Global Telemedicine Market
Global Telemedicine Market Report Description:
Global Telemedicine market report gives comprehensive outlook on telemedicine across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global telemedicine market gives historical, current, and future market sizes (US$ Mn) on the basis of type, product, service and region. This report studies global telemedicine market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global telemedicine market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global telemedicine products.
Global Telemedicine Market:
The global telemedicine market estimated to be valued US$ 42.6 Bn in 2018 and poised to grow at significant CAGR of 21% over 2019-2025. Some of the key factors fostering the market growth include increasing remote patient monitoring, growing burden of chronic diseases, rising healthcare costs, widespread availability of the internet and high quality video devices, growing demand for tele-neurology services especially amongst the older patient population and various technological advancements in telecommunications network. However, high initial capital requirements, lack of physician support and strict legal & reimbursement issues are the major factors hindering the market growth.
Technological Innovations are fueling the Market Growth
Over the years, the healthcare field has undergone many changes and a large number of these changes can be attributed to technology. As mobile devices and broadband Internet becomes ubiquitous, the world of telemedicine continues to advance. The future of healthcare will include mobile devices and videoconferencing technology. The need to provide high-quality healthcare to everyone while reducing costs has reached a crisis level, where it’s a major focus of the highest government offices. More and more healthcare leaders are realizing that telemedicine is clearly a cornerstone of the solution. Telemedicine allows health care professionals to evaluate, diagnose and treat patients at a distance using telecommunications technology. The approach has been through a striking evolution in the last decade. One of the biggest attractions to telemedicine besides location accessibility is the element of privacy this type of care affords.
Asia Pacific Accounts for Larger Market Revenue Share in Global Telemedicine Market
Asia Pacific accounted for larger revenue share in global telemedicine market with considerable CAGR. The growth in this region is due to increasing penetration rate of smart devices and huge interest about telemedicine. China is the major contributor for the growth of the market in the region. In addition, North America held substantial market share during estimated period owing to rapidly growing component of healthcare, demand for mobile technologies and internet by people and rising adoption of homecare by patients.
Key player’s profiles in the global telemedicine market include:
- Aerotel Medical Systems (1998) Ltd
- Allscripts Healthcare Solutions Inc.
- AMD Global Telemedicine Inc.
- Resideo Technologies Inc. (Honeywell Life Care Solutions)
- InTouch Technologies Inc.
- Koninklijke Philips NV
- Medtronic PLC
- SHL Telemedicine
- SnapMD, Inc.
Global telemedicine market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in May 2018, Allscripts acquired HealthGrid Holding Company. This acquisition will enable significant expansion of FollowMyHealth platform portfolio and spur revenue generation.
Key Findings of the Report:
- Global telemedicine market expanding at significant CAGR over 2019 to 2025 owing to growing burden of chronic diseases
- Based on type, telehospitals segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global telemedicine market
- mHealth (mobile health)
- Rest of Europe
- Australia & New Zealand
- ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
- South Korea
- Rest of Asia-Pacific
- Rest of Latin America
Middle East and Africa (MEA)
- Gulf Cooperation Council (GCC) Countries
- South Africa
- Rest of MEA
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market