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 the year 2021 while growing at an estimated CAGR of 18.8% during the forecast period (2016-2021). The huge growth expected in telemedicine market during the forecast period is mainly due to the potential of telemedicine to revolutionize healthcare delivery as we know it. Telemedicine does this by making it possible to instantly deliver healthcare at anytime from anywhere in the world to anywhere in the world.
Even though the growth of this market during the forecast period looks huge, we are still just scratching the surface when it comes to the size of this market. This is not because of any limitations of this technology and instead is due to the limitations in adopting this technology. One such major limitation being the generation of doctors who are currently 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 this older generation of 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 after the next generation of doctors take over the healthcare industry and it is expected to take at least another couple of decades.
Constant technological innovation combined with increasing Remote Patient Monitoring and rising use of treatments that require long follow ups are currently driving this market. While legal & reimbursement Issues along with high cost of advanced 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, speciality area and the end users. The market has been further segmented by type into Telehospitals/Clinics, Telehome, mhealth (Mobile Health). By technology the market has been further segmented into Hardware, Software and Telecommunications. By specialty area the market has been further segmented into General Consultation, Cardiology, Dermatology, Neurology, Gynecology, Trauma Care, Ophthalmology, Orthopedics, Psychiatry, Pathology, General Surgery and Others. By end-users the market has been further segmented into Hospitals, Clinics, Patients and others.
Based on geographic region, this market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and, South America. The North America market has been further segmented into United States, Canada and Mexico. While the European market has been further segmented into 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 America market has been further segmented into Brazil, Argentina and the Rest of South America.
Currently the key challenge faced by this market is the lack of infrastructure in the emerging markets required for installing and using telemedicine. While this market also has some great opportunities for companies that can simplify the technology and process involved in using telemedicine as it can drastically increase the adoption of telemedicine.
There are several major players who are operating in this market and 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