According to a new research report, “Global Telemedicine Market Outlook 2022”, the market for telemedicine was valued at US$ 29.6 Billion in 2017 and is anticipated to grow at a CAGR of approximately 19% during 2017-2022. The growth of the market is likely to be driven by increasing adoption of telemedicine, rising incidences of chronic diseases, growing geriatric population, government initiatives, and shortage of physicians amongst others.
The report provides insights about various factors that are affecting the growth of the markets. Furthermore, the report also includes the major trends and opportunities that will propel the industry’s growth.
Based on end users, the report broadly categorizes telemedicine market into Telehospitals/Teleclinics and Telehome. Telehospitals/Teleclinics emerged as the major revenue earners of the industry, holding the largest share. The telehospitals market is further sub-divided into teleradiology, telecardiology, telepsychiatry, and teledermatology amongst others, based on Specialty. Teleradiology accounted for the largest share of the telehospital market by Specialty. This large share of the market is attributed to wide usage of this technology for transferring patient’s medical reports.
Based on component, the telemedicine market is further categorized into services, hardware, software, and telecom and networking. The telemedicine service market accounted for largest share in the total telemedicine market in 2017.
The report also offers a geographic analysis of the global telemedicine market by segmenting into four major geographic regions - North America, Europe, Asia Pacific, and Rest of the World. North America is the largest market for telemedicine. This high share is attributed to relative high adoption of technology in the market coupled with higher government support. The Asia Pacific market is poised to witness the highest growth owing to increasing focus of players in this region.
Overall, the report provides an extensive information and rational analysis of the global telemedicine market. A separate section is devoted to the major mergers & acquisitions that have taken place in the past few years. The report concludes with detailed business profiles along with strength and weakness of some of the key players operating in the market. Some of the key players operating in the market are McKesson Corporation, Philips Healthcare, GE Healthcare Ltd., Cerner Corporation, IBM, Honeywell Life Care Solutions, AMD Global Telemedicine, Inc., Cisco Systems, Inc., and Medtronic plc. In addition, the report elucidates key developments of players related to telemedicine, which will enable clients to formulate market strategies and assess the opportunity areas in key geographies.
2. Research Methodology
3. Telemedicine: An Introduction
4. Market Dynamics
4.1.1 Enabling Remote Patient Monitoring
4.1.2 Combating Doctor Shortages with Telemedicine
4.1.3 Strong Government Support in the US
4.1.4 Ability of Telemedicine to Reduce Healthcare Cost
4.1.5 Rising Adoption of Tele-health in Developed Economies
4.1.6 Increasing Prevalence of Chronic Diseases
4.1.7 Growing Geriatric Population
4.2.1 High Cost
4.2.2 Legality, Privacy, and Security Concerns
4.2.3 Relatively Low Adoption of Telemedicine in Developing Countries
4.2.4 Lack of Proper Regulatory Framework
4.3.1 Personal Emergency Response Systems (PERS)
4.3.2 Video Diagnostic Consultation
4.3.3 Remote Cardiac Services
4.3.4 More ACOs Using Technology to Improve Care and Cut Costs
4.3.5 Expanding Reimbursement and Payment Opportunities
4.4.1 Increasing Number of Retail Clinics and Employer Onsite Health Centers
4.4.2 Emergence of Remote Clinical Enterprises
5. Global Telemedicine Market
6. Global Telemedicine Market by End-Users
6.1 Global Telehospital/Teleclinic Market
6.1.1 Global Telehospital/Teleclinic Market by Specialty
6.2 Global Tele-home Market
7. Global Telemedicine Market by Component
7.4 Telecom & Networking
8. Global Telemedicine Market by Geography
8.1 North America
8.3 Asia Pacific
8.4 Rest of the World (RoW)
9. Mergers & Acquisitions
10. Company Profiles
10.1 McKesson Corporation
10.2 Philips Healthcare
10.3 GE Healthcare Ltd.
10.4 Cerner Corporation
10.6 Honeywell Life Care Solutions
10.7 AMD Global Telemedicine, Inc.
10.8 Cisco Systems, Inc.
10.9 Medtronic plc