Telemedicine Market Global Demand, Production Growth, Top Key Players and Forecast to 2030
Telemedicine facilitates provision of medical help through the use of
telecommunications technologies such as email, video conferencing. The market
has grown considerably over the recent years on account of increasing
prevalence of chronic diseases such as diabetes, cancer, and others.
Easier-to-use applications and growing acceptance of patients to seek medical
help through smartphones and computers is aiding the growth of the telemedicine
market. Rise in geriatric population who are more prone to diseases and are
unable to reach out to healthcare providers have induced the demand for
telemedicine. Telemedicine also facilitates patient monitoring and medical aid
provision in remote and in areas flood and tsunami affected areas. Growth in
number of smartphone users and increasing adoption of electronic health record
(EHR) are also fundamental drivers of the market. Various governments have
endeavored to introduce telemedicine for regular operations and have planned to
equip state-owned hospitals with telemedicine facility for both ambulatory and
intensive care treatment which can boost the market demand in the coming years.
The telemedicine
market was valued USD 67.3 Billion in 2021 and is expected to surpass the value of over USD 405.93 Billion by the year 2030 while registering a CAGR of 22.1% during the
forecast period 2022-2030.
The market is likely to be driven by other factors such as dearth of
healthcare professionals, innovation in communication technology and favorable
reimbursement scenario for telemedical services in developed countries. Despite
the fascinating development of telemedicine, the market growth might be bounded
by some factors. Late adoption of telemedicine has proven to be a barrier to
the market growth. A key barrier to the adoption of telemedicine is the
prevalence of perception among people that telemedicine programmes are
expensive to implement. Underdeveloped infrastructure and lack of technical
expertise in developing countries also act as a barrier to adoption which might
restrict market growth. Absence of unified technical standards & guidelines
and lack of interoperability have been an issue for the growth of the market.
Legal issues associated with ensuring patient confidentiality and stringent
government regulations are other limiting factors.
Major Key
Players:
Notable Telemedicine Market Players are AMD Global Telemedicine,
Inc., CareClix, Cisco, IBM Corporation, Iris Telehealth, Medtronic, TeleVital,
Allscripts Healthcare Solutions, Honeywell Lifesciences, Care Innovations,
Aerotel Medical Systems Ltd., CardioNet, Cerner Corporation, GENERAL ELECTRIC,
Intel Corporation, Koninklijke Philips N.V., TeleVital, Allscripts Healthcare
Solutions, Honeywell Lifesciences, Care Innovations, Aerotel Medical Systems
Ltd., and others.
Segment Analysis
The global telemedicine market is segmented based on
service type, component, deployment, application, and end-user. By service
type, the market has been segmented into telenursing, tele pharmacy,
teleradiology, tele dermatology, tele-oncology, others. By component, the
market has been segmented into software and hardware. The software segment is
further segmented into integrated software and standalone software. The hardware
segment is further segmented into monitors and medical peripheral devices. By
deployment, the market has been segmented into cloud-based and on premises. By
application, the market has been segmented into cardiology, ophthalmology,
psychiatry, radiology, dermatology, and others. By end-users, the market has
been segmented into hospitals, clinics, home care.
The key markets of the global
telemedicine market include the Americas, Europe, Asia-Pacific and the Middle
East & Africa. The ustelemedicine account for the largest share of the
market owing to the presence of a well-developed healthcare sector in the region.
Rising adoption of telemedicine, increased expenditure on healthcare and the
concentration of major players in the region are other factors supporting the
dominance of the region. Europe is the second largest market after the Americas
owing to the increased adoption of novel technologies in the healthcare sector
and rising government support to improve healthcare facilities in the region.
Developed economies like Italy, U.K, France, and others are the key
contributors, making western Europe the leading market. Asia-Pacific is slated
to emerge as the fastest growing market due to the presence of a vast patient
pool and growing adoption of telemedicine in the developing economies of the
region including china telemedicine. The Middle East & Africa hold the
smallest share in the global telemedicine market due to slow adoption of
telemedicine owing to weak economic conditions, lack of adequate health care
facilities in the region, especially within Africa. However, the Middle East
market is consolidated and accounts for the majority share in the Middle East
& Africa market.
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