The Telemedicine Market To Move Along The Growing Radius Of Curvature (US$ 38,000 Million) From 2019 to 2029
The Telemedicine Market is expected to be worth US$
38,000 Million at a CAGR
of 17% between 2019 to
2029. Healthcare is going the “digital” way.
In other words, artificial intelligence (AI)-enabled medical devices and
telemedicine are the concrete instances of the proliferation of the digital
wave in the healthcare industry. This factor would be the one traversing the
healthcare vertical in the forecast period.
Rapidly evolving technology plays a noteworthy role in making a
patient’s healthcare journey easier. Combined with advancements in mobility and
telepresence solutions, this is expected to create new unwired business models
that are capable of providing care anywhere. According to the latest research
by PMR, the global telemedicine market is expected to
account over US$ 38,000 Mn by the end of 2029. The
telemedicine market is expected to grow at a CAGR of 17.0% through
the forecast period 2019-2029.
The integration of Internet of Things (IoT) sensors in healthcare
equipment and machinery results in the mitigation of errors while dealing with
a significant amount of sensitive patient data. Moreover, it eliminates human
errors and reduces process-related time, cost, and power consumption, which is
expected to drive the telemedicine market.
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Company Profiles:
·
Tele-Med International
·
Babylon
·
CareClix
·
Global Telehealth Services
·
AMD Global Telemedicine
·
American Well
·
Doctor on Demand
·
MD INTERNATIONAL AB
·
Encounter Telehealth
·
MDLIVE Inc.
Nearly 30% Market Value Share Slated for Asia Pacific
Asia Pacific is expected to account for approximately 30% share of the
global telemedicine market by 2025, which is primarily driven by a reduction in
the cost of primary care and improvement in the delivery of quality healthcare
to the last mile in China and India. Increasing Y-o-Y (%) growth in GDP (at
constant prices), coupled with growing urbanization in certain countries, such
as China, India, and Indonesia, is expected to boost the spending on public
infrastructure, and, in turn, boost the telemedicine market.
The adoption of digital services offers better connectivity and
collaboration, which increases accessibility to information and services. This
is also expected to spur the Asia Pacific telemedicine market over the forecast
period.
The telemedicine market is a very lucrative market that offers new
players high return on investment. Telehealth companies are focusing on
acquisitions to grow their business, especially in emerging economies such as
Asia Pacific and Latin America.
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For instance, in 2018, Teladoc Inc. acquired Advance Medical Inc. to expand
its market share in Latin America and Asia Pacific. This acquisition also
enabled Teladoc Inc. to provide care in 20 languages through its platform.
Similarly, InTouch Health acquired Reach Health to broaden its footprint
and boost its ability to help its customers introduce telehealth programs
across the care continuum.
Furthermore, lack of infrastructure and internet connectivity is among
the key factors hampering the progress of telemedicine in developing economies.
For instance, the minimum speed of the internet required for
consultation via telemedicine services is 2 Mbps, which is not available in
most of the villages of India.
Moreover, the penetration of broadband is less than 2% in India. In
addition, only a limited number of individuals in developing countries use the
internet. For example, the percentage of internet users in India, Indonesia,
and Brazil is 35%, 32%, and 60% respectively, which is likely to hinder the
growth of the telemedicine market.
Other factors, such as the increasing use of smartphones, use of
wireless technologies that bring cost-efficiency, improved accuracy of
treatment & diagnosis, reduced consultation time, and the need to maintain
high standards of delivery of service by providing access to quality care on a
real-time basis are also some of the factors contributing to the growth of the
telemedicine market.
Growing awareness about telemedicine services, especially among the
younger and middle-aged population globally, has led to the high demand for
online consultations and second opinions, as these services help patients
receive medical advice from physicians across the world.
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The North America and Europe telemedicine markets are expected to have a
combined share of over 53% of the global telemedicine market during the
forecast period. This can be primarily attributed to growth in the ageing
population worldwide and increasing life expectancy, which is expected to be a
significant burden on the healthcare systems in regions such as Western Europe,
the U.S, and emerging economies.
The report offers a comprehensive taxonomy of the telemedicine market
based on the service type, mode of delivery, end user, and region. Based on
product type, the global telemedicine market is segmented into real-time
telemedicine and remote patient monitoring.
Real-time telemedicine is further subsegmented into teleconsultation,
telepathology, telecardiology, telesurgery, teleradiology, teledermatology,
telepsychiatry, and others (teleopthalmology, teleneurology, and
telenephrology).
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