Tag Archives: Telemedicine Market

Global Telemedicine Market to be worth US$36.3 bn by 2020

The valuation of the global telemedicine market was recorded at US$14.30 bn in 2014. After a forecasted progression at a CAGR of 14.30% between 2014 and 2020, this market is expected to reach US$36.30 bn in 2020, according to a market intelligence study published by Transparency Market Research. The report, titled “Telemedicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” highlights the key trends, opportunities, and challenges of this market in the given forecast period, thus providing users with valuable knowledge for the purpose of strengthening their position in this market.

According to the report, the largest driver for the growth of the global telemedicine market is the increasing demand for better personal healthcare methods. A larger percentage of the population is able to express their need for faster and sharper diagnostics and medical attention thanks to their increased spending ability; integrating modern telecommunications with healthcare is one of the best ways to achieve that.

Other drivers of the global telemedicine market are the increasing need for data privacy, larger number of supportive reimbursement policies, and positive government initiatives and investments. Additionally, the growth of the global telemedicine market will also lead towards meeting one of the healthcare industry’s largest targets: the rural population. People living in rural areas, or even those that live in remote and difficult-to-access regions can easily be helped through the use of telecom services in medicine.

The report also warns its users of the various restraints associated with the global telemedicine market, the most prominent of which is the current lack of skilled labor required for operating the devices in this market. The lack of standard or professional training for the use of telemedicine is causing healthcare organizations to achieve unfavorable response times. Another issue persistent in the global telemedicine market is the lack of confidence that telemedicine can impart to patients, regarding the accuracy of medical assessment.

The report provides details on the global telemedicine market in a segmented fashion. The market is segmented by specialty, service type, and geography.

In terms of specialty, the global telemedicine market is segmented into gynecology, emergency care, internal medicine, orthopedics, neurology, cardiology, dermatology, and others. The market will benefit from the neurology segment, which is progressing at the fastest CAGR of 15.90% in the market, within the given forecast period.

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In terms of service types, the global telemedicine market is segmented into tele-surgery, tele-care, tele-education, tele-consultation, and tele-monitoring. Tele-consultation led the global telemedicine market in the 2013, while tele-monitoring is expected to be the fastest-growing segment till 2020. This is attributed to the growing geriatric demographic that is in greater need of home healthcare.

The geographical segmentation of the global telemedicine market reveals North America to be the largest region in terms of revenue, in 2013. Meanwhile, the fastest growth rate in the market, over the given forecast period, is attributed to Asia Pacific owing to a high population density and a rapidly developing healthcare infrastructure.

The key players in the global telemedicine market are McKesson Corp., Siemens Healthcare, Medtronic, Inc., Allscripts Healthcare Solutions, LifeWatch AG, Medtronic, Inc., Agfa HealthCare NV, OBS Medical Ltd., Honeywell HomMed LLC, and AMD Global Telemedicine, Inc.

 

How Telemedicine is Transforming Health Care

It is often said that no matter what happens to the global financial scenario, the healthcare industry shall see a constant growth so long as the population grows; this is because healthcare belongs to the necessity category for humans besides essential food grains. Traditional medical practices have been followed since the time of Hippocrates, which generally involved patients traveling to the locale of the physician and waiting for a long period of time to get an appointment with the doctor. This proved to be a hindrance that humans conveniently evolved, so as to preserve order in the system of medicine. Serious cases were tended to on a priority basis and were followed by the elite customers who had the capital to leisurely finance their medical expenses promptly. This system affected the common man who had any minor, non-life threatening malaise that wasn’t a priority. Geriatric patients too were neglected merely on the fact that they had already passed their lifetime. Modern day medicine however did not see any discrimination, but the central factor of travelling to a physician and waiting for an appointment still persisted. Telecommunication technology paved way for a revolutionary change in the medical sector with mobile, smartphones, computers, radio, and the internet. Telemedicine became an amalgamation of medical sciences and telecommunication technology, thereby extending the reach of medical assistance to areas and locations that were previously difficult to access instantaneously. It also provided the convenience of home or clinic to patients and medical practitioners respectively. Telemedicine greatly increased the scope of healthcare industry by providing emergency care and saving lives globally. It is therefore agreed in a consensus among medical practitioners and patients alike that telemedicine is bound to open huge opportunities in increasing the global quality of healthcare.

The telemedicine market is primarily categorized into medical specialty and service process offered. The specialty segment includes: cardiology, neurology, dermatology, orthopedics, emergency care, internal medicine, gynecology and the other specialty areas that includes: gastroenterology, pediatric care, ophthalmology and dentistry. Dermatology is the clear segment leader in terms of market revenue among the medical specialty segments in telemedicine. This is in correlation with the CDC study that suggested dermatology cases to be among the most reported cases in an ER. The neurology segment is witnessing the fastest growth owing to the rising number of stroke, Alzheimer’s and Parkinson’s cases. Cardiology, orthopedics, emergency care, and internal medicine segments however will undergo reserved growth during the forecast period. The areas such as dentistry, pediatric care and ophthalmology will demonstrate great growth potential and are expected to continue growing in the future with increasing prevalence of related diseases.

Among the various services of telemedicine, tele-consultation leads the present telemedicine market in 2013. On the other hand, tele-monitoring is expected to exhibit the highest growth rate for the forecast period. This was attributed to the growing geriatric and disabled populations who are commonly diagnosed with diabetes and cardiovascular complications. Neurological complications such as stroke, Alzheimer’s and Parkinson’s represent the other reason for the requirement of continuous monitoring of patients. Tele-education, tele-training and tele-surgery are the recent additions to telemedicine that have an attractive growth potential; however they consist of a smaller fraction of the overall global telemedicine market. Tele-care is a well known segment among telemedicine users and providers alike, it mainly comprises chronic and acute care and rehabilitation services offered to home bound patients worldwide.

Geographically, North America was the largest telemedicine market in terms of revenue for the year 2013 followed by the Asia Pacific region. The Asia Pacific region also exhibited the fastest growth rate was and is expected to lead the global market by the end of the decade. Rising populations in rural and urban areas and increased government initiatives are the primary reasons why this region boasts of a high growth rate. This coupled with the existence of a large number of technology manufacturing units in this region offering cheaper equipment, shall ensure steady market penetration and market growth for the future.

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The telemedicine market is observed to be a highly diverse market with the presence of a large number of big and small players. However a noted few players present themselves as the largest telemedicine companies globally. These include, CISCO Systems, Inc., AMD Global Telemedicine, Inc., Polycom Corp. and McKesson Corporation, to name a few. Among these, CISCO Systems, Inc was found to have the largest global presence, offering a wide range of telemedicine services worldwide. Their market presence in emerging markets and expertise in providing software solutions paved the way to their stronghold in the industry. The other companies include, Agfa HealthCare NV, Allscripts Healthcare Solutions, Inc., AMD Global Telemedicine, Inc., CARDIOCOM, LLC, CISCO Systems, Inc., F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, InTouch Technologies, Inc., LifeWatch AG, Medtronic, Inc., OBS Medical Ltd., Siemens Healthcare, and McKesson Corp.

Potential of Global Telemedicine Market: Current Developments and Expected Advancements

Transparency Market Research has recently published a new market study titled “Telemedicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”. According to this research study, the global telemedicine market was worth US$14.3 billion in 2014.Growing at a marked 14.3% CAGR during the forecast period from 2014 to 2020, the global telemedicine market is anticipated to reach US$36.3 billion by 2020. It is no wonder that the global telemedicine market will more than double its value in the forecast period. Telemedicine is more beneficial than traditional healthcare technology as it employs telecommunication technology to deliver patients and practitioners the convenience of location, time, and cost. According to the Pennsylvania Homecare Association, telemonitoring decreased hospitalizations by a massive 75% and ER visits by 83%.

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Other market forces such as growing demand for personal healthcare, increasing demand for privacy key for usage of telemedicine, and the accelerating government spending and reimbursement policies are further driving the global telemedicine market. However, factors such as the shortage of dedicated medical staff and delayed response time will suppress the global telemedicine market. Moreover, the incomplete/inadequate assessment being reported by some patients and practitioners might also restrain the global telemedicine market.Nonetheless, the players operating in the global telemedicine market are tapping on the opportunity of proliferation of mobile telecommunication technology to drive the coverage of patient pool in rural markets. The key players operating in the global telemedicine market are Philips Healthcare, Polycom, OBS Medical, In Touch Technologies, Honeywell HomMed, Cisco Systems, CARDIOCOM, AMD Global Telemedicine, and Allscripts Healthcare Solutions.

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On the basis of specialty, the global telemedicine market is segmented into neurology, dermatology, cardiology, emergency care, orthopedics, internal medicine, gynecology, and others. In 2013, the dermatology segment held the largest market revenue of US$2.0 billion. However, according to a TMR analyst the neurology segment will demonstrate the highest CAGR of 15.9% during the forecasting horizon, due to the large number of Parkinsons and Alzheimer diseases.By service-type, the global telemedicine market is divided into tele-monitoring, tele-consultation, tele-education, tele-training, tele-care, and tele-surgery. Among these sectors, the tele-consultation sector generated the largest revenue in 2013. Around the world, medical consultation services are the most common type of telemedicine used for differential diagnosis consultation by physicians. On the other hand, the highest growth was demonstrated by the tele-monitoring segment. This can be attributed to the accelerating number of diabetic and disability patients globally.

Browse the full Telemedicine Market (Specialty, Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020 report at http://www.transparencymarketresearch.com/telemedicine-market.html

Geographically, the global telemedicine market is dominated by North America. However, it is anticipated that Asia Pacific will expand at the fastest CAGR of more than 16% during the forecast period.

The Evolution of Telemedicine Market 2014 – 2020

According to a new market report published by Transparency Market Research “Telemedicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” the global telemedicine market was valued at USD 14.3 billion in 2013 and is expected to grow at a CAGR of 14.3% in the forecast period from 2014 to 2020, to reach an estimated value of USD 36.3 billion in 2020.

Traditional medical practices have been followed since the time of Hippocrates, which generally involved patients traveling to the physician locale and waiting for a long period of time to get treatment. However, hospitals today have reduced waiting time considerably with the help of modern technologies such as telephonic appointments. The central factor of travelling to a healthcare facility and waiting for an appointment still persists in most medical institutions across the world hence, in order to suffice the unmet medical needs of people healthcare facilities have amalgamated medical science and instant communication technology to create a novel mode of diagnosis and treatment; which is now known as telemedicine.

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According to the Health Care Cost Institute’s (HCCI) report for U.S in 2011, the per capita spending on healthcare increased by 4.6% from 2010, however the outpatient growth had reduced from 8% (2009-2010) to 6.8% in 2011. This clearly signified the change in trend among patients, with increased preference for home based telemedicine services. The safety and convenience of home based telemedicine was seen as the primary favoring factor for using telemedicine. The decreased risk of acquiring hospital infections is seen as the other factor responsible for choosing telemedicine over traditional medicine.

The global telemedicine market has been primarily segmented in terms of specialty and services offered. Based on medical specialty the market has been further segmented into cardiology, neurology, dermatology, orthopedics, emergency care, internal medicine, gynecology and other specialty areas such as gastroenterology, pediatric care, ophthalmology and dentistry. Dermatology emerged as the segment leader in terms of market revenue among the medical specialty segments, accounting for approximately USD 2.0 billion in 2013. This corresponds with the Center for Disease Control (CDC) study that suggested dermatology cases to be among the most reported cases in an Emergency Room (ER). The highest growth rate however was attributed to the neurology segment that displayed a CAGR of 15.9% during the forecast period, which was mainly attributed to the large number of strokes, Alzheimer’s and Parkinson’s cases. Psychiatry is also one aspect included in neurology and globally; psychiatry problems are often included within neurological or neurodegenerative segment, hence providing for a large patient pool in neurology. Psychiatry consultations are also the most frequently recorded form of neurological consultations worldwide.

By service type, tele-consultation showed the highest market revenue in 2013. Medical consultation services are the most common form of telemedicine used by physicians worldwide for differential diagnosis consultation. Video conferencing and telecommunication services like mobile phone, etc. are the favored forms of telemedicine consultation. Tele-monitoring exhibited the highest growth rate at a CAGR of over 15%. This growth is in correspondence with the large number of diabetic and disability patients in the world, which are rising with every passing year. Metabolic disorders like diabetes and other congenital diseases are the primary reason to activate constant monitoring among patients. Insulin injections and blood metabolite monitoring procedures are performed by devices which are then used to extrapolate the patient’s health.

In terms of geography, North America accounted for the largest share of the telemedicine market in the year 2013. This is attributed to factors such as country wide implementation of telemedicine and the presence of a majority of telemedicine service providers who have established their base of operation in the U.S. The fastest market growth rate was however exhibited by the Asia Pacific region, which is expected to grow with a CAGR of more than 16%. The ever growing population in developing and developed countries provides a large market for telemedicine, primarily because of the increased reach of telemedicine services and access to modern communication infrastructure in rural and developing regions. A majority of the developing world’s population lives in rural areas and is therefore inaccessible to proper healthcare. Besides convenience of location and cost efficiency, increased government initiatives are also supplementing the high growth. Additionally, the existence of a large number of technology manufacturing units in this region offering cheaper equipment ensures competitive service pricing and steady market penetration. These factors in combination are expected to assist in the growth of the Asia Pacific market during the forecast period.

The presence of a significant number of large and small players makes for a highly diverse and fragmented telemedicine market. However, a noted few players present themselves as the largest telemedicine companies globally, these include: CISCO Systems Inc., AMD Global Telemedicine Inc., Polycom Corp. and McKesson Corporation, to name a few. Among these, companies such as CISCO systems and AMD Global Telemedicine Inc. are the leading global companies in telemedicine. For instance, CISCO offers a wide range of TelePresence products and services in order to serve remote patient care and minimize the distance between patient and the healthcare experts through network managed services. The company has prominent presence in countries such as United States, Belgium, China, France, India, U.K., Japan and Italy. CISCO’s “health presence” software is a healthcare exclusive program, designed specifically to cater the needs of medical professionals and healthcare institutions worldwide. Likewise, AMD offers integrated high-definition video, advanced audio, third-party medical devices, and collaboration tools that provide convenience, efficiency and high quality patient care with high degree of data security as well as privacy.

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The global telemedicine market is segmented as follows:

Global Telemedicine Market, by Specialty

  • Cardiology
  • Dermatology
  • Neurology
  • Orthopedics
  • Emergency Care
  • Internal Medicine
  • Gynecology
  • Others

Global Telemedicine Market, by Service

  • Tele-consultation
  • Tele-monitoring
  • Tele-education
  • Tele-care
  • Tele-training
  • Tele-surgery

Global Telemedicine Market, by Geography

– North America
– Europe
– Asia-Pacific
– Rest of the World (RoW)

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