Telemedicine has shown a greater degree of adaptability in accordance with sectors such as communication and information. This has provided health care practitioners and patients with a wide array of services.
Presently, telemedicine is routinely used in daily medical practices by professionals. Hospitals find telemedicine services to be increasingly profitable, as the reach of the services has improved significantly over the years due to the advent of tele-support.The global telemedicine technologies and services market is predominantly driven by increase in the global geriatric population, advances in mobile penetration, connectivity, and ICT services, and burden on existing hospital care due to growing health care demands. According to the World Health Organization, the global geriatric population was around 524 million in 2010 and is likely to reach 1.5 billion by 2050.
In terms of component, the market has been segmented into hardware, software, and services. The telemedicine services segment is gaining popularity globally due to its ability to provide high definition and quality medical services in remote areas.
People in developing nations cannot afford technologically advanced products due to financial crisis and low disposable income. Hence, they opt for cost-effective and consistent telemedicine services.
The services segment is expected to expand at the highest CAGR during the forecast period from 2015 to 2023. The hardware segment has been categorized into videoconferencing unit, imaging unit, vital signs unit, ECG, and others.
The telemedicine software segment has been categorized into integrated and standalone software. Likewise, the telemedicine services market has been segmented into interactive, store and transfer, and chronic care.
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Telehospital/teleclinic and telehome form the major end-user segments of the global telemedicine technologies and services market. The telehospital segment accounted for the largest share of the telemedicine technologies and services market in 2014.
Telehome has witnessed significant acceptance among patients. Hence, the segment is likely to expand at the highest rate in the next few years.
North America accounted for the largest share of 53.3% of the telemedicine technologies and services market in terms of revenue in 2014. It is expected to retain its leadership position until 2023 primarily due to established medical, health care, and communications infrastructure.
Additionally, growing number of installations of telemedicine solutions in various clinics/hospitals and presence of a large number of suppliers and service providers in North America have paved the way for easy penetration and accessibility of health care services. Furthermore, rapid development and adoption of telecommunication technologies, government support in establishing a setup involving usage of new medical technologies for the benefit of people, and favorable reimbursement policies boost market growth in the region.
Countries in Western Europe (Germany, France, Italy, Spain, and others) offer lucrative opportunities in the field of telemedicine, majorly due to increasing implementation of technologically advanced PACS and rising government initiatives toward development of well-equipped health care centers.
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The telemedicine technologies and services market in Asia Pacific is expected to expand at an impressive CAGR from 2015 to 2023. This region represents vast geographical area and large patient population coupled with high presence of disparities in health care access and delivery between the rural and the urban areas.
Major drivers of telemedicine in this region include the presence of a large patient population suffering from various types of communicable, non-communicable, and lifestyle diseases such as skin disorders, obesity, neurological disorders, diabetes and cardiovascular disorders.
The global telemedicine technologies and services market is characterized by the presence of major companies such as Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., General Electric Company, Honeywell International, Inc. and LifeWatch AG.
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