Press Release: March 31, 2020
Telemedicine is a technology which is used for real-time communication between patient and healthcare service provider via electronic audio-video channels. The deployment of telemedicine has prominently changed the healthcare paradigm, which is why various technological innovation in the field of medical device and services are taking place. For instance, in January 2018, American Well and Philips partnered to introduce virtual care services in near future. Further, the growing need for the home-based health services and .regional governments initiatives and policies to improve healthcare services are expected to increase the penetration of telemedicine industry, specifically in the developing regions in coming 5-6 years.
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The propelling geriatric population coupled with rising prevalence of chronic diseases, the dearth of healthcare professionals worldwide, improvements in telecommunication infrastructure, and need for affordable treatment options and procedures due to increasing healthcare costs are some of the factors that are expected to fuel the growth of telemedicine market in the coming years. In addition, exponential growth and rise in the development of the telecommunication sector coupled with high disposable income are presumed to account for the increase in healthcare expenditure over the forecast period. Need to connect and aid patients in the remote areas is presumed to further boost the market growth over the forecast period. Massive infrastructure cost and initial investment related to telemedicine industry are expected to hinder the industry growth over the forecast period. Data security concerns about the leak of sensitive patient’s health information are expected to have an adverse impact on the market growth. Some of the key factors hindering the growth of telemedicine market include lack of skilled and trained professionals in the remote areas, privacy and security concern and limited availability of telecommunications bandwidth.
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Various notable players operating in the market, include McKesson Corporation, Philips Healthcare, GE Healthcare Ltd, IBM, Cerner Corporation, AMD Global Telemedicine, Inc, Cisco Systems, Inc, Honeywell Life Care Solutions, Medtronic Plc, Aerotel Medical Systems. among others. Most of the company are focusing on R&D activities, which has helped companies to launch technologically advanced clinical services.
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The global telemedicine market has been segmented on the basis of component type, speciality, end-use, and key geographies. Based on the component type, the market comprises hardware, software, services and telecom & networking. The research report “global telemedicine market” provides in-depth analysis of global telemedicine market based on component type, speciality, end-user and major geographies for the forecast period from 2018 to 2025. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the global telemedicine market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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