The size of the Global Telemedicine Market is estimated to value at USD 35.46 billion in 2019 to USD 80.61 billion in 2024 with a compound annual growth rate (CAGR) of 17.85% over the next five years.
Telemedicine is related to health services via electronic devices through an internet connection. It allows contact between the long-distance patient and clinician with the help of telecommunication technology. This is more helpful for patients in rural areas where there is no transport facility. Telemedicine is also useful in emergency cases where a physician can treat the patient by discussing the issue through video conferences. With modern technology, robotic surgery is also performed from remote locations through digital monitoring devices. The functionalities in the telemedicine are highly successful with the high-speed internet connection. Patient need not visit a hospital for consulting a doctor as this application will enable to consult a medical professional in online where a patient can remotely get treated with different technological devices.
Key Market Growth Drivers
Increasing cost for treatment procedures in hospitals is a major factor prompting the demand of the market. The rise in the incidences of chronic diseases across the world is straightly ascribed to bolster the growth of this market. Growing prevalence for the effective treatment procedures in rural areas is propelling the growth rate of the telemedicine market. The use of electronic health records in every hospital where a physician can browse the health records of patients anywhere is driving the demand of the market.
Major Challenges
However, the cost for installation and maintenance of monitoring devices is a bit expensive and this factor is slowly hampering the demand of the market. The dearth of skilled persons in analyzing the case from remote locations is impeding the growth rate of the market. Rapid changes in economic strategies may limit the demand for the telemedicine market. Stringent rules and regulations by the government over launching new applications is a challenging attribute for the market developers.
Potential Opportunities
A rise in the utilization of smartphones and laptops in every corner of the earth is ascribed to bolster the demand of the market. Increasing priority for early diagnosis of the disease which has a permanent cure is making the market move forward extensively. Acceptance of advanced technology and the launch of various equipment in favor of the end-user is lavishing the growth rate of the telemedicine market. Rise in the support from the IT sector in introducing various applications via telecommunication technology is to set up growth opportunities for the market.
This research report on the global telemedicine market has been segmented and sub-segmented into the following categories and analyzed market size and forecast for each segment until 2024.
Telemedicine Market – By Type:
Telemedicine Market – By Application:
Telemedicine Market – By Delivery Mode:
On the basis of delivery mode, Cloud-based deployment mode is playing an important role in telemedicine as it enhances the performance of the system which is broadening the demand of the market.
Telemedicine Market – By End User:
On the basis of End-User, the Tele-hospital type is accounted for in leading the highest shares of the market. Rise in efficiency in discussing the treatment procedure of a patient with other clinician or doctor through video conferences is spurring the demand of the market. Telemedicine allows a person to get diagnosed or treated by professionals through teleconference and this is very helpful for the elderly people who cannot travel long distances to the hospitals. The aforementioned factor is leveraging the demand of the market.
Telemedicine Market – By Region:
Regionally, North America is accounted for the highest shares of the market by owing to the emergence of the latest technologies and also the introduction of various applications in the medical sector. Also, the growing speed of the internet is one of the factors for the market to grow in this region.
Europe is following North America is dominating the largest shares of the market with the increased revenue in most of the countries.
The Asia Pacific is growing at a faster rate from the past few years. The rise in the geriatric population and growing disposable income in urban areas are magnifying the growth of the telemedicine market. Also, increasing support from the government in initiating these techniques in rural areas is expanding the shares of the market in the Asia Pacific.
The Middle East and Africa are witnessed in having slow growth from the past few years due to less knowledge over the usage of the internet of things and also lack of skilled professionals. However, the market is going to have a slightly inclined growth rate in near future with the increased funds on the tele-hospitals and also increase the incidence of chronic diseases.
Companies leading the Global Telemedicine Market profiled in the report are
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Analysis Design
2.3 Research Phases
2.3.1 Secondary Research
2.3.2 Primary Research
2.3.3 Econometric Modelling
2.3.4 Expert Validation
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 By Technology
5.1.1.1 Hardware
5.1.1.2 Software
5.1.1.3 Telecommunications
5.1.2 By Service
5.1.2.1 Tele-Monitoring
5.1.2.2 Store-and-Forward
5.1.2.3 Real-Time Interactive
5.3 By Applications
5.3.1 Tele-Cardiology
5.3.2 Tele-Radiology
5.3.3 Tele-Pathology
5.3.4 Tele-Dermatology
5.3.5 Tele-Neurology
5.3.6 Emergency Care
5.3.7 Home Health
5.3.8 Others
5.4 By Delivery Mode
5.4.1 Web-based
5.4.2 Cloud-based
5.4.3 Others
5.5 By End User
5.5.1 Tele-Hospitals
5.5.2 Tele-Homes
6. Geographical Analysis
6.1 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.2 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Germany
6.2.4 France
6.3 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.4 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Mexico
6.4.4 Rest of Latin America
6.5 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 GE Healthcare
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.2 AMD Telemedicine
8.3 CISCO Systems, Inc.
8.4 Medtronic, Inc.
8.5 Honeywell Lifesciences
8.6 Aerotel Medical Systems
8.7 Philips healthcare
8.8 McKesson Corp
8.9 Cerner Corporation
8.10 CardioComm
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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