The Global Telemedicine Market is expected to grow at a CAGR of 16.5% during the forecast period 2018-2023.
Telemedicine is a life-changing technology. Also known as telehealth, telemedicine comprises of the distribution of health services and information electronically or via telecommunication technologies. It allows clinicians to communicate, advice, educate, monitor and also provide distance-learning to the patients. Additionally, it facilitates supervision, and presentations between practitioners; including online information and health data management that is overall healthcare system integration. However, high installation cost of the telemedicine technology solutions may affect the market growth in developing nations across the globe over the corresponding period.
Moreover the factors such as legal and reimbursement issues, high cost of advanced technology, lack of physician support combined with poor cases of implementation, lack of infrastructure are some of factors restraining growth of the market.
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During recent years, the hospitals and doctor’s offices that deployed telemedicine were needed to a dedicated space and bandwidth to get online. Currently, the growing use of portable devices such as computers and tablets by doctors while patients are aided with devices that are convenient or mobile in nature. These increases in efficiency have been at the forefront of making telemedicine an everyday clinical solution. Now that the technological barriers have been lowered, the applications related to treating patients in rural communities as well as global are being full realized.
New advances in technology and an increased adoption of online social interactions are helping create new clinical opportunities through the use of telemedicine. During early 90s, healthcare practitioners used telemedicine for projects and technology idea to be outpaced in the near future.
One of the first and most important opportunity of telemedicine is providing front line care. One approach telemedicine can reach its full potential is when it’s offered as a covered benefit in a health plan.
Moreover, as telemedicine is a powerful tool for chronically ill patients who consume the most expensive medical services, and they are usually not the patient’s categorising into today’s wave of telehealth apps. The healthy growth of healthcare based IT sector is providing impetus to the growing field of telemedicine.
Key players in the Global Telemedicine Market
Medtronic (Ireland), AMD Telemedicine Technologies (U.S.), Koninklijke Philips N.V. (The Netherlands), General Electric Company (U.K), Intel (US), Neusoft Corporation (China), McKesson Corporation (U.S.), IBM (U.S.), and others are some of the prominent players at the forefront of competition in the Global Telemedicine Market and are profiled in MRFR Analysis.
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Oct, 2017 The American Well and the Medtronic Care Management Services had opted for a strategic partnership to integrate telehealth capabilities. This strategic partnership enables American Well and Medtronic Care Management Services (MCMS) business to complete telehealth solution focused on the unique needs of the complex, chronic, co-morbid patient population.
Feb, 2017 Vidyo showcased the succeeding upsurge of telehealth using IBM Watson Workspace and Nokia Solutions. Companies similar to Vidyo are known for its industry prominent high-quality video technology, are connecting with solutions like IBM Watson Workspace and Nokia to help recreate the in person healthcare experience empowering care providers to accompany in the future of a connected healthcare system.
The global telemedicine market is segmented on the basis of regions namely Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas accounts for the largest share of telemedicine market whose growth is fostered by an increase in the demand for healthcare IT solutions, presence of prominent market players, and availability of infrastructure for medical tourism.
Europe shows a significant rise in the telemedicine market. The Europe Union (EU) is funding several telemedicine projects to improve the healthcare access to the population through telemedicine technology, for instance, “Revenue Health”, is one of the projects funded by the EU.
Asia Pacific shows phenomenal growth in telemedicine market and is expected to the fastest growing region due to rising geriatric population, increasing prevalence of chronic diseases, developing telecommunication technology as well as developing healthcare infrastructure.
The Middle East & Africa is witnessing a steady rise in the telemedicine market owing to the need for tapping unreachable areas by improving technological framework across the region.
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