Telemedicine Market Research Report, By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) - Global Industry Size, Trends, Growth, Analysis, Share, Forecast till 2023
Telemedicine
serves as a communication channel between a healthcare provider and a large
volume of patients for numerous remote clinical services. High prevalence of
chronic diseases and the large elderly populace are two major factors driving
the growth of telemedicine. The global telemedicine market report by Market
Research Future (MRFR) comprises pertinent trends, growth opportunities, and
challenges for the period between 2017 and 2023 (forecast period).
Market Outlook
The
global Telemedicine
Market size is poised to touch a valuation of USD 56,738.3 million by 2023.
It can exhibit a CAGR of 16.8% during the forecast period. Adoption of
electronic health records (EHRs) is one of the primary drivers of the market.
According to the Office on National Coordinator for Health Information
Technology (ONC), close to 64% of physicians chose telemedicine to exchange
information and communicate with patients in 2015. In addition, connection with
their doctor from the confines of their bedroom as well as exchange secure
communication between two parties can drive the global market growth.
Establishment
of virtual pharmacies for distributing medicines and contraceptives to the
general populace in rural regions can drive the global telemedicine market
growth. In addition, funding by private sources to propagate the growth of the
market is likely to net in significant revenues by 2023.
Segmentation Analysis
The
global telemedicine market is segmented by component, deployment, service type,
application, and end-user.
Components
include software and hardware. Software is further sub-segmented into
standalone software and integrated software. While the hardware segment is
divided into medical peripheral devices and monitors.
By
deployment, it is segmented into cloud-based and on-premises.
By
service type, it is segmented into tele-oncology, teleradiology,
teledermatology, telepharmacy, telenursing, and others.
Major
applications include dermatology, cardiology, radiology, ophthalmology,
psychiatry, and others.
End-users
of the global telemedicine market include home care, clinics, and hospitals.
Regional Analysis
Europe,
Asia Pacific (APAC), the Americas, and the Middle East & Africa (MEA) are
regions considered in the global telemedicine market report.
The
Americas are pegged to dominate the global market owing to adoption of
telehealth services by hospital chains, well-developed healthcare
infrastructure, and adoption of healthcare IT. According to the Center for
Disease Control & Prevention (CDC), close to 86.9% physicians have switched
from handwritten records to electronic health record (EHR)/electronic medical record
(EMR) system. This can bode well for the telemedicine market due to presence of
major big players, healthcare expenditure, and rise in telehealth services.
Europe
has assumed the second position in the global market standings due to rising
government support to address healthcare demands and adoption of new
technologies. Allocation of funds under the Integrated Digital Care Fund in
2016 for encouraging electronic health records can augur favorably for the
global telemedicine market. The NHS trusts in the U.K. assigned close to USD 63
million.
The
APAC region is estimated to exhibit the fastest growth rate during the forecast
period owing to growing offerings of telehealth services by healthcare
providers and a large patient pool. Developing economies such as Australia,
China, and India are encouraging the global telemedicine market by
transitioning to digital records. According to the Indian Brand Equity
Foundation in 2017, telemedicine in India is likely to fuel its valuation to
touch USD 32 million in 2020.
The
MEA telemedicine market has the lowest market share and can exhibit a modest
growth rate during the forecast period due to lack of skilled personnel,
non-growth encouraging healthcare policies, and presence of poor economies in
Africa.
Competitive Outlook
DMedvivo
Group Ltd., SHL Telemedicine, Intel Corporation, Koninklijke Philips N.V., AMD
Global Telemedicine, Inc., CardioNet, Honeywell Lifesciences, IBM Corporation,
Aerotel Medical Systems Ltd., Medtronic, CareClix, Cardiocom, Tunstall
Healthcare, Cerner Corporation, Allscripts Healthcare Solutions, Care
Innovations, Iris Telehealth, Cisco, TeleVital, GENERAL ELECTRIC, and others
are some of the biggest names profiled in the global telemedicine market
report.
Industry News
·
Dissemination
of information to patients as well as creating awareness about the positive
aspects of telemedicine can bode well for the global market. In 2019, the U.S
Department of Access granted close to USD 42.5 million for enlightening patients
about telemedicine across 37 states and 2 U.S. territories. The need to improve
access to medicine in rural regions can drive the global market growth.
·
Cigna
has launched its proprietary telehealth service for making emergency room
visits. This can reduce costs while continuing to provide access to convenient
delivery options.
No comments:
Post a Comment