On the back of global factors like ageing world population, target to expand the reach of healthcare services in rural and most remote areas, attending emergency medical incidents, governments’ initiatives to cut down on medical expenses etc. have allowed the global telemedicine market to expand at an astonishing CAGR of 14.77% to reach USD 40.9 Billion by 2021 from estimated USD 17.9 Billion in 2015.
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“Global Telemedicine Market Analysis & Opportunity Outlook 2021”
The expansion in the global telemedicine would open new great opportunities for technology providers and healthcare service providers allowing them to cater patients at a distance. At 18.21%, global tele-home segment is projected to grow at a higher CAGR when compared to global tele-clinic & hospitals by 2021.
The major reasons for this healthy growth can be attributed to the technology connectivity initiatives taken by the governments and a rise in number of tech savvy people across the globe.
Global Telemedicine Market is expected to register a CAGR of 14.7% over the forecast period.
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Moreover, the global telemedicine market is valued at USD 17.9 Billion in 2014. The rise in lifestyle diseases such as heart disease, stroke, cancer, chronic respiratory diseases, diabetes, and mental illness, among others are expected to be the biggest contributor for the demand of telemedicine products and services.
the North America has the highest market size followed by Asia-Pacific and Europe, currently. Owing to factors like affordable care act, ICD-10 implementation, reimbursement and incentive plans for physicians, the U.S.
is anticipated to exhibit a CAGR of 15.58% from 2015-2021. This growth rate will push the tele-medicine market in North America in coming years.
After North-America, Asia-Pacific is the region that is expected to have the second largest share by 2021.
Rising Chronic Diseases
The rise in the chronic disease such as congestive heart failure, diabetes, asthma. is one of the major drivers for growth in the telemedicine market.
According to WHO, these diseases contributed to 3.78 million deaths in 1990 (40.4% of all deaths) and is expected to reach 7.63 Million in 2020 (66.7% of all deaths), coupled with other disease also. In addition to that, there has been a steep rise in average cost of hospitalization in recent years.
Increasing Number of Ageing Patients
The total number of ageing population is increasing day by day and as a result burgeoned daily care would be required by these age bracket. In addition to this, according to U.S.
Census Bureau, 8.5 percent of people worldwide (617 million) are aged 65 and over and this percentage is projected to boost to nearly 17 percent of the world’s population by 2050 (1.6 billion). Moreover, old aged people in rural areas not able to travel long distance and they need care at their home.
For all such issues, Telemedince can provide the solutions.
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On the contrary, reimbursement for telemedicine services is limited and also requires a face to face contact between both the patient and also the provider. Further, due to dearth of proper reimbursement policies, several providers are also facing challenges in terms of investment in the technologies.
These factors are believed to hamper the growth of Telemedicine Market.
The report titled “Global Telemedicine Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global telemedicine market in terms of market segmentation by application, by user and by region. Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global telemedicine market which includes company profiling of AMD Global Telemedicine INC., Philips Healthcare, GE Healthcare, Aerotel Medical Systems, Allscripts Healthcare Solutions Inc., Honeywell Life Care Solutions, McKesson Corporation, Cerner Corporation and Biotelemetry Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global telemedicine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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