Global Telemedicine Market Outlook 2022

Global Telemedicine Market is estimated to grow at a substantial CAGR of approximately 19% during 2015-2022. Telemedicine is the combination of telecommunication and information technology that is employed to provide clinical health care from a distance; i.e. by means of electronic audio and video.

The factors that propel the growth of the Telemedicine Market include constant high-tech improvement, growing population, prevalence of chronic diseases, increasing use of treatments that require long follow-ups, and growing remote patient monitoring. On the other hand, there are factors that may hamper the growth of the market including high operating cost, high expenditure on the advanced technology, legal and reimbursement problems, and irregular distribution of telecom network in the remote areas. 

Telemedicine Market may be explored by specialty, service, end user, and geography. Telemedicine Market could be explored based on specialty as Dermatology, Neurology, Gynecology, Orthopedic, Cardiology, and Others. The “Dermatology” segment led the Telemedicine Market in 2014 and is anticipated to maintain its dominance by 2022. The key factor that could be attributed to the growth of market includes growing neurological complications including stroke, Alzheimer’s and Parkinson’s diseases.

Based on service, the Telemedicine Market may be classified as Tele-Consulting, Tele-Monitoring, Tele-Education, Tele-Training, and others. The “Tele-consultation services” segment accounted for the major share of the Telemedicine Market Size in 2014. The key factor that may attributed to the growth of market includes growing disabled and aged population. Based on end user, the Telemedicine Market may be classified as Tele-Hospital and Clinic and Tele-Home.

Telemedicine Market is categorized based on geography into North America, Latin America, Japan, Middle East and Africa, Western Europe, Asia Pacific, and Eastern Europe. North America dominated the global Telemedicine Market Size in 2014. North America is likely to be followed by Asia Pacific. Asia Pacific is projected to dominate the telemedicine market in the forecast period owing to factors such as improved government support and capital investment in research and development activities. In addition, Europe, Latin America and Middle East & Africa are projected to witness an important development in the telemedicine market in the years to come. 

The key players contributing to the robust growth of the Telemedicine Market comprise LifeWatch AG, Aerotel Medical Systems Ltd., InTouch Technologies Inc., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., McKesson Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., BioTelemetry Inc., Medtronic PLC, Polycom Inc., and General Electric Company. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.

Telemedicine technology is a game changer for the healthcare industry, as it brings healthcare directly into patient's doorstep. Telemedicine makes use of electronic technologies, such as email, smart phones, and video conferencing, for exchanging the medical information of the patient. This technology has helped the healthcare providers to extend their services to remote areas effectively. Furthermore, this technology is also extensively being used for elderly population as well as for people who are unable to reach healthcare provider due to inability to walk or chronic disease. Consultations through video calling, transferring medical images, and vital signs monitoring amongst others are the major applications of telemedicine.
 
According to a new research report published by RNCOS, "Global Telemedicine Market Outlook 2022", the market for telemedicine was valued at US$ 21 Billion in 2015, and is anticipated to grow at a CAGR of approximately 19% during 2015-2022. The growth of the market is likely to be driven by increasing adoption of telemedicine, rising incidences of chronic diseases, growing geriatric population, government initiatives, and shortage of physicians amongst others.  

The report provides insights about various factors that are affecting the growth of the markets. Furthermore, the report also includes the major trends and opportunities that will propel the industry's growth. 

Based on end users, the report broadly categorizes telemedicine market into Telehospitals/Teleclinics and Telehome. Telehospitals/Teleclinics emerged as the major revenue earners of the industry, holding the largest share. The telehospitals market is further sub-divided into teleradiology, telecardiology, telepsychiatry, and teledermatology amongst others, based on Specialty. Teleradiology accounted for the largest share of the telehospital market by Specialty. This large share of the market is attributed to wide usage of this technology for transferring patient's medical reports.

Based on component, the telemedicine market is further categorized into services, hardware, software, and telecom and networking. The telemedicine service market accounted for largest share in the total telemedicine market in 2015. 

The report also offers a geographic analysis of the global telemedicine market by segmenting into four major geographic regions - North America, Europe, Asia Pacific, and Rest of the World. North America is the largest market for telemedicine. This high share is attributed to relative high adoption of technology in the market coupled with higher government support. The Asia Pacific market is poised to witness the highest growth owing to increasing focus of players in this region.

Overall, the report provides an extensive information and rational analysis of the global telemedicine market. A separate section is devoted to the major mergers & acquisitions that have taken place in the past few years. The report concludes with detailed business profiles along with strength and weakness of some of the key players operating in the market. Some of the key players operating in the market are McKesson Corporation, Philips Healthcare, GE Healthcare Ltd., Cerner Corporation, IBM, Honeywell Life Care Solutions, AMD Global Telemedicine, Inc., Cisco Systems, Inc., and Medtronic plc. In addition, the report elucidates key developments of players related to telemedicine, which will enable clients to formulate market strategies and assess the opportunity areas in key geographies.