Telemedicine Market: Top Trends and Growth Drivers Fuel the Global Industry

As per the report, the worldwide telemedicine market was capitalized at about USD 18.20 Billion in 2016 and is hoped to reach about USD 38.00 Billion by the end of 2022, growing at a CAGR of almost 14.0% from 2017 to 2022.

Telemedicine is the instantaneous service that employs information technology and telecommunication to offer clinical healthcare remotely. Telemedicine offerings give 2-way communications between healthcare professional and patient. Telemedicine offerings employ smartphones, email, wireless tools, video conference, and other types of telecommunications tech. Telemedicine assists to increase efficiency via better management of chronic diseases and lower the in general price of medical care claimed the specialist staffing and doctors.

The market for telemedicine can be divided based on the applications into orthopedics, neurology, internal medicine, emergency care, cardiology, gynecology, and others including dermatology. Dermatology ruled the market for telemedicine with more than 25% share of the general market. Neurology is hoped to see the quickest increment in the years to come owing to rising neurological difficulties such as Alzheimer’s, stroke, and Parkinson’s cases. Cardiology and emergency care are other major sections that play a vital role in the market for telemedicine.

On the basis of service, the market can be divided into tele-education, telemonitoring, tele-training, teleconsultation, telesurgery, and telecare. Tele-consultation was the dominating sector and it added up for the noteworthy share in 2016. Tele-monitoring is one more key opening of this market due to the rising requirement of patients to receive early treatment by means of mobile monitoring, home care, and disease monitoring usages. Tele-training, tele-education, and telesurgery are newly included in telemedicine offerings and anticipated to show exponential increment in the near future.

Geographically, North America was the biggest telemedicine market all across the globe due to sturdy demand for improved quality & safety of the applications and centralization of healthcare administration. The Asia Pacific is one more key provincial market and is hoped to see the quickest development in the near future. In addition, the market for telemedicine has a huge chance in the up-and-coming markets of Asia Pacific owing to the rising population paired with the increasing awareness of health among users, particularly in India and China.

Some of the major participants in the market of telemedicine include CISCO Systems, Inc., F. Hoffmann-La Roche Ltd., McKesson Corp, Siemens Healthcare, AMD Global Telemedicine, Inc., Agfa HealthCare NV, Honeywell HomMed LLC, Polycom Corp., LifeWatch AG, InTouch Technologies, Inc., OBS Medical Ltd., Medtronic, Inc., and Allscripts Healthcare Solutions. Major companies have been aiming at new product development and innovation to keep hold of their share in the market. This type of competitive place offers new growth chances for the market.