Telemedicine Market

The telemedicine industry is growing at an unprecedented pace as new opportunities emerge in the global healthcare industry. The relevance of telemedicine can be gauged from the growing using of digital technologies in the healthcare industry. The advent of electronic health records that provide holistic information about patients’ medical history has emerged as a resilient trend. Telemedicine is a part of the global healthcare ecosystem that can help in expediting the process of healthcare treatment. The ability to remotely communicate with the patients helps doctors in creating a virtual platform for providing recommendations and advise. Therefore, the value of the global telemedicine market is set to increase in the times to follow.

• The Covid-19 pandemic has put tremendous pressure on the healthcare fraternity, and has led to the conversion of private and public hospitals to isolation wards. Therefore, treatment of mild medical conditions that do not coincide with Covid-19 symptoms is currently being managed through telecommunication channels. In this scenario, it is safe to expect that the global telemedicine market would grow by leaps and bounds in the times to follow. Use of telemedicine to schedule appointments with patients has also emerged as an important dynamic of market growth. It is safe to assert that the total volume of revenues within the global telemedicine market would trace an ascending trajectory.
• The geriatric population has hugely benefitted from the use of telemedicine facilities, and this is an important dynamic of market growth. In the contemporary scenario, medical experts are looking at minimizing the increasing load of patients across medical and healthcare facilities. To do this, medical practitioners are looking to induct telemedicine facilities that can expedite processes, reduce manual operations, and save time. Henceforth, the global telemedicine market is set to grow at a sound pace in the years to follow. 

Global Telemedicine Market: Snapshot

Healthcare is industry is undergoing major development these days. The industry is incorporating several technologies that are reforming the core of the car providers’ business. These technologies include advanced algorithms such as artificial intelligence machine learning, uninterrupted communication technologies like 5G. Due to these technologies, there is one particular domain that is gaining major traction these days. This domain is global telemedicine market. 

The report by Transparency Market Research provides detailed analysis of the global telemedicine market for the duration of 2014 to 2020. The report offers precise analysis of the dynamics of the market and enlightens the reader with the key performance indexes that can help them grow substantially in the global telemedicine market during the projected duration between 2014 and 2020. 

According to the report the telemedicine market is projected to witness a robust 14.5 % CAGR during the tenure. This growth of the market is the result of government initiatives to improve the healthcare infrastructure in several countries. However, this massive CAGR also invites tough competition in the global telemedicine market. This is because, due to massive growth potential, several new players are willing to enter the market. This shall make a crunch of space for already existing players in the global telemedicine market.

To overcome this challenge the players are either merging, collaborating or partnering with one another. These steps allow them to gain sustainability in global telemedicine market during 2014 to 2020.

Global Telemedicine Market: Segmentation

The report distinguishes the global telemedicine market into specialty and services. The specialty category is further segmented into domains such as cardiology, dermatology, neurology, orthopedics, internal care and emergency care. Out of these segments the neurology segment is anticipated to grow substantially in the projected duration. This growth of the segment is attributed to growing developments in neuroscience domain which allows the care providers to monitor, treat, and cure the conditions that are related to CNS or central nervous system of human body. This segment is also projected to grow exponentially due to the improvements in healthcare infrastructure and heavy claims on insurance policy.

On the other hand, the services category is segmented in tele-consultation, tele care, tele-monitoring, tele-training, and tele-education. Among these segments, the tele-care segment is projected to grow significantly during the duration. This growth is the result of the growing application of smartphones is healthcare sector. The device helps the patients to connect to the care provider remotely and can receive or share their medical report over internet. Moreover, the mobility offered by the smartphones is also a major factor that boosts the growth of segment in global telemedicine market, says the report.

The report by Transparency Market Research also states that out of these two categories the service category shall generate more revenue for the global telemedicine market during 2014 to 2020.  However, the collective revenue generation of the global telemedicine market is projected to be around US$ 36.3 bn by the end of 2020. The experts at Transparency Market Research mentioned in their report that the global telemedicine market stood at 14.3 bn during 2014.

Global Telemedicine Market: Regional Outlook

Asia Pacific is one of the fastest emerging regions of the global telemedicine market. The region exhibits high potential for the players due to growing demand for telemedicine and lack of care providers for emerging conditions. This draws the players to focus their attention is providing innovative solutions for care providers in India and China. Moreover, the region is also witnessing a massive investment by the governments to reform the healthcare infrastructure of their respective countries. This as a result has opened the doors for tremendous opportunities for the players of global telemedicine market in Asia Pacific in 2014 to 2020.