Telemedicine Market to Grow at 14.0% CAGR to 2022

Telemedicine Market

Zion Market Research has published a new report titled “Telemedicine Market (Tele-Education, Tele-Training, Tele-Consultation, Tele-Monitoring, Tele-Care, and Tele-Surgery) for Neurology, Orthopedics, Cardiology, Dermatology, Emergency Care, Internal Medicine, Gynecology, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022”.  According to the report, the global telemedicine market was valued at approximately USD 18.20 billion in 2016 and is expected to reach approximately USD 38.00 billion by 2022, growing at a CAGR of around 14.0% between 2017 and 2022.

Telemedicine is the real-time service which uses telecommunication and information technology to provide clinical health care at a distance. Telemedicine services provide two-way communications between patient and healthcare professional. Telemedicine services use email, smart phones, video conference, wireless tools and other forms of telecommunications technology. Telemedicine helps to decrease the overall cost of medical care and increase efficiency through better management of chronic diseases, shared doctors and specialist staffing.

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The major key drivers for the telemedicine market are rapid growth in aged population coupled with increasing number of patients suffering from chronic disease and hypertension. Government initiatives and funding is expected to propel the telemedicine market growth in Asia Pacific region within the forecast period. However, lack of resources and high technological cost may hamper the market growth in emerging and underdeveloped countries. Nevertheless, advancement in technology to provide better health services is expected to open up new growth avenues within the forecast period.

The telemedicine market can be segmented on the basis of applications into neurology, orthopedics, emergency care, internal medicine, gynecology, cardiology, dermatology, and others. Dermatology dominated the telemedicine market with over 25% share of the overall market. Neurology is expected to witness the fastest growth in the years to come due to increasing neurological complications such as stroke, Alzheimer’s and Parkinson’s cases. Emergency care and cardiology are other key segments that play an important role in telemedicine market.

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Based on service, the market can be segmented into telemonitoring, tele-education, teleconsultation, tele-training, telecare, and telesurgery. Tele-consultation was the leading segment and it accounted for the significant share in 2016. Tele-monitoring is another key outlet of this market owing to increasing demand of patients to get early treatment by means of home care, mobile monitoring and disease monitoring applications. Tele-education, tele-training, and telesurgery are newly added in telemedicine services and expected to exhibit exponential growth within the forecast period.

In terms of geography, North America was the largest market of telemedicine in the world owing to strong demand for centralization of healthcare administration and enhanced safety & quality of the applications.  Asia Pacific is another key regional market and is expected to witness the fastest growth in over the forecast period. Moreover, telemedicine market has a huge opportunity in the emerging markets of Asia Pacific due to the increasing population coupled with the rising health awareness among people, especially in China and India.

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Some of the major industry participants in telemedicine market includes F. Hoffmann-La Roche Ltd., CISCO Systems, Inc., Siemens Healthcare, McKesson Corp, Agfa HealthCare NV, AMD Global Telemedicine, Inc., Polycom Corp., Honeywell HomMed LLC, InTouch Technologies, Inc., LifeWatch AG, Medtronic, Inc., OBS Medical Ltd., and Allscripts Healthcare Solutions. Key players have been focusing on innovation and new product development to retain their market share. This kind of competitive position provides new growth opportunities for the market.

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