global-telemedicine-market-industry
Published

November 2017

Telemedicine Market - Trends, Analysis and Forecasts to 2022

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Telemedicine Market 

In the year 2015, the market was estimated to be worth around USD 23,224 million and is expected to reach USD 66,606 million by the year 2021, growing at a CAGR of 18.8% during the forecast period (2017-2022).

 Market Dynamics

The huge growth expected in the telemedicine market 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 any time to and from anywhere in the world.

Drivers

Some of the several factors driving the growth of the global telemedicine market are:

  • Constant technological innovation
  • Increasing remote patient monitoring
  • Rising use of treatments that require long follow-ups

Restraints

In spite of the great scope for growth, there are some factors restraining the market. These include:

  • Legal and reimbursement issues
  • High cost of advanced technology
  • Lack of physician support combined with poor cases of implementation
  • Lack of infrastructure

Even though the growth of telemedicine 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 the technology but instead due to the limitations in adopting this technology. One such major limitation is the generation of doctors who are currently working in the healthcare industry.

The 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 patients. Training this older generation of doctors and convincing them to use telemedicine is a huge task, which most industry experts feel can never be accomplished. Hence, the full market potential of telemedicine can be tapped only after the next generation of doctors takes over the healthcare industry and that is expected to take at least another couple of decades.

In this report, the telemedicine market has been segmented by type, technology, specialty 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 geographical region, this market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America.

The North American market has been further segmented into the United States, Canada, and Mexico. The European market has been further 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 America market has been further segmented into Brazil, Argentina and the Rest of South America.

Currently, the key challenge faced by telemedicine market is the lack of infrastructure in the emerging markets required for installing and using telemedicine. This market also has some great opportunities for companies that can simplify the technology and process involved in using telemedicine that can drastically increase the adoption of telemedicine.

Some of the key players in the market are:

  • Aerotel Medical Systems
  • Allscripts Healthcare Solutions
  • AMD Global Telemedicine
  • Biotelemetry Inc.
  • Cardiocom
  • Honeywell Lifesciences
  • Intouch Technologies
  • Lifewatch

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