Transparency Market Research (TMR) has published a new report
titled, ‘Telemedicine Market - Global Industry Analysis, Size, Share,
Growth, Trends, and Forecast, 2019–2027’. According to the report, the global
Telemedicine market was valued at US$ 27.51 Bn in 2018 and is
projected to expand at a CAGR of 14.0 % from 2019 to 2027.
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Overview
·
Telemedicine
is a medical service offered to the patients remotely though telecom or though
video conferencing tools. This is referred to as medical practice for the
patients with nonphysical presence of patients and healthcare providers.
Telemedicine systems are an extension of medical practice in many developed and
developing countries with a large rural population. Such remotely located
individuals have been greatly benefitted with the presence of telemedicine for
their routine healthcare solutions. The overall healthcare standards have
improved; this is proved by the increasing life expectancy and decreased
mortality rates.
·
Telemedicine
solutions provided by companies range from technologies (product vendors) to
healthcare software solution providers. Both the segments are taken under
consideration to assess the telemedicine market. This provides a more dynamic
scale of study, which has been done considering the global picture of the
telemedicine market
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Alliance with Doorstep Diagnostics to Increase
Scope of Telemedicine to Drive Market
·
Diagnostic
procedures often utilize a significant amount of resources including
infrastructure, labor and capital. Many hospitals and medical institutions such
as clinics outsource these procedures to diagnostic centers to make the whole
process more efficient and cost saving. These services are also directly
provided to patient residence upon request. Since medical consultations
provided by telemedicine services globally involve directions for diagnostic
procedures in cases suggested by medical practitioners, it would be logical to
integrate both these homecare solutions to increase the overall patient
convenience, and thereby the patient experience. This would boost the
telemedicine market as well as the home diagnostics market.
·
Convenience
is a major feature of telemedicine and is provided by home diagnostics, thus
finding favor with the patients. According to a survey conducted by the U.S.
Health magazine, 70% of medical cases can be handled by in-home
consultations only. Therefore, this integration would greatly help in
increasing patient favor and boost usage.
Dermatology Segment to Dominate Telemedicine Market
·
Based on
Speciality segment, the global Telemedicine market has been divided into
cardiology, neurology, dermatology, orthopaedics, emergency care, internal
medicine, gynecology, and others.
·
The
dermatology segment dominated the global Telemedicine market in 2018 owing to
growing prevalence across globe and thus considered to be a leading causes for
a visit to a physicians. Moreover, dermatological diseases require personal
attention and treatment, which is estimated to boost the demand of the
telemedicine services. With privacy being offered to the patient, without
having to travel to the hospital, telemedicine in dermatology practice is
expected to grow steadily during the forecast period.
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North America to Dominate Global Market
·
In terms
of region, the global Telemedicine market has been segmented into North
America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America dominated the global Telemedicine market in 2018 and the trend is
expected to continue during forecast period.
·
North
America accounted for major share of the global Telemedicine market in 2018,
owing to technological advancements, presence of vast telemedicine providers
across region, and remote location of population across United States and
Canada. Furthermore, domestic governments offer favorable reimbursement to
telemedicine users and the insurance providers is another major driving factor
for the telemedicine market in the North America region.
·
The
Telemedicine market in Asia Pacific is anticipated to expand at a high CAGR
from 2019 to 2027. This can be attributed to healthy growth of telemedicine in
the region including the presence of a large patient population suffering from
various types of communicable, non-communicable and lifestyle diseases.
Moreover, presence of several low cost domestic manufacturers of mobile
communication technology and the growing medical tourism industry in the region
paved a new path for the growth in demand for telemedicine installations in
various multispecialty hospitals.
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Competitive Landscape
·
The
global Telemedicine market is fragmented in terms of number of players. Key
players in the global market include Agfa-Gevaert Group, Allscripts
Healthcare, LLC and/or its affiliates, AMD Global Telemedicine, CISCO Systems
Inc, F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, InTouch Technologies,
Inc., BioTelemetry, Inc, Medtronic, OBS Medical Ltd., Siemens Healthcare
Private Limited, McKesson Corporation, and other prominent players.
·
The
global Telemedicine market has been segmented as follows:
·
Global Telemedicine Market, by Speciality
o
Cardiology
o
Dermatology
o
Neurology
o
Orthopedics
o
Emergency
Care
o
Internal
Medicine
o
Gynecology
o
Others
·
Global Telemedicine Market, by Process
o
Tele-consultation
o
Tele-surgery
o
Tele-monitoring
o
Tele-education
o
Tele-training
o
Tele-care
·
Global Telemedicine Market, by Region
·
North
America
o
U.S.
o
Canada
·
Europe
o
Germany
o
U.K.
o
France
o
Italy
o
Spain
o
Rest of
Europe
·
Asia
Pacific
o
China
o
India
o
Japan
o
Australia
& New Zealand
o
Rest of
Asia Pacific
·
Latin
America
o
Brazil
o
Mexico
o
Rest of
Latin America
·
Middle
East & Africa
o
GCC
Countries
o
South
Africa
o
Rest of Middle
East & Africa
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