Telemedicine has shown a greater degree of adaptability in accordance with sectors such as communication and information. This has provided health care practitioners and patients with a wide array of services. Presently, telemedicine is routinely used in daily medical practices by professionals. Hospitals find telemedicine services to be increasingly profitable, as the reach of the services has improved significantly over the years due to the advent of tele-support. The global telemedicine technologies and services market is predominantly driven by increase in the global geriatric population, advances in mobile penetration, connectivity, and ICT services, and burden on existing hospital care due to growing health care demands. According to the World Health Organization, the global geriatric population was around 524 million in 2010 and is likely to reach 1.5 billion by 2050.
In terms of component, the market has been segmented into hardware, software, and services. The telemedicine services segment is gaining popularity globally due to its ability to provide high definition and quality medical services in remote areas. People in developing nations cannot afford technologically advanced products due to financial crisis and low disposable income. Hence, they opt for cost-effective and consistent telemedicine services. The services segment is expected to expand at the highest CAGR during the forecast period from 2015 to 2023. The hardware segment has been categorized into videoconferencing unit, imaging unit, vital signs unit, ECG, and others. The telemedicine software segment has been categorized into integrated and standalone software. Likewise, the telemedicine services market has been segmented into interactive, store and transfer, and chronic care.
Telehospital/teleclinic and telehome form the major end-user segments of the global telemedicine technologies and services market. The telehospital segment accounted for the largest share of the telemedicine technologies and services market in 2014. Telehome has witnessed significant acceptance among patients. Hence, the segment is likely to expand at the highest rate in the next few years.
North America accounted for the largest share of 53.3% of the telemedicine technologies and services market in terms of revenue in 2014. It is expected to retain its leadership position until 2023 primarily due to established medical, health care, and communications infrastructure. Additionally, growing number of installations of telemedicine solutions in various clinics/hospitals and presence of a large number of suppliers and service providers in North America have paved the way for easy penetration and accessibility of health care services. Furthermore, rapid development and adoption of telecommunication technologies, government support in establishing a setup involving usage of new medical technologies for the benefit of people, and favorable reimbursement policies boost market growth in the region. Countries in Western Europe (Germany, France, Italy, Spain, and others) offer lucrative opportunities in the field of telemedicine, majorly due to increasing implementation of technologically advanced PACS and rising government initiatives toward development of well-equipped health care centers.
The telemedicine technologies and services market in Asia Pacific is expected to expand at an impressive CAGR from 2015 to 2023. This region represents vast geographical area and large patient population coupled with high presence of disparities in health care access and delivery between the rural and the urban areas. Major drivers of telemedicine in this region include the presence of a large patient population suffering from various types of communicable, non-communicable, and lifestyle diseases such as skin disorders, obesity, neurological disorders, diabetes and cardiovascular disorders.
The global telemedicine technologies and services market is characterized by the presence of major companies such as Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., General Electric Company, Honeywell International, Inc. and LifeWatch AG.
Global Telemedicine Technologies and Services Market: Overview
The changing dynamics of the healthcare industry have had a major impact on the trajectory of the global telemedicine technologies and services market. The report indicates that the global market will grow at a rapid pace as the world is witnessing emergence of deadly diseases and adoption of technologies in the remotest corners of the world. The rising uptake technology has allowed several medical professionals to reach out to a bigger patient base and offer critical tele-support. In the coming years, the global telemedicine technologies and services market is poised to revolutionize the way diseases are managed.
Transparency Market Research provides a detailed analysis of the global telemedicine technologies and services market in its latest research report. The publication presents an unbiased scrutiny of the global market with the help of SWOT analysis and Porter’s five forces analysis. It highlights the impact of political, economic, environmental, and technological aspects on the overall scenario. Furthermore, it also evaluates the competitive landscape present in the global market.
Global Telemedicine Technologies and Services Market: Drivers and Opportunities
The World Health Organization states that the geriatric population across the globe is likely to reach 1.5 billion by the end of 2050 from 524 million in 2010. Thus, the exponential rise in the number of geriatrics is likely to be the key growth driver for the global telemedicine technologies and services market. Advent of technology, rapid penetration of mobile phones, superior connectivity, and emergence of ICT services are likely to make a collective contribution to the soaring profits of the global market.
On the basis of component, the global market is divided into services, software, and hardware. Of these, the telemedicine services division is gain steady momentum as it offers high quality of medical services in the remotest areas. It has enabled a wider reach of medicine and science to the patients in need through reliable technology and well-established infrastructure. The cost-effectiveness of telemedicine technologies and services can especially be felt in developing regions of the world where basic amenities remain significantly unaffordable. Analysts estimate that the persistent demand for healthcare facilities, medical advice, and emergence of endemics in developing countries will bolster the growth of the services segment in the foreseeable future.
Global Telemedicine Technologies and Services Market: Regional Outlook
In terms of geography, the global telemedicine technologies and services market is divided into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. Of these, North America is leading the pack and is expected to maintain its stance in the near future. As of 2014, the regional market held a whopping share of 53.3% in the global telemedicine technologies and services market. It robust communication, healthcare, and medical infrastructure in the region are expected to drive the North America telemedicine technologies and services market. Strong presence of suppliers, hospitals, and higher acceptance of technology is also expected to keep North America at the forefront.
On the other hand, Asia Pacific is also expected offer several lucrative opportunities to the global market. The large population base, various unmet medical needs, and a emergence of the medical tourism industry are all expected to have a positive impact on the regional market in the near future.
The global telemedicine technologies and services market is predominantly driven by increase in the global geriatric population, advances in mobile penetration, connectivity, and ICT services, and burden on existing hospital care due to growing health care demands.
Key Players Mentioned in the Report are:
Some of the leading players operating in the global telemedicine technologies and services market are Aerotel Medical Systems Ltd., General Electric Company, LifeWatch AG, AMD Global Telemedicine, Inc., and Honeywell International, Inc.
Market segmentation based on geography:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments