In the year 2015, the global telemedicine market was estimated to be worth around USD 23,224 million and is expected to reach USD 66,606 million by 2021 with an estimated CAGR of 18.8% during the forecast period (2016-2021). The huge growth expected in the telemedicine market during the forecast period is mainly due to the potential of telemedicine in revolutionizing healthcare delivery. Telemedicine can offer instant deliver healthcare services at anytime from anywhere in the world.
Even though the growth of this market during the forecast period looks huge, the size of this market is still small. This is not because of limitations of this technology, instead is due to the limitations in adoption of this technology. One such major limitation is the availability of doctors working in the healthcare industry. Majority of the doctors who currently work in hospitals and clinics worldwide are in their mid-forties or fifties and have spent most of their careers using conventional means of treating people. Training old generation doctors and convincing them to use telemedicine is a huge task, which most industry experts feel that can never be accomplished. Hence, the full market potential of telemedicine can be tapped only through the next generation of doctors who take over the healthcare industry and this process is expected to take at least another couple of decades.
Constant technological innovation combined with the increasing remote patient monitoring and increasing use of treatments that require long follow-up are currently driving this market. Legal & reimbursement issues along with the high cost of technology and the lack of physician support, combined with poor cases of implementation, are currently hindering the growth of this market.
In this report, the global telemedicine market has been segmented by type, technology, specialty area, and end-users. The market has been further segmented by type into telehospitals/clinics, telehome, m-health (Mobile Health). By technology, the market has been further segmented into hardware, software, and telecommunications. By specialty, the market has been segmented into general consultation, cardiology, dermatology, neurology, gynecology, trauma care, ophthalmology, orthopedics, psychiatry, pathology, general surgery, and others. While hospitals, clinics, patients, among others, form the end-user segment.
By geography, the market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and, South America. The North America market has been further segmented into the United States, Canada, and Mexico. While the European market has been segmented into the United Kingdom, Germany, France, Italy, Spain, and Rest of Europe. The Asia-Pacific market has been further segmented into India, China, Japan, South Korea, Australia, and Rest of Asia-Pacific. The Middle East & Africa (Mena) market has been further segmented into GCC, Egypt, and South Africa. While the South American market has been further segmented into Brazil, Argentina, and the Rest of South America.
Currently, the key challenge being faced by this market is the lack of infrastructure in the emerging markets required for installing and using telemedicine. However, this market has got some great opportunities for companies that can simplify the technology and process involved in using telemedicine, which can drastically increase the rate of adoption.
There are several major players operating in this market. Some of them include Aerotel Medical Systems, Allscripts Healthcare Solution, AMD Global Telemedicine, BioTelemetry, Inc., Cardiocom, Honeywell Lifesciences, Intouch Technologies, LifeWatch, Mckesson Corporation, Medtronic, Philips, and SHL TeleMedicine Ltd.
Key Deliverables of the study