Telemedicine Market: Increasing Investments for Innovations to Drive the Market
The rapid development of the healthcare industry and the expansion of the computerized well-being stages, which are projected to enhance the growth of the global tele-medicine market in the next few years. The advent of computerized health stages in order to enhance the remote checking of patients and the increment of healthcare conveyance efficiencies are further estimated to support the market growth in the coming few years. In addition to this, the rise in the awareness among people concerning the benefits of telemedicine is projected to propel the telemedicine market across the globe in the near future. The rising research activities and the increasing investments for innovations are likely to provide promising growth opportunities in the next few years.
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As per the research report by Transparency Market Research, in 2014, the global market for telemedicine stood at US$14.3 bn and is estimated to attain a value US$36.3 bn by the end of 2020. The market is likely to register a promising 14.30% CAGR between 2014 and 2020.
The global market for telemedicine has been classified on the basis of service type into tele-care, tele-surgery, tele-consultation, tele-monitoring, tele-training, and tele-education. Among these, the tele-consultation segment is predicted to hold a major share of the market in the next few years. The rise in the geriatric population and the increasing prevalence of cardiovascular and diabetes are the few factors that are estimated to enhance the market growth in the next few years. In addition to this, the rising cases of Parkinson’s and Alzheimer’s is another factor that is estimated to support the market growth in the near future. The rise in the demand for continuous monitoring of patients is predicted to boost the demand for tele-monitoring in the near future. Furthermore, the tele-training, tele-education, and tele-surgery segments are predicted to witness healthy growth in the coming few years.
Among the major regional segments, a large share of the global telemedicine market is expected to be held by North America. As per the research study, this region is estimated to remain in the dominant position in the next few years, thanks to the presence of several leading players. Furthermore, Asia Pacific is estimated to witness a strong growth in the next few years holding a significant share of the global telemedicine market. The high growth of this region can be attributed to the rise in the urban and rural population and the increasing government initiatives. In addition to this, the rising focus on advancements and improvements in this field and the presence of several manufacturing units, who are providing comparatively cheaper equipment, thus encouraging the overall growth of the market in the near future.
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The global market for telemedicine is developing at a rapid rate with a participation of a large number of local as well as international players operating in it. The development of new products and the rising focus on the research and development activities are projected to support the growth of the global telemedicine market in the next few years. In addition to this, the market players are emphasizing on advertising and marketing and creating an awareness among people concerning the benefits of telemedicine, which is estimated to accelerate the growth of the market in the next few years. The key players operating in the telemedicine market across the globe are Siemens Healthcare, Allscripts Healthcare Solutions, Inc., Agfa HealthCare NV, AMD Global Telemedicine, Inc., CISCO Systems, Inc., CARDIOCOM, LLC, F. Hoffmann-La Roche Ltd., InTouch Technologies, Inc., Honeywell HomMed LLC, LifeWatch AG, Medtronic, Inc., and McKesson Corp.
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