Telemedicine is the union of health care and telecommunication/information technology aimed at providing assistance to individuals in remote areas who do not have access to health care centers in times of need. Critical care and emergency situations are the primary areas for which telemedicine evolved in practice. The health care industry has always been one of the most lucrative, yet steadily growing, industries across the globe. Requirement of health care is termed as critical and crucial to the sustenance of life, hence considered an important industry. Growth of the telemedicine market is primarily attributed to the rise in quality health care services and products adopted by patients worldwide. The telemedicine market has been largely driven by increasing reimbursements received by health care insurance providers that trickle down to the patient population.
According to a new market research report published by Transparency Market Research “Telemedicine Technologies and Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023”, the global telemedicine technologies and services market was valued at US$ 21.1 Bn in 2014 and is estimated to reach US$ 86.7 Bn in 2023, expanding at a CAGR of 17.2% from 2015 to 2023.
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The rising geriatric population along with increasing cases of physical disability promotes usage of telemedicine among a significant portion of the global population. However, dearth of medical practitioners dedicated to telemedicine service is a major issue globally. Moreover, growing concern among patients about the inadequacy of virtual consultation presents a challenge to the growth of the telemedicine market. The global telemedicine technologies and services market was valued at US$ 21,124.2 Mn in 2014 and is projected to reach US$ 86,754.8 Mn by 2023 at a CAGR of 17.2% from 2015 to 2023.
Based on component, the telemedicine technologies and services market has been segmented into hardware, software, and services. The hardware segment has been categorized into videoconferencing unit, imaging unit, vital signs unit, ECG, and others. The videoconferencing unit sub-segment accounted for the largest share of the hardware segment in 2014. The segment will continue to dominate the market until 2023 due to increase in preference for videoconferencing units for telemedicine solutions. The imaging unit segment is expected to expand at the highest CAGR from 2015 to 2023 owing to high demand for imaging services, mostly preferred for radiology and digital pathology services, and rapid technological advancements in the imaging segment. However, concerns over confidentiality of patient’s medical information is likely to hamper the growth of the telemedicine technologies and services market during the forecast period.
Based on software, the telemedicine technologies and services market has been segmented into integrated and standalone. The integrated software segment dominated the market in 2014 due to high adoption rate and technological innovations. Telemedicine services (interactive, store and transfer, and chronic care management) is the most promising segment of the telemedicine market owing to worldwide popularity and ability to provide high definition and quality medical services in remote areas. People in developing nations cannot afford technologically advanced products due to financial crisis and low disposable incomes. Hence, they opt for cost-effective and consistent telemedicine services. Therefore, the services segment is likely to gain momentum in developing countries such as India, China, Brazil, and South Africa.
Based on end-user, the global telemedicine technologies and services market has been segmented into telehospital/teleclinic and telehome. The telehospital segment dominated the market primarily due to high adoption rate of technologically advanced and cost-effective innovative telemedicine services and products and rising preference of patients toward telemedicine services for telehospital.
The global telemedicine technologies and services market is characterized by the presence of major companies such as Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., General Electric Company, Honeywell International, Inc., and LifeWatch AG.
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