance the growth of the global tele-medicine market in the next few years. The advent of computerized health stages in order to enhance the remote checking of patients and the increment of healthcare conveyance efficiencies are further estimated to support the market growth in the coming few years. In addition to this, the rise in the awareness among people concerning the benefits of telemedicine is projected to propel the telemedicine market across the globe in the near future. The rising research activities and the increasing investments for innovations are likely to provide promising growth opportunities in the next few years.

Rising Adoption of Telemedicine to Encourage Market Growth

As per the research report by Transparency Market Research, in 2014, the global market for telemedicine stood at US$14.3 bn and is estimated to attain a value US$36.3 bn by the end of 2020. The market is likely to register a promising 14.30% CAGR between 2014 and 2020.

The global market for telemedicine has been classified on the basis of service type into tele-care, tele-surgery, tele-consultation, tele-monitoring, tele-training, and tele-education. Among these, the tele-consultation segment is predicted to hold a major share of the market in the next few years. The rise in the geriatric population and the increasing prevalence of cardiovascular and diabetes are the few factors that are estimated to enhance the market growth in the next few years. In addition to this, the rising cases of Parkinson’s and Alzheimer’s is another factor that is estimated to support the market growth in the near future. The rise in the demand for continuous monitoring of patients is predicted to boost the demand for tele-monitoring in the near future. Furthermore, the tele-training, tele-education, and tele-surgery segments are predicted to witness healthy growth in the coming few years.

Asia Pacific to Offer Lucrative Growth Opportunities for Players

Among the major regional segments, a large share of the global telemedicine market is expected to be held by North America. As per the research study, this region is estimated to remain in the dominant position in the next few years, thanks to the presence of several leading players. Furthermore, Asia Pacific is estimated to witness a strong growth in the next few years holding a significant share of the global telemedicine market. The high growth of this region can be attributed to the rise in the urban and rural population and the increasing government initiatives. In addition to this, the rising focus on advancements and improvements in this field and the presence of several manufacturing units, who are providing comparatively cheaper equipment, thus encouraging the overall growth of the market in the near future.

The global market for telemedicine is developing at a rapid rate with a participation of a large number of local as well as international players operating in it. The development of new products and the rising focus on the research and development activities are projected to support the growth of the global telemedicine market in the next few years. In addition to this, the market players are emphasizing on advertising and marketing and creating an awareness among people concerning the benefits of telemedicine, which is estimated to accelerate the growth of the market in the next few years. The key players operating in the telemedicine market across the globe are Siemens Healthcare, Allscripts Healthcare Solutions, Inc., Agfa HealthCare NV, AMD Global Telemedicine, Inc., CISCO Systems, Inc., CARDIOCOM, LLC, F. Hoffmann-La Roche Ltd., InTouch Technologies, Inc., Honeywell HomMed LLC, LifeWatch AG, Medtronic, Inc., and McKesson Corp.

Telemedicine is the evolved format of traditional medicine that provides medical care to millions of individuals worldwide with the benefits of cost efficiency and convenience of location. The basic difference between traditional healthcare technology and telemedicine is the use of telecommunication technology to provide patients and medical practitioners the convenience of location, cost and time. With the advent of communication technology in medical sciences, telemedicine revolutionized the overall framework of healthcare. Patients were no longer subjected to travel or waiting periods and could seek medical attention at the comfort of their homes. This greatly changed the perception of medical practice, which is the major reason why telemedicine is currently considered synonymous with general medicine. Telemedicine involves the use of mobile communication technology and image/video transfer technology via the internet. The internet has provided the basis for information exchange, which is stored and maintained by the servers present at either hospitals or telemedicine service provider company at a nominal cost.  
 
This research report provides a detailed analysis of the global telemedicine market and helps in understanding the various factors influencing the growth of the market. The market overview section analyzes market dynamics and trends such as drivers, restraints and opportunities that influence the current nature and future status of the global telemedicine market. The executive summary provides detailed insights about this study and the market in general. It also contains a market snapshot, which provides a glimpse into the present scenario of the global telemedicine market. Impact factors such as market attractiveness analysis and Porter’s five forces analysis have also been explained in the market overview section of the report in order to deliver a thorough analysis of the overall competitive scenario of the global telemedicine market. 
 
The global telemedicine market is segmented based on medical specialty areas and type of services being offered/used. Based on the type of specialties, the market is segmented into cardiology, neurology, dermatology, orthopedics, emergency care, internal medicine, gynecology and other specialty areas namely gastroenterology, pediatric care, ophthalmology and dentistry. Based on type of services being offered/ used, the market is categorized into tele-consultation, tele-monitoring, tele-education, tele-training, tele-care, and tele-surgery. Market size estimates and forecasts for the period 2012 to 2020 have been provided for each of the segments mentioned above in terms of USD million, considering 2013 as the base year for calculating market forecast and 2012 as the historical year. The CAGR (%) of each market segment for the forecast period 2014 to 2020 has also been provided along with market size estimations.
 
Geographically, the global telemedicine market has been segmented into four major regions: North America, Europe, Asia Pacific and Rest of World (RoW), with Russia being included in the RoW region. The market size estimations and forecasts for the period 2012 to 2020 have been provided for each of these regions at a segment level, in terms of USD million along with the CAGR for the forecast period 2014 to 2020. This study further offers strategic recommendations for the global telemedicine market. These include factors that may play a critical role in enhancing or boosting the market in the near future, as well as steps that need to be considered to ensure success for manufacturers. 
 
The report concludes with the company profiles section and includes key information about the major players who are actively participating in this market. The company profiles included in the report is framed in terms of company overview, financial overview, business strategies, recent developments and product portfolio. Key players profiled in this report include Agfa HealthCare NV, Allscripts Healthcare Solutions, Inc., AMD Global Telemedicine, Inc., CARDIOCOM, LLC, CISCO Systems, Inc., F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, InTouch Technologies, Inc., LifeWatch AG, Medtronic, Inc., OBS Medical Ltd., Siemens Healthcare, and McKesson Corp.
 
The global telemedicine market is segmented as follows:
  • Telemedicine Market, by Specialty
    • Cardiology
    • Dermatology
    • Neurology
    • Orthopedics
    • Emergency Care
    • Internal Medicine
    • Gynecology
    • Others
  • Telemedicine Market, by Service Type
    • Tele-consultation
    • Tele-monitoring
    • Tele-education
    • Tele-care
    • Tele-training
    • Tele-surgery
  • Telemedicine Market, by Geography
    • North America
    • Europe
    • Asia Pacific
    • Rest of the World (RoW)
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