Telemedicine Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast (2019 - 2025)
According to a survey conducted by Peterson-Kaiser Health System Tracker, a non-profit organization monitoring U.S. healthcare systems, telemedicine cover plan for employees in different firms saw an increase to 74% in 2018 from 27% in 2015.[1] As modern medical technology progresses, people steer clear of visits to hospitals to avoid standing in queue. Incorporating telecommunications and information technology, telemedicine offers outcome-based health care plans to patients obstructed from medical facilities owing to distance. Telemedicine technology provides clinical services at one’s fingertips and has opened up astounding possibilities for medical innovations. These facilities inculcated via modern telecommunication technologies include telenursing, tele-consulting, tele-training, tele-surgery, tele-education, tele-monitoring services, and others. Effective results of telehealth services outpace conventional medical treatments, thus opening up an array of opportunities and significantly boosting the telemedicine market. In 2018, the global telemedicine market was valued at $38.08 billion, mainly owing to the increased convenience for patients and consultants. During the forecast period 2019-2025, the telemedicine market demand is evaluated to grow at a robust CAGR of 18.12%.
Telemedicine Market Outlook:
Virtual presence is the new art of technology pursued in the developed and developing countries through adoption of diverse systems including mobiles, satellites, the Internet, wireless devices, and media services. Paving its way into the medical sector, virtual care acts as a platform for remote delivery of expert consultancy, detailed information and appropriate services to any desired location. According to the International Telecommunication Union (ITU), 70.9% of Americans had internet access in the year 2018.[2] This region is the center for various industrial firms and technological innovations along with huge economic stability opening up wider opportunities for the telemedicine market. As a result, North America held the largest regional market share, in this segment, of 45.68% as of 2018. Telemedicine technology delivers customer-centric services across all industries; primarily benefiting employers through on-premise software applications. This is expected to increase market demand at a notable CAGR of 16.48% through to 2025.
Telemedicine Market Growth Drivers:
Growing urbanization and increasing occurrence of diseases requires immediate and appropriate clinical aid globally, which majorly influences the growing demand for telemedicine market.
Telemedicine Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the telemedicine market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of telemedicine in telemedicine market, and their specific applications in different areas.
Telemedicine Market Outlook:
Virtual presence is the new art of technology pursued in the developed and developing countries through adoption of diverse systems including mobiles, satellites, the Internet, wireless devices, and media services. Paving its way into the medical sector, virtual care acts as a platform for remote delivery of expert consultancy, detailed information and appropriate services to any desired location. According to the International Telecommunication Union (ITU), 70.9% of Americans had internet access in the year 2018.[2] This region is the center for various industrial firms and technological innovations along with huge economic stability opening up wider opportunities for the telemedicine market. As a result, North America held the largest regional market share, in this segment, of 45.68% as of 2018. Telemedicine technology delivers customer-centric services across all industries; primarily benefiting employers through on-premise software applications. This is expected to increase market demand at a notable CAGR of 16.48% through to 2025.
Telemedicine Market Growth Drivers:
Growing urbanization and increasing occurrence of diseases requires immediate and appropriate clinical aid globally, which majorly influences the growing demand for telemedicine market.
Incorporating telemedicine within offices improves scope of productivity and reduces healthcare expenses by providing the employees certain medical care plans which enable them to utilize clinical services via phone calls, VoIP and web-communication systems.Not only does it benefit employees, but telemedicine technology also minimizes sick leaves thereby profiting employers which directly boosts the global telemedicine market growth.
With advanced telecommunication technology, doctors can now access diagnostic reports and reach patients which eases the guidance and consultation procedure for patients and fellow professionals. This facilitates telemedicine practices amongst people generating wider scopes of opportunity for all parties.
Telemedicine Market Challenges:
Virtual care offered through online cloud meetings and video conferencing requires resilient third party Internet connections, since slow or restricted Internet network systems hamper video and audio quality. This might lead to information being miscommunicated, which can cause severe repercussions during telesurgical procedures. Additionally, erratic treatment due to a lack of proper access to a patient’s medical history and present health condition might hamper the telemedicine market growth. However, adequate technical knowledge provided by incorporating IT staff in medical facilities will effectively remove the drawbacks, and thereby enhance the services provided and expand the market and thereby revenue..
Telemedicine Market Challenges:
Virtual care offered through online cloud meetings and video conferencing requires resilient third party Internet connections, since slow or restricted Internet network systems hamper video and audio quality. This might lead to information being miscommunicated, which can cause severe repercussions during telesurgical procedures. Additionally, erratic treatment due to a lack of proper access to a patient’s medical history and present health condition might hamper the telemedicine market growth. However, adequate technical knowledge provided by incorporating IT staff in medical facilities will effectively remove the drawbacks, and thereby enhance the services provided and expand the market and thereby revenue..
Telemedicine Market Key Players:
Pioneers in the telemedicine market include LifeWatch AG, Honeywell Life Care Solutions, Allscripts Healthcare Solutions Inc., Aerotel Medical Systems Ltd., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cardiocom, LLC, InTouch Technologies Inc., Koninklijke Philips N.V., and others.
Honeywell Life Care Solutions is a life-care solutions company which delivers advanced monitoring benefits to medical experts, as well as enhances the treatment procedures for patients. Their services include life stream clinical monitoring, video visits, genesis touch, and associated software.
Telemedicine Market Trends:
Advanced Tele-ICU Program:
Development in telehealth systems and services have led to subsequent changes in treatment procedures and health monitoring. Interconnected telemedicine care systems in southwestern Vermont, USA, established tele-ICU program for meeting the increasing demand for medical aid and to expand their clinical care outreach. The 24/7 tele-ICU service offers effective monitoring and intensive care facilities to patients with chronic diseases rather than transferring them to hospitals in remote provinces.
Fall Detection Tele-Monitoring:
The geriatric population is susceptible to greater life risks which is why they require advanced telehealth systems for detecting minor and major health suspicions. The necessity for monitoring senior patients has evolved with wearable and implantable wireless body area networks such as Fall Detection wrist watches. The smart watch automatically gathers information related to activity, determines the user’s location, and sends alert even when a person is not wearing the watch thereby reducing casualties due to accidental falls.
Pioneers in the telemedicine market include LifeWatch AG, Honeywell Life Care Solutions, Allscripts Healthcare Solutions Inc., Aerotel Medical Systems Ltd., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cardiocom, LLC, InTouch Technologies Inc., Koninklijke Philips N.V., and others.
Honeywell Life Care Solutions is a life-care solutions company which delivers advanced monitoring benefits to medical experts, as well as enhances the treatment procedures for patients. Their services include life stream clinical monitoring, video visits, genesis touch, and associated software.
Telemedicine Market Trends:
Advanced Tele-ICU Program:
Development in telehealth systems and services have led to subsequent changes in treatment procedures and health monitoring. Interconnected telemedicine care systems in southwestern Vermont, USA, established tele-ICU program for meeting the increasing demand for medical aid and to expand their clinical care outreach. The 24/7 tele-ICU service offers effective monitoring and intensive care facilities to patients with chronic diseases rather than transferring them to hospitals in remote provinces.
Fall Detection Tele-Monitoring:
The geriatric population is susceptible to greater life risks which is why they require advanced telehealth systems for detecting minor and major health suspicions. The necessity for monitoring senior patients has evolved with wearable and implantable wireless body area networks such as Fall Detection wrist watches. The smart watch automatically gathers information related to activity, determines the user’s location, and sends alert even when a person is not wearing the watch thereby reducing casualties due to accidental falls.
Telemedicine Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the telemedicine market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of telemedicine in telemedicine market, and their specific applications in different areas.
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