Telemedicine Market Size & Trend Report

Telemedicine Market Size & Trend Analysis By Product (Hardware, Connectivity & Network), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), And Segment Forecasts, 2014 - 2025

Published: April 2017  |  90 Pages  |  Format: PDF  |  Report ID: GVR-1-68038-313-3

Industry Insights 

The global telemedicine market size was valued at USD 24.9 billion in 2016 and is expected to grow at a CAGR of 18.3% over the forecast period. Telemedicine, due to their capability to monitor various chronic conditions such as diabetes, cardiovascular conditions and cancer are expected to experience substantial development over the forecast period. 

Growing prevalence of cardiac conditions, increasing geriatric population and the rising demand for self-governing and healthy existence by patients are the high impact rendering drivers of this industry. Moreover, improving therapeutic infrastructure, growing post-acute care supervision and rising demand in the emerging economies of Latin American and Asia Pacific region are expected to propel the demand for virtual medicine. 

U.S. telemedicine market by product, 2014 - 2025 (USD Billion)

U.S. telemedicine market

Telemedicine is considered as the most versatile technology available to deliver health education, health information and health care at a distance. Through the technologies, advanced patient centered care and increased access to remote locations is possible. It also helps in reducing emergency room visit and hospitalization rate, thereby augmenting the market growth. 

The increasing demand for concentration of administration and improved quality and safety by the application and growing demand of mobile technologies and internet, and increasing adoption rate of home care or decrease in hospital visits are anticipated to fuel the growth over the forecast period. 

The healthcare industry is enormously huge and its centralization is expected to help in harmonizing the entire process as well as providing economic assistances. All businesses are targeting to accomplish six sigma and lean management in their practice in order to enhance resource practice and increase efficiency. As per the Community Care Plan of Eastern Carolina (CCP), installation of telehealth program allows the clinicians and medical providers to attend over 20 patients in a week as compared to a mere 10 before. The increasing demand of patients to presume better and earlier healthcare provision and growing disposable income, is anticipated to further propel the domination process. 

The industry is driven by three concepts which include real-time, home health and store & forward virtual medicine. Real-time telemedicine comprises a real time contact between patient and healthcare practitioner via the use of electronic mediums, majorly video conferencing. This concept, also referred to as synchronous telemedicine, entails vast amount of application which vary from a simple telephonic conversation to a complex robotic surgery. On the other hand, store and forward system does not occur in real-time and involves the storage and transmission of medical information to the practitioner at a convenient time. Furthermore, home health based telemedicine involves patient monitoring (e.g. patient statistics and vital sign monitoring) from a distant location (usually home) in an effort to control unnecessary hospital expenses. 

Product Insights 

Key product segments analyzed in the telemedicine market are hardware, connectivity & network and others. Hardware dominated the industry in 2016 and it is expected to witness lucrative growth over the forecast period.

The hardware section comprises products such as laptops, desktop, speakers, webcams, microphones, videoconferencing and display monitors.  Hardware used in telemedicine systems abide to certain conditions that are required for its competent functioning. The hardware is graded and selected based on traits such as video & general memory, connectivity and emailing feature, processor speed and display quality. 

The American Telemedicine Association meets annually and demonstrates novel hardware and software for medical professionals. Video conferencing hardware generally differentiates the various available systems. The types of videoconferencing hardware that are currently used include individual system, small group system and large group system. 

Regional Insights 

North American region held a substantial share of over 32.8% in 2016. The U.S. is the dominant market in this region. The presence of refined medical services, promising government initiatives including introduction of incentive system by the Medicare and Medicaid, and high patient alertness along with comparatively higher expenses in this region are few of the vital drivers. 

Global telemedicine market, by region, 2015 (%)

Global telemedicine market

High demand for healthcare IT services in healthcare as a result of increasing government spending on healthcare is expected to accentuate the Asia Pacific region’s growth. For instance, China’s healthcare expenditure in 2013 was USD 511.0 Million and Japan has spent over USD 350.0 billion on healthcare. As a result of this huge expense, the demand is expected to accentuate. 

Competitive Insights 

Few of the key players in this industry include IBM, Intel Corporation, Philips Healthcare, McKesson Corporation, AMD Telemedicine, GE Healthcare, and Cardio Net Inc. New product launches and collaborations such as mergers & acquisitions are the key strategic activities of the participants in this space. 

For instance, in June 2015, Intel-GE Care Innovations announced a partnership for incorporation of remote patient monitoring systems with Front Porch Center for Innovation and WellBeing. Senior citizens would be presented with Health Harmony and other products to help them monitor their health and understand the benefits. 

Report Scope

Attribute

Details

Base year for estimation

2016

Actual estimates/Historical data

2014-2015

Forecast period

2017 - 2025

Market representation

Revenue in USD Million & CAGR from 2017 to 2025

Regional scope

North America, Europe, Asia Pacific, Latin America & MEA

Country scope

U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa

Report coverage             

Revenue forecast, company share, competitive landscape, growth factors and trends

15% free customization scope (equivalent to 5 analyst working days)

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Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented telemedicine market on the basis of applications, end-use, and region: 

  • Product Outlook (Revenue, USD Million, 2014-2025)

    • Hardware

    • Network & Connectivity

    • Others

  • Regional Outlook (Revenue, USD Million, 2014-2025)

    • North America

      • U.S.

      • Canada

    • Europe

      • Germany

      • UK

    • Asia Pacific

      • Japan

      • China

    • Latin America

      • Brazil

      • Mexico

    • Middle East and Africa (MEA)

      • South Africa

Key questions answered by the report
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