Telemedicine Market Expected to Surpass US$ 109.43 Billion by 2027
Transparency Market Research (TMR) has published a new report titled, ‘Telemedicine Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global Telemedicine market was valued at US$ 27.51 Bn in 2018 and is projected to expand at a CAGR of 14.0 % from 2019 to 2027.
Overview
- Telemedicine is a medical service offered to the patients remotely though telecom or though video conferencing tools. This is referred to as medical practice for the patients with nonphysical presence of patients and healthcare providers. Telemedicine systems are an extension of medical practice in many developed and developing countries with a large rural population. Such remotely located individuals have been greatly benefitted with the presence of telemedicine for their routine healthcare solutions. The overall healthcare standards have improved; this is proved by the increasing life expectancy and decreased mortality rates.
- Telemedicine solutions provided by companies range from technologies (product vendors) to healthcare software solution providers. Both the segments are taken under consideration to assess the telemedicine market. This provides a more dynamic scale of study, which has been done considering the global picture of the telemedicine market.
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Alliance with Doorstep Diagnostics to Increase Scope of Telemedicine to Drive Market
- Diagnostic procedures often utilize a significant amount of resources including infrastructure, labor and capital. Many hospitals and medical institutions such as clinics outsource these procedures to diagnostic centers to make the whole process more efficient and cost saving. These services are also directly provided to patient residence upon request. Since medical consultations provided by telemedicine services globally involve directions for diagnostic procedures in cases suggested by medical practitioners, it would be logical to integrate both these homecare solutions to increase the overall patient convenience, and thereby the patient experience. This would boost the telemedicine market as well as the home diagnostics market.
- Convenience is a major feature of telemedicine and is provided by home diagnostics, thus finding favor with the patients. According to a survey conducted by the U.S. Health magazine, 70% of medical cases can be handled by in-home consultations only. Therefore, this integration would greatly help in increasing patient favor and boost usage.
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Dermatology Segment to Dominate Telemedicine Market
- Based on Speciality segment, the global Telemedicine market has been divided into cardiology, neurology, dermatology, orthopaedics, emergency care, internal medicine, gynecology, and others.
- The dermatology segment dominated the global Telemedicine market in 2018 owing to growing prevalence across globe and thus considered to be a leading causes for a visit to a physicians. Moreover, dermatological diseases require personal attention and treatment, which is estimated to boost the demand of the telemedicine services. With privacy being offered to the patient, without having to travel to the hospital, telemedicine in dermatology practice is expected to grow steadily during the forecast period.
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North America to Dominate Global Market
- In terms of region, the global Telemedicine market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global Telemedicine market in 2018 and the trend is expected to continue during forecast period.
- North America accounted for major share of the global Telemedicine market in 2018, owing to technological advancements, presence of vast telemedicine providers across region, and remote location of population across United States and Canada. Furthermore, domestic governments offer favorable reimbursement to telemedicine users and the insurance providers is another major driving factor for the telemedicine market in the North America region.
- The Telemedicine market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. This can be attributed to healthy growth of telemedicine in the region including the presence of a large patient population suffering from various types of communicable, non-communicable and lifestyle diseases. Moreover, presence of several low cost domestic manufacturers of mobile communication technology and the growing medical tourism industry in the region paved a new path for the growth in demand for telemedicine installations in various multispecialty hospitals.
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Competitive Landscape
- The global Telemedicine market is fragmented in terms of number of players. Key players in the global market include Agfa-Gevaert Group, Allscripts Healthcare, LLC and/or its affiliates, AMD Global Telemedicine, CISCO Systems Inc, F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, InTouch Technologies, Inc., BioTelemetry, Inc, Medtronic, OBS Medical Ltd., Siemens Healthcare Private Limited, McKesson Corporation, and other prominent players.
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