JAN 2019

Telemedicine Market - Growth, Trends, and Forecast (2019 - 2024)

The Telemedicine Market is projected to register a CAGR of 18.23% by 2024. This report offers the latest trends, growth factors, top players, etc. Download full report now.

Market Snapshot

telemedicine-1
Study Period:

2016-2024

Base year:

2018

Fastest growing market:

Asia Pacific

Largest market:

North America

Key Players:

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Market Overview

The global telemedicine market was valued at USD 38,046 million in 2018, and it is estimated to be valued at USD 103,897.77 million in 2024, witnessing a CAGR of 18.23%. Certain factors that are driving the market growth include increasing medicare reimbursement for telehealth services, increasing prevalence of chronic diseases, and technological innovation in communication technology across the world

Medicine these days is increasingly dependent on technology. The use of technology to transfer large amounts of digital information effortlessly at a relatively low cost is possible through telemedicine. With telemedicine, healthcare experts can listen to a patient's heart remotely, look at and operate an electrocardiogram (ECG), X-rays, computed tomography (CT) scans, and other imaging data, obtained from several hundred miles away.

Many innovative strategies have provided consumers with insights into their own health. Recent advancements in the use of sensor technology and data capture have created opportunities for patients to conduct their own home-health check. The equipment to support telemedicine can be accessed using everyday technology, such as tablets, mobiles, and laptops. Hence, these technological innovations are driving the telemedicine market.

Scope of the Report

As per the scope of the report, telemedicine services and systems have made the most progress in remote management of post-acute care patients with chronic conditions. Telemedicine is the remote delivery of healthcare services, such as consultations over the telecommunication or teleconference, which allows healthcare professionals to evaluate, diagnose, and treat patients.

By Type
Telehospitals
Telehomes
mHealth (Mobile Health)
By Clinical Service
Teleconsultation
Telepathology
Telecardiology
Telesurgery
Teleradiology
Teledermatology
Telepsychiatry
Other Clinical Services
By Technology
Hardware
Software
Telecom
By Mode of Delivery
On-premise Delivery
Cloud-based Delivery
Geography
North America
United States
Canada
Mexico
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

On-premise Delivery is Expected to Dominate the Telemedicine Market

The on-premise delivery segment of the telemedicine market is believed to have largest market size and is expected to witness a CAGR of  16.7% during the forecast period.

Along with that, telecardiology, a sub-segment of clinical service, is expected to have the largest market size during the forecast period and is expected to register a CAGR of 18.4%. Telecardiology is gradually started to increase in emerging markets. It provides all kinds of cardiac investigations, like basic lipid profile (cholesterol levels), electrocardiogram (ECG), echocardiogram (ECHO), coronary angiogram, Holter monitor (24 Hours ambulatory ECG monitoring), stress echo, pediatric echo, treadmill testing (TMT), carotid ultrasounds, etc.

Apart from reaching to patients directly, telecardiology services are useful in improving the efficiency in cardiac units of hospitals and medical imaging practices. With the number of cardiac patients increasing every day, remote monitoring helps in cost saving, up to around 50%, including improved patient satisfaction and quality of life, when compared to traditional outpatient care.

Telemedicine Market-2

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North America is Expected to Dominate the Market

North America currently dominates the market for telemedicine and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the increased adoption of telemedicine and rising demand for mobile health services. The United States holds the majority of the market in the North American region,  due to the involvement of accountable care organizations (ACOs) in both medicare and privately insured services. In addition, there is a rise in per capita health expenditure in the country, which is expected to increase over the forecast period, owing to decrease in the unemployment rate.

Telemedicine market-3

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Competitive Landscape

The telemedicine market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with fewer prices. Companies, like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Philips, hold significant market shares in the telemedicine market.

Major Players

  1. Aerotel Medical Systems
  2. AMD Global Telemedicine Inc.
  3. Honeywell Life Care Solutions
  4. InTouch Technologies Inc.
  5. Allscripts Healthcare Solutions Inc.

* Complete list of players covered available in the table of contents below

Telemedicine-4

Download the market shares of key players in this industry.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Prevalence of Chronic Diseases

      2. 4.2.2 Growing Medicare Reimbursement for Telehealth Services

      3. 4.2.3 Technological Innovation in Communication Technology

    3. 4.3 Market Restraints

      1. 4.3.1 Privacy and Security Concerns in Telehealth

      2. 4.3.2 Lack of Interoperability Between eHealth Solutions

      3. 4.3.3 Inadequate or Fragmented Legal Frameworks Including the Lack of Reimbursement Schemes for eHealth Services

    4. 4.4 Industry Attractiveness – Porter’s Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Type

      1. 5.1.1 Telehospitals

      2. 5.1.2 Telehomes

      3. 5.1.3 mHealth (Mobile Health)

    2. 5.2 By Clinical Service

      1. 5.2.1 Teleconsultation

      2. 5.2.2 Telepathology

      3. 5.2.3 Telecardiology

      4. 5.2.4 Telesurgery

      5. 5.2.5 Teleradiology

      6. 5.2.6 Teledermatology

      7. 5.2.7 Telepsychiatry

      8. 5.2.8 Other Clinical Services

    3. 5.3 By Technology

      1. 5.3.1 Hardware

      2. 5.3.2 Software

      3. 5.3.3 Telecom

    4. 5.4 By Mode of Delivery

      1. 5.4.1 On-premise Delivery

      2. 5.4.2 Cloud-based Delivery

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

      2. 5.5.2 Europe

        1. 5.5.2.1 United Kingdom

        2. 5.5.2.2 Germany

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Middle East & Africa

        1. 5.5.4.1 GCC

        2. 5.5.4.2 South Africa

        3. 5.5.4.3 Rest of Middle East & Africa

      5. 5.5.5 South America

        1. 5.5.5.1 Brazil

        2. 5.5.5.2 Argentina

        3. 5.5.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Aerotel Medical Systems

      2. 6.1.2 AMD Global Telemedicine Inc.

      3. 6.1.3 BioTelemetry

      4. 6.1.4 Honeywell Life Care Solutions

      5. 6.1.5 InTouch Technologies Inc.

      6. 6.1.6 Medtronic

      7. 6.1.7 Philips

      8. 6.1.8 SHL Telemedicine Ltd

      9. 6.1.9 Allscripts Healthcare Solutions Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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