The global telemedicine technology market is expected to experience rapid growth over the forecast period owing to increasing health concerns across the world. The rise in healthcare awareness is estimated to contribute to the telemedicine technology industry growth over the next eight-year period.
Telemedicine uses electronic mediums for medical information exchange between two sites and provides assistance to patients. It utilizes information technology systems to deliver better healthcare support to patients at home or in rural areas. It overcomes the geographic barrier between healthcare facilities and patients by giving both parties with remote access to medical information, patient records, and several other healthcare-related data.
Rise in chronic diseases in recent past is anticipated to have a positive impact on the industry over the forecast period. Exponential growth and development in the telecommunication sector are expected to fuel growth in the next few years. Furthermore, the rise in disposable income is presumed to account for the increase with an increase in healthcare expenditure over the next eight-year period. Cost-effectiveness associated with the telemedicine adaptation is assumed to propel the industry development across the globe over the next few years.
Need to connect and provide assistance to patients in remote areas is presumed to boost the industry demand over the next eight-year period. Government initiatives to improve healthcare support in the countryside are expected to increase the needs of this industry, particularly in the developing regions. The growth of the request for home-based health services is estimated to grow at a rapid pace. Moreover, rapid growth in geriatric population across regions such as Europe, North America, and East Asia is anticipated to drive further the global as well as regional industry growth.
Massive infrastructure cost related to this industry is estimated to hamper the industry growth over the forecast period. The stringent regulatory framework is presumed to hinder further the market demand over the forecast period. Privacy and security concerns about patient information are expected to have an adverse impact on growth. Moreover, lack of skilled workforce or resources is estimated to affect growth adversely. Growing telemedicine acceptance by consumers is determined to be beneficial for the stakeholders as well as patients owing to its several advantages. Several favorable initiatives and policies by government organizations are presumed to open up several opportunities for the industry participants. Lack of appropriate telemedicine is projected to pose a challenge for the market vendors.
The telemedicine technology market is segmented by components into services, hardware, and software. Services include remote monitoring, store & forward, and real-time analysis & interaction. Real-time analysis is real-time communication between medical practitioner and patient through electronic mediums such as video conferencing. Home health monitoring includes patient monitoring from a remote location to control unnecessary hospital expenses. Software includes integrated & standalone software and hardware includes telemedicine kits and monitors.
Telemedicine technology market has several applications such as Teleconsultation, Telecardiology, Teledermatology, Teleradiology, and Telepathology among several others. Based on delivery mode, the market is segmented as on-premises, cloud-based and web Based. The rise in acceptance of cloud-based technologies across several verticals over the forecast period is estimated to contribute towards the increase in demand for this market.
Key regional markets include North America, Europe, Central & South America, Middle East & Africa, and Asia Pacific. Developed regions such as North America have dominated the global market owing to high demand in the recent past followed by Europe. These regional markets are expected to show a similar trend over the forecast period due to rising healthcare awareness coupled with cloud-based technologies acceptance over the forecast period. Developed region such as North America has accounted for the maximum revenue share in the global industry due to the constant research and development initiatives.
Developing regions such as Asia Pacific and the Middle East & Africa are expected to experience positive growth in the industry owing rapid demand for healthcare assistance, especially in rural areas. Emerging economies including India and China are estimated to witness positive growth over the next eight-year period. Innovation and development towards telecommunication are anticipated to enhance further the growth in this region in near future.
The telemedicine technology industry is highly cost-intensive and requires huge installation costs. Vendors are investing in research and development to generate the technologically advanced system which gives them a competitive advantage over other suppliers and provides economic benefits to the industry. The industry is presumed to witness several mergers and acquisitions in the next few years, with companies taking active measures to gain market share and deliver a diversified product portfolio. Prominent industry participants include International Business Machines Corp., Cardiocom, Intouch Technologies, Diagnostics, Roche, Telemedicine Software Providers, 3m Health Information Systems, Medic4all, Alcatel-Lucent, Cisco, Amd Telemedicine Inc. Others include American Telecare Inc., Aerotel Medical Systems Ltd., Medical International Research, Medtronic Inc., Siemens Healthcare, Telecom Players, Agfa Healthcare Nv, Sony Corp., AT&T, Verizon Communications Inc., Telemedicine Integrators, and Cybernet Medical Corp.
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