Telemedicine services and systems have made the most progress in the remote management of post-acute care patients with chronic conditions.
Increasing prevalence of chronic and lifestyle associated diseases, rising healthcare cost, increasing government funding and grants for telemedicine, increasing number of smart phone users, consistent need for improved healthcare quality services, and surging demand for selfcare in remote location are the factors driving the market growth.
The tele-hospital and clinic category accounted for the largest share in the market, with This is attributed to increasing telemedicine services adopted in hospitals, and clinics.
It includes telemedicine service from hospitals to hospitals, hospitals to experts, hospitals to clinics, clinics to experts, and experts to experts. On the basis of service, the telemedicine market has been categorized into tele-consulting, tele-monitoring, tele-education, tele-training, and others.
The demand for tele-monitoring services is expected to witness a CAGR of This growth is attributed to the rising use of home monitoring devices and its increasing benefits in the care of patients with heart failure.
Based on specialty, the telemedicine market has been categorized into dermatology, gynecology, cardiology, neurology, orthopedics, and others. Of these, dermatology held the largest share in the market, with Geographically, the telemedicine market in Asia-Pacific is expected to register the fastest growth during the forecast period, at a CAGR of Telemedicine Market Dynamics Growth Drivers Increasing prevalence of chronic and lifestyle associated diseases, rising healthcare cost, increasing government funding and grants for telemedicine, increasing number of smart phone user, consistent need for improved healthcare quality services, and surging demand for selfcare in remote location are the major factors driving the telemedicine market growth.
The prevalence of chronic diseases such as heart disease, cancer, stroke, respiratory disease, and diabetes is increasing due to the alteration in lifestyle and lack of access to preventive care.
According to the International Diabetes Federation IDFaround million urban people were diagnosed with diabetes inand the number is projected to increase to million urban population by Mobile users are rapidly switching over to smart phones due to more affordable 3G and 4G spectrum and increased adoption of other connected devices.
Smart phone facilitates the self-health monitoring of the users through various mobile health applications. The improved mobile high definition imaging technologies are able to deliver higher quality of behavioral care, primary care, and tele-dermatology service.
The increasing support from government organizations is playing a pivotal role in the growth of the telemedicine market. Several government organizations are providing support in form of funding and initiatives for the implementation of these facilities. Under the terms of the partnership, the telemedicine accreditation program was managed by CHQI.
The new program would continue to promote patient safety, transparency of operation, and online patient health services. Opportunities The increasing acceptance of 4G and 5G spectrum and growing acceptance of telemedicine in emerging economies are posing as opportunities for the players in the telemedicine market.
The acceptance of telemedicine in emerging economies, such as China and India, in the forthcoming years is expected to provide enormous growth potential to the market.
The growth would be driven by the increasing emphasis of healthcare information technology HIT players, growing geriatric population, increasing prevalence of chronic diseases, and continual investments from both public and private sectors.
Telemedicine Market - Competitive Landscape Key players in the telemedicine industries are effectively partnering with other healthcare organizations to provide tele health service.
For instance, in FebruaryKoninklijke Philips N. The partnership aims to deliver better telemedicine services in the category of advanced ICU care in the U. In JanuaryPhilips announced partnership with American Well, a telehealth solution provider.
Through the partnership, Philips joined the American Well exchange clinical services market place, which allows better delivery of its telehealth services. Some of the other key players in the telemedicine industry are Aerotel Medical Systems Ltd.The global telemedicine technologies market, including hardware, software, and services, was valued at $ billion in and is predicted to grow at a compound annual growth rate .
Market research report with industry analysis on “Global Telemedicine Market-Industry Analysis, Size, Share, Growth, Trends, and Forecast to ” is made available by Orbis Research. This statistic describes the global telemedicine market size from to In , the global telemedicine market was valued around 18 billion U.S.
dollars. News and analysis of current issues affecting health care providers and payers US telehealth market will grow from $ million in revenue in to $ billion in — High investment costs and uncertain return on investment have created a tenuous .
Key product segments of the U.S. telehealth market are software, hardware, and services. Software held % of the share in and it is expected to witness the fastest growth over the forecast period to own % of the share by The Telehealth Services industry market report contains data and analysis of the most influential current and future trends shaping the industry.
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