Self-Diagnosis is Fastest Growing Segment within Telemedicine Market
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This report evaluates the telemedicine market including technologies, solutions, applications, and services. This includes analysis of major players, strategies, and solutions. The report assesses the means of deployment, device, and therapeutic types by solution. The report also analyzes market opportunities by hardware, software, and services by region. This includes forecasts for each major component from 2022 to 2027.Speak directly to the analyst to clarify any post sales queries you may have.
Select Findings:
- The overall telemedicine market will reach $210 billion by 2027
- Teleconsultation will be one of the fastest-growing telemedicine solution areas
- Web-based apps and services are growing 42% faster than proprietary client-based solutions
- COVID-19 pandemic is driving further investment, but the ageing population is the biggest factor
- China is a highly promising market due to the very large and fast-growing elderly population in cities
- The ability to quickly implement and scale-up telemedicine operations is an important factor for deployment
- Elderly population a major growth segment with limiting adoption factors patient difficulty hearing, seeing, and communicating
Telemedicine refers to the provision of healthcare services to people at a distance using software solutions and telecommunication technology. It connects patients with doctors or physicians or other healthcare providers commonly used by hospitals, clinics, and telemedicine service providers. Advanced wireless and networking technologies, coupled with recent advances in biotechnology, biosensors, and software engineering, have enabled promising growth in telemedicine healthcare ecosystems.
Expert medical care delivered via telemedicine can significantly improve healthcare services for rural areas, remote locations, and underdeveloped nations. For the developed nations, telemedicine is increasingly gaining popularity due to its high potential for cost savings, healthcare availability, and increased efficiency in healthcare service delivery. As the recent pandemic has made abundantly clear, uninterrupted access to healthcare services is a critical need for society.
There is also a crucial need to reduce ever-expanding societal healthcare costs. This is particularly the case for the aging population in developed countries. For example, a couple in the United States that plans to retire in 10 years can expect to pay over $330,000 during retirement on healthcare (an amount equaling about 92% of their lifetime Social Security benefits and growing).
By 2050, the global population is anticipated to reach nearly 10 billion. One in six of those people will be over age 65 with 426 million aged 80 years or over. The 65+ year old age bracket is the fastest-growing segment, which correlates with steady growth in life expectancy worldwide. In 1960, the average UK citizen would live until about 70, but now 80 years old is the expected age of death. The United States has similar numbers. However, life expectancy in China has dramatically increased from the mid-forties in 1960 to the mid-seventies today.
Accordingly, the growing elderly population in many countries is a major growth segment for the telemedicine market. For example, up to 25% of physician office visits in the United States involve geriatric patients who often have multiple morbidities and disabilities. While there remains some hesitancy for some seniors (such as difficulty seeing, hearing or communicating via telehealth sessions), we are confident that emerging technologies will make accommodations possible for improved market adoption.
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Table of Contents
1. Executive Summary6. Conclusions and Recommendations
2. Introduction
3. Technology and Application Analysis
4. Company Analysis
5. Market Analysis and Forecast 2022 - 2027
List of Figures
List of Tables
Companies Mentioned
- 2nd.MD
- Aerotel Medical Systems
- Allscripts Healthcare Solutions
- AMD Global Telemedicine
- American Well
- Apollo Hospital
- BioTelemetry (LifeWatch AG)
- CISCO Systems
- Cloudvisit
- Cochlear
- Doctor on Demand
- Encounter Telepsychiatry
- F. Hoffmann-La Roche
- GE Healthcare
- GlobalMed
- Haemonetics
- Honeywell
- InTouch Technologies
- Maestros Telemedicine
- McKesson Corporation
- MED-EL Medical Electronics
- Medisoft Telemedicine
- MEDLIVE
- Medtronic
- Nurotron Biotechnology
- Oticon (Demant)
- Philips Healthcare
- Reach Healthcare Foundation
- SnapMD Telemedicine
- Sonova Group (Advanced Bionics)
- Teladoc Health
- Telemedicine Inc.
Methodology
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