Telemedicine Market to Exceed USD 56,738.3 million by 2023

Market Research Future has a half cooked research report on the global telemedicine market. The global telemedicine market is growing continuously and expected to grow at a healthy CAGR of 16.8% from 2017 to 2023.

Overview:

Market Research Future (MRFR) presents a new research report on the global telemedicine market. The report takes into the historical growth trajectory exhibited by the market and presents a detailed analysis of the various factors having a major impact on the market’s growth. Thus, the report presents reliable projections about the market’s growth prospects over the forecast period. According to the report, the global telemedicine market is expected to exhibit a strong 16.8% CAGR over the forecast period from 2017 to 2023. The global telemedicine market is expected to exhibit a valuation of USD 56,738.3 mn by 2023.

Telemedicine comprises various audiovisual elements used to establish communication between patients and healthcare providers located at a significant distance. Telemedicine is especially useful for people who live in remote areas, as it allows them to discuss and confer with reputed healthcare providers without leaving their hometown and receive top-class medical treatment. Efforts to expand the outreach of the healthcare sector are likely to drive the global telemedicine market over the forecast period, as making top-notch healthcare services available to everyone has emerged as a key objective for governments all over the world.

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The increasing prevalence of chronic diseases is also likely to drive the global telemedicine market over the forecast period. Chronic diseases such as cancer and diabetes require a patient to stay under the monitoring of healthcare providers, but the treatment for these diseases is either infrequent or can be administered at home by a sufficiently trained non-medical individual. This has led to growing use of telemedicine for monitoring purposes, as this allows the patients to save on the expenses of hospitalization, as well as allowing them to recuperate in the comfortable environs of their home. This is also likely to be a major driver for the global telemedicine market over the forecast period, especially thanks to the increasing geriatric population, which is likely to drive the demand for homecare and other healthcare innovations that allow the elderly to receive healthcare provisions on their doorstep.

Segmentation:

The global telemedicine market is segmented on the basis of service type, component, deployment, application, and end use.

On the basis of service type, the global telemedicine market is segmented into telenursing, telepharmacy, teleradiology, teledermatology, teleoncology, and others.

On the basis of component, the telemedicine market is segmented into software and hardware, with the software segment being further subcategorized as integrated and standalone software, and the hardware segment being further classified into monitors and medical peripheral devices.

By deployment, the global telemedicine market is segmented into cloud-based and on-premise.

By application, the global telemedicine market is segmented into cardiology, ophthalmology, psychiatry, radiology, dermatology, and others.

On the basis of end use, the global telemedicine market is segmented into hospitals, clinics, and home care.

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Regional Analysis:

Regionally, North America and Europe held the dominant shares in the global telemedicine market in 2017, having played pioneering roles in developing competent telemedicine systems and enabling widespread adoption of the same through the developed economies in the region. The number of physicians implementing telemedicine services is in the majority in both these regions, while governments in the region have also consistently supported technological advancement in telemedicine systems in order to provide top-notch healthcare for their constituents. This is likely to remain a major driver for the telemedicine market, as the costs of installing and integrating telemedicine systems into the normal, day to day functioning of healthcare establishments can be quite high.

Asia Pacific is likely to exhibit rapid growth over the forecast period due to increasing efforts by the governments of emerging countries such as Australia, China, India, and Indonesia to support consistent development of the healthcare sector. India is expected to witness solid growth of the telemedicine sector in the coming years, with the Indian telemedicine sector expected to reach a value of USD 32 million by 2020.

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Competitive Landscape:

Leading players in the global telemedicine market include AMD Global Telemedicine Inc., CareClix, Cisco, IBM Corporation, Iris Telehealth, Medtronic, TeleVital, Allscripts Healthcare Solutions, Honeywell Lifesciences, Care Innovations, Aerotel Medical Systems Ltd., Medvivo Group Ltd., Tunstall Healthcare, Cardiocom, SHL Telemedicine, Koninklijke Philips NV, Intel Corporation, General Electric, Cerner Corporation, and CardioNet.

Industry Updates:

On January 1, 2019, Kansas passed the Kansas Telemedicine Act, defining telemedicine for legal purposes and prohibiting insurance companies to exclude telemedicine from their coverage. Such moves are likely to be vital for the telemedicine market over the coming years.

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Swapna Supekar is a seasoned digital marketing professional, She believes in continuous learning, considering that the digital marketing sector’s rapidly evolving nature.