Telemedicine Technologies Market Definition
Telemedicine allows healthcare professionals to evaluate, diagnose and treat patients in remote locations by using telecommunications and information technology as medium of communication between patients and doctors. Telemedicine is also referred to as telehealth or e-health.
Telemedicine Technologies Market Size
The global market for telemedicine technologies was valued at $26.7 billion in 2016 and is expected to reach $77.2 billion by 2022, growing at a CAGR of 19.4% during the forecast period of 2017 to 2022.
Growth in the telemedicine market in the historic period resulted from rise in base of geriatric population, increased medical treatments in remote locations, technological advances and rise in demand for quality healthcare. Factors that negatively affected growth in the historic period were dearth of trained professionals, and high cost of telemedicine technologies.
Going forward, increase in government funding, and increased use of mobile devices for healthcare will drive growth. Factors that could hinder the growth of this market in the future include privacy and security concerns.
Telemedicine Technologies Market Drivers
The Key driver of the telemedicine technologies market include:
Ubiquity Of Mobile Technologies –
Wireless devices such as smartphones and mobile phones are now a ubiquitous element of everyday life across the world. e-Marketer, a service which closely follows the digital marketing, media, and commerce industries, estimates that the number of US consumers with smartphones will be more than double from 93.1 million at the end of 2011 to 192.4 million by 2016. At the same time, the number of smartphone consumers across the globe is expected to reach 2 billion in 2016 from 1.74 billion in 2014.
Additionally, the availability and number of customers using wearable monitoring devices is also increasing at a rapid pace. According to Juniper Research, the market for wearable devices is expected to grow to $6 billion in 2016, up from just $800 million in 2012. Consumers also indicate that they want telehealth. According to an Anthem market study, 74% of USA consumers indicated that they would use telemedicine services. This number is expected to increase as boomers continue to retire and more millennials become healthcare consumers. Considering all the above-mentioned factors, the increase in smartphone adoptions among the population will trigger the market for telemedicine applications.
Telemedicine Technologies Restraints
The key restraints on the telemedicine technologies market include:
High Cost Of Telemedicine Technologies -
Increased patient satisfaction, lower costs for treatment of chronic diseases, easy transfer of medical images to the healthcare professional for the second opinion, rapid evolution of telemedicine application as an important innovation in the healthcare industry together have increased the costs of these applications and services. Among various applications of telemedicine, tele surgery is the costliest application in the market. As with any form of technology, telemedicine involves noteworthy capital formation and operating expenses. While the price tag for a complete in-hospital telemedicine studio was at $200,000 at the beginning stages of the telemedicine.
However, owing to the favorable federal policies the capital formation for complete telemedicine studio has decreased to $30,000 today. These capital requirements may still be cost prohibitive for some providers, particularly those in rural areas, who stand to benefit most from the use of telemedicine. Thus, the high costs associated with the complete setup of telemedicine studio in the hospital could hinder the growth of this market.
Telemedicine Technologies Market Segmentation
The telemedicine technologies market is segmented by service area, by application, and by geography.
By Service Type -
The telemedicine technologies market is segmented by service area into
Tele-Hospital is segmented into B2B tele-hospital, and B2C tele-hospital.
- a) Tele-Home
- b) Tele-Hospital
By Application -
The telemedicine technologies market is segmented by end user gender into
Growth has accelerated in all the segments of the global telemedicine technologies market by application.
- a) Tele-Radiology
- b) Tele-Consultation
- c) Tele-Monitoring
- d) Tele-Surgery
- e) Others
By Geography –
The telemedicine technologies market is segmented into
- o North America
- o Asia-Pacific
- o Europe
- o Rest of the World
Telemedicine Technologies Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Aerotel Medical Systems
- • Cerner Corporation
- • AMD Telemedicine
- • GE Healthcare (Subsidiary of GE)
- • Polycom Inc.
- • Honeywell Life Care Solutions
- • Baxter International
- • Cisco
- • McKesson Corporation
- • Apollo PACS
- • Cerner
- • Johns Hopkins Medicine
- • Philips Healthcare
- • Siemens Healthcare
- • United Therapeutics