Telemedicine Market – A historical perspective
Telemedicine in simple terms can be defined as the use of telecommunication channels and information technology tools for the delivery or provision of clinical health care to patients who are located in isolated communities or remote regions thereby eliminating distance barriers and in improving access to medical services. Telemedicine is the best choice for saving lives in critical care and emergencies.
The foundations of telemedicine market can be traced back to the period when during 1960’s NASA astronauts went into space and used telemedicine technology built by NASA that monitored the astronauts’ physiological parameters when these astronauts journeyed to space in a spacecraft. From then onwards, telemedicine applications made huge strides with improved technologies and innovative telemedicine products.
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Telemedicine Global Market Trends – A preview
In recent years, the telemedicine global market saw a huge upsurge with the merger and fusion of modern telecommunications with healthcare due an increasing demand for better personal healthcare coupled with rising prevalence of chronic diseases, dearth of healthcare professionals, improvements in telecommunication infrastructure and need for affordable treatment options.
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The global telemedicine market research undertaken by various research agencies under their respective telemedicine market report forecast that the global telemedicine market size would grow from $25.53 billion in 2015 to over $57.92 billion by 2020 with the telemedicine market growth rate with a CAGR of 17.85% over the next five years. The reason for this enormous growth can be due to certain telemedicine market trends especially in developed economies like United States and these trends include-
• There is an expansion of reimbursement and payment opportunities.
• An upsurge in international agreements and arrangements by hospitals and health care providers paving way for entering into collaborations with overseas medical institutions. Such partnerships are to provide access to more patients thereby helping in creating additional revenue and in bolstering international brands.
• The state/federal governments and lawmakers are incorporating telemedicine into their health care systems.
• There is a trend of an increasing rise in retail clinics and employer onsite health centers on the rise.
• In United States, more Medicare Accountable Care Organizations (ACOs) are using technology to improve care and cut costs leading to growth and use of telemedicine services.
• Emergence of cloud system management software that is helping telemedicine market players in saving time in data recovery from large data bases.
Telemedicine Market Segmentation – How it is segmented
The global telemedicine market is segmented or divided into five divisions as shown in the form of a chart diagram as shown herein under-
Telemedicine market statistics as per regions – an outlook
According to the geographical parameters, the telemedicine share in dominated by the North America and Europe. North America that includes United States accounts for a lion’s share of total telemedicine market because of high demand for technologically advanced products. The United States telemedicine market share was valued at USD 572 millions in 2014 due to rising demand for centralization of healthcare administration and growth in quality and safety applications.
The telemedicine market in Europe grew from $3.1 billion in 2010 to $4.8 billion in 2011, which is almost expected to triple to $12.6 billion by 2019 with a CAGR (Compounded Annual Growth Rate) of 12.82% over the next five years. The major markets in Europe include the United Kingdom, Germany, France etc. The Asia-Pacific region is the other strong contender for its share in telemedicine market. Countries such as Brazil, China, India and Russia in this region have shown a high growth rate. For instance, India’s telemedicine market is growing at a CAGR of over 20% with an expected telemedicine market share value to cross $32 million mark by the end of 2020 from the current level of $15 million.
Telemedicine players – Company wise insights
The major or key telemedicine players in the global telemedicine market include the following companies or corporate entities
• Siemens Health Care
• Medtronic Inc
• Honeywell Life Sciences
• Phillips Healthcare
• LifeWatch AG
• Robert Bosh Healthcare
• GE Healthcare Ltd ‘
Global telemedicine market outlook -2021 – An eagle’s eye view
The global telemedicine market outlook for 2021 looks bright with new technological innovations and advancements fueling the market. The new emerging markets for telemedicine products and services would evolve in developing economies like India, Sri Lanka, Africa and other third world nations. It is estimated that the global telemedicine market would reach approximately US $78.30 billion by 2021 due to the growth spurred by high personal health care demand.