The report titled “Global Telemedicine Market (by End-Users, Specialty, Component & Region) and Forecast to 2022”, provides a comprehensive analysis of global telemedicine market. This report covers history, evolution, function, global leading players, specialty services, major issues related to telemedicine, geographical growth, introduction of telemedicine mobile applications and continuing growth over the coming years.
Industry Overview: Telemedicine or e-health is where healthcare professionals evaluate, diagnose and treat patients residing in remote locations using the telecommunication technology. Telemedicine was actually started in the year 1950 when a few hospital systems and university medical centre’s found ways to share medical information and transmit radiologic images over the phone. The population living in remote areas was provided with medical advice by the experts in a quick and efficient manner. The prime motive behind the telemedicine is to reduce the healthcare cost, and afford better communication between doctor and patient in the healthcare sector. Earlier, telemedicine was majorly used to connect doctors with specialists working at other locations to provide adequate medical help to rural or remote population where specialists aren’t readily available.
North America is well established in the information technologies and has many organizations that contribute huge funds for the development of telemedicine market. Europe ranks second in the telemedicine market followed by Asia Pacific region which will witness a highest growth over the coming years. It is predicted that Asia Pacific will face major economic reforms, and a steady growth in IT sector that may help in the growth of the telemedicine market.
The increasing in the aged population, rising of chronic diseases, shortage of healthcare professionals worldwide, technological advancements in telecommunication infrastructure, increasing utilization of smart electronics for the management of chronic diseases, various benefits of telemedicine, and need for affordable medical treatment due to rising healthcare costs are the major factors that are driving the growth of the global telemedicine market over the coming years. For a few decades telemedicine was limited due to the cost and use of the medical equipment. However, with the rise of the internet age, increase in smart electronic devices, high-quality video transmission has created a possibility of delivering value healthcare to patients at their homes, workplaces or at remote medical facilities.
Technological Advancements: the technological advancements in telecommunication sector have affected all the major industries around the world. Almost, all the extensive smart electronic gadgets incorporate telecommunication technologies for various applications. The advanced technology has significantly influenced the healthcare industry intensifying the telemedicine sector. Teleconsulting, telesurgery, and telepathology, are various efficient telemedicine healthcare processes and systems available globally. The telemedicine market is categorized into services, software, and hardware. The telemedicine services segment witnessed an increasing adoption of monitoring solutions by patients in remote areas, advancement in telecommunication technology, and introduction of ACA (Affordable Care Act) globally. The software segment in telemedicine is an integral part of telemedicine services and works as an interface between the database, patients or employer groups or government bodies.
Major Players in Global Telemedicine Market: Latest, telemedicine services utilize the advanced electronic communications and latest software to provide better healthcare services to patients who are not able to visit the hospital. Generally, telemedicine technology is used for follow-up visits, management of chronic conditions, medication management, specialist consultation and other medical services that are provided via secure video and audio connections. Telemedicine is a virtual medicine that helps in reducing the emergency room visits and hospitalization rate. Global leading telemedicine players are Philips Healthcare, Medtronic plc, Honeywell Life Care Solutions, Tunstall Healthcare, Care Innovations, Cerner Corporation, Cisco Systems, Inc., Medvivo Group Ltd., GlobalMedia Group, LLC, Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., American Well, InTouch Health, and Vidyo, Inc.
The global telemedicine market has the potential to revolutionize healthcare delivery at various places. It was observed that there is a constant medical technological innovation, increasing remote patient monitoring and the rising use of treatments that require long follow-ups which attracts the global telemedicine market. Telemedicine provides instant access to medical experts, any hospital, medical facility, specialists, and medical institutions to share any medical resources immediately with any hospital or clinic around the world. Telemedicine market is divided based on the specialty area such as general consultation, cardiology, dermatology, neurology, gynecology, trauma care, ophthalmology, orthopedics, psychiatry, pathology, general surgery and others. The end-users in the telemedicine market are hospitals, clinics, patients and others. Few leading telemedicine players in Asia Pacific region are IBM, Intel Corporation, Philips Healthcare, McKesson Corporation, AMD Telemedicine, GE Healthcare, and Cardio Net Inc.
Majority of the doctors working in hospitals and clinics worldwide have spent most of their time using conventional means to treat patients. Training or convincing the older generation healthcare workers to use the telemedicine is a huge task and it cannot be accomplished easily. Only after the next generation of doctors takes over the healthcare industry there would be a possibility of rapid development in the telemedicine market and it would easily take at least another couple of decades. Few factors restraining the telemedicine market are legal issues, reimbursement issues, and high cost of advanced technology, lack of physician support combined with poor cases of implementation and lack of infrastructure.
Way Forward for Global Telemedicine Market: The global telemedicine market is expected to grow rapidly over the coming years due to increasing chronic conditions and rising demand for self-care. The telemedicine technologies are now made easy with the introduction of a mobile device application that is easy to use for both patients and healthcare providers. It was anticipated that there will be an increasing demand of automation and synchronization in the telemedicine service providers across the globe. The increasing in usage of internet, virtual medicine and demand for value healthcare will witness a drastic growth of telemedicine market over the coming years.
Key Topics Covered in the Report:
Global Telemedicine Market Research Report
Telemedicine Market Demand Analysis
Global Telemedicine Market by Technology
Teleconsulting market Revenue
Major Players in Global Telemedicine Market
Telesurgery Market Growth Worldwide
Growing Adoption of Electronic Health Records
Chronic Diseases Worldwide
North America Telemedicine Market Analysis
Europe Telemedicine Market Research
Asia Telemedicine Market Research Outlook
Technological Developments in Telemedicine
Global Telemedicine Market by End-User
Telemedicine Market by Service
Global Telemedicine Market by Geography
Future Outlook of Global Telemedicine Market
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Ankur Gupta, Head Marketing & Communications
Ken Research provides bespoke industry intelligence, equity research reports and business consulting services on gamut of sectors across the globe.