Telemedicine Market to expand at a robust 14.0% CAGR from 2017 to 2022
Sarasota, FL -- (SBWIRE) -- 09/18/2017 -- Zion Market Research has published a new report titled "Telemedicine Market (Tele-Education, Tele-Training, teleconsultation, Tele-Monitoring, Tele-Care, and Tele-Surgery) for Neurology, Orthopedics, Cardiology, Dermatology, Emergency Care, Internal Medicine, Gynecology, and Other Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022". According to the report, the global telemedicine market was valued at approximately USD 18.20 billion in 2016 and is expected to reach approximately USD 38.00 billion by 2022, growing at a CAGR of around 14.0% between 2017 and 2022.
Telemedicine is the real-time service which enables accessibility of health care services in the remote location via electronic communications. Telemedicine service is used to improve a patient's clinical health status. Telemedicine technology is employed in a variety of applications and services using two-way video, email, smart phones, wireless tools and other forms of telecommunications technology. Telemedicine helps to decrease the overall cost of medical care and increase efficiency through better management of chronic diseases, shared doctors and specialist staffing. Some of the key technologies such as ADSL, wireless communication, broadband and other advanced technology play a vital role in telemedicine.
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The telemedicine market is expected to witness the fastest growth over the next few years. The growth is mainly driven by rapid growth in aged population coupled with increasing number of patients suffering from chronic disease, hypertension, and diabetes. Government initiatives and funding is expected to provide a strong boost to telemedicine market in Asia Pacific region within the forecast period. However, lack of resources and high technological cost can limit the growth of telemedicine market in emerging and underdeveloped countries. Nevertheless, advancement in technology to provide better health services is expected to open up new growth opportunities in the years to come.
Based on applications, the market can be segmented into neurology, orthopedics, emergency care, internal medicine, gynecology, cardiology, dermatology, and others. Dermatology was the largest segment and it accounted for over 25% market share of total revenue generated in 2016. Neurology was another leading application segment for telemedicine on account of increasing neurological complications such as stroke, Alzheimer's and Parkinson's cases. Emergency care and cardiology are another key segments that play an important role in telemedicine market.
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Tele-monitoring, tele-education, teleconsultation, tele-training, telecare, and telesurgery are key services in the telemedicine market. Teleconsultation is expected to exhibit the fastest growth within the forecast period. The increasing demand of patients to get early treatment by means of home care, mobile monitoring and disease monitoring applications, is anticipated to promote lucrative market growth in the near future. Tele-education, tele-training, and telesurgery are recently added in telemedicine services and expected to exhibit exponential growth within the forecast period.
The global telemedicine market is dominated by the North America region, as of 2016, and is anticipated to continue its dominance throughout the projected period, till 2022. This growth is mainly due to healthcare awareness and technological advancement. Asia-Pacific is expected to show noticeable growth in the near future on account of increasing government support and rapid growth in population. Latin America, and Middle East & Africa market is driven primarily by the increasing healthcare awareness.
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Some of the major industry participants in telemedicine market includes F. Hoffmann-La Roche Ltd., CISCO Systems, Inc., Siemens Healthcare, McKesson Corp, Agfa HealthCare NV, AMD Global Telemedicine, Inc., Polycom Corp., Honeywell HomMed LLC, InTouch Technologies, Inc., LifeWatch AG, Medtronic, Inc., OBS Medical Ltd., and Allscripts Healthcare Solutions. Key players have been focusing on innovation and new product development to retain their market share. This kind of competitive position provides new growth opportunities for the market.
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