With advancements across the communication and information technology sectors, the global telemedicine technologies and services market has witnessed a significant growth in the recent past. Telemedicine technologies are routinely used by medical practitioners and patients. Hospitals find telemedicine services to be increasingly profitable as these services have improved with the advent of tele-support.
Rise in Geriatric Population to Fuel Growth of Global Telemedicine Technologies and Services Market
The growing prevalence of chronic diseases and rise in geriatric population have boosted the growth of the global telemedicine technologies market. According to the World Health Organization (WHO), the global geriatric population is expected to reach 1.5 billion by 2050. Advancements in mobile penetration, connectivity, and ICT services have also supported the market’s growth. The rise in healthcare demand has put burden on existing hospital care. As a result, telemedicine technologies are anticipated to address various healthcare demands from patients in the near future.
However, legal and privacy issues might restrain the growth of the global telemedicine technologies market. Furthermore, the dearth of dedicated medical staff and infrastructure will play spoilsport in the growth of the market. The market has a huge scope to grow across the rural and remote areas. Advanced imaging and telemedicine technology are expected to boost patient assessment and augment the growth of the global telemedicine technologies market.
On the basis of end user, the global telemedicine technologies and services market can be categorized into telehospital and telehome. In 2014, the telehospital segment held a majority of the market. However, lately, the telehome services have witnessed an increased adoption among elderly patients. In the coming years, this end user segment is expected to expand at the highest rate.
Asia Pacific Holds Immense Potential for Growth of Global Telemedicine Technologies and Services Market
The key regions in the global telemedicine technologies market are Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa. In 2014, North America held 53.3% of the market in terms of revenue. Throughout the period between 2015 and 2023, the region is anticipated to lead the overall market owing to established healthcare, communications, and medical infrastructure. Furthermore, the growing number of installations of telemedicine solutions across various clinics and hospitals has paved way for the growth of the market in the region. Government support in terms of favourable reimbursement policies has also boosted the market’s growth in the region. In Western European countries such as Italy, Spain, France, and Germany, the market has a potential to grow with increased implementation of technologically advanced PACS.
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However, the Asia Pacific telemedicine technologies and services market is anticipated to expand impressively during the period between 2015 and 2023. Presence of a large patient pool and high disparity in healthcare access and delivery between rural and urban areas will propel the growth of telemedicine technologies and services market in the region.
Key Players in Global Telemedicine Technologies and Services Market
Some of the prominent players operating in the global telemedicine technologies and services market are Medtronic plc, Aerotel Medical Systems Ltd., General Electric Company, AMD Global Telemedicine Inc., Global Media Group LLC, F. Hoffmann-La Roche Ltd., LifeWatch AG, Honeywell International Inc., OBS Medical Ltd., McKesson Corporation, and Philips Healthcare. The key players are adopting new business models while investing in emerging economies such as China and India.