Telemedicine is the Union of Healthcare and Telecommunication/Information Technology
Players such as AMD Global Telemedicine, Inc., Aerotel Medical Systems Ltd., General Electric Company, LifeWatch AG, and Honeywell International, Inc. hold a dominant share in the global telemedicine technologies and services market, as per Transparency Market Research (TMR). Telemedicine has been gaining popularity globally and is routinely employed in medical practices by numerous professionals. Telemedicine has also been gaining a lot of popularity in hospitals owing to the fact that these services have become more accessible since the past few years due to the introduction of tele-support.
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The global telemedicine technologies and services market is predicted to touch US$86.7 bn in 2023. On the basis of component, the segment of telemedicine services came up as the most lucrative segment in the market. This segment is predicted to touch US$53,013.1 mn by 2023. The reason for the popularity of this segment is its ability to present quality medical services within remote areas. Hence, the dearth of experienced and trained medical professionals in areas that are remote will further drive the growth of this segment. On the other hand, the software segment will trail the services segment and will constitute the second position in the market by 2023.
Increasing Employment of Cost Effective and Innovative Telemedicine Services to Drive Telehospital Segment
On the basis of end user, the telehospital segment holds the dominant share in the global telemedicine technologies and services market. The reasons for the dominance of this segment is the increasing inclination of patients toward telemedicine, increased implementation rate of technologically developed and economical innovative telemedicine services and products, and support initiatives by governments in development of cutting-edge telemedicine technologies. This segment is poised to grow at healthy 16.60% CAGR between 2015 and 2023.
Geographically, North America led the market in the past. The reasons for the superiority of this region is the growing preference for customized healthcare services, technological developments, demand for confidentiality and quality of healthcare data, and increasing inclination toward home healthcare services and devices. On the other hand, both the Middle East and Asia Pacific are poised to rise at the swiftest growth rate in the coming years due to enhancement in the healthcare infrastructures and untapped opportunities in these two regions.
Increasing Mobile Penetration to Bode Well for Market Growth
The increasing occurrence of chronic diseases such as chronic obstructive pulmonary disease (COPD), congestive heart failure, hypertension, and diabetes is fuelling the growth of the global telemedicine technologies and services market. In addition, the growing aging population is also behind the exponential growth of this market. The increasing penetration of mobiles and advances in ICT services is also a driving force in the growth of this market. “Furthermore, the increasing burden on the already present hospital care owing to the increasing demand for healthcare services will augment the development of the market,” says a TMR analyst
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However, the growth of the telemedicine technologies and services market is hindered by the increasing privacy and legal issues globally. In addition, the absence of adept infrastructure and medical staff will negatively impact the growth of this market.
Nonetheless, telemedicine technologies and services have started to focus in numerous backward and rural areas globally. This factor is poised to bring in new growth opportunities and will raise the revenue growth of this market, states a TMR analyst.