The need for remote monitoring of patients is rising, especially in developing countries, where not everyone lives near a medical care facility. Owing to this reason, the global telemedicine market revenue is projected to grow to $144.2 billion in 2030, from $27.8 billion in 2019, at a massive CAGR of 15.8% between 2020 and 2030, according to the research report published by P&S Intelligence. Not only does remote monitoring reduce healthcare expenditure, but it also allows faraway patients to get a diagnosis and follow-ups.
This is helping the telemedicine market grow, as the usage of wireless communication technologies for allowing patients to virtually visit doctors is rising. Similarly, telemedicine-powered remote monitoring allows healthcare professionals to address issues related to diagnosis and prescription errors and worker productivity. Therefore, the demand for such solutions, especially in areas that are far away from a proper medical center, is rising.
The COVID-19 pandemic has provided a boost to the telemedicine market, as the lockdown imposed in numerous countries to reduce the spread of the infection has led to restrictions on the movement of people. This is why people are connecting with healthcare professionals over numerous telemedicine platforms. Further, non-critical patients, who do not need to be in intensive care departments or hospitalized, can simply get a diagnosis or follow-up through telemonitoring or teleconsultation, thereby reducing the load on an already-overburdened healthcare system.
The tele hospitals and clinics category, based on type, is expected to continue generating the higher revenue in the telemedicine market in the years to come. This is attributed to the rising adoption rate of telemedicine solutions in clinics and hospitals, for monitoring, consulting, and other purposes, to ultimately lead to reduced strain on the system, more efficient distribution of the available staff, and higher patient handling capacity.
In the past, the teleconsulting category dominated the telemedicine market, on the basis of service, as this service lets patients consult specialists across all medical subspecialties, whenever they want. Moreover, with teleconsulting, patients also obtain advice on which medical practitioner to choose, get relevant information on how serious their ailment is, and receive regular follow-ups.
The neurology category, under segmentation by specialty, would experience the highest CAGR in the telemedicine market, on account of the proven ability of the telemedicine approach to help manage emergencies such as sudden paralysis, seizures, and stroke.
North America holds the largest share in the telemedicine market, owing to the growing prevalence of lifestyle-associated and chronic diseases, booming geriatric population, and increasing government funding for the field. For instance, as per the National Cancer Institute, cancer would be detected in around 1.8 million people in the U.S. in 2020, and the disease will kill about 606,520 people in the said year.
Asia-Pacific (APAC) is projected to witness the fastest advance in the telemedicine market in the immediate future. This would be a result of the increasing population of the elderly and incidence of chronic diseases and expanding medical tourism industry. In addition, the Asia-Pacific Advanced Network (APAN), Asia-Pacific Tele-Ophthalmology Society (APTOS), Asia-Pacific Tele community (APT), and several other organizations are stepping up efforts to offer telemedicine services to the regional population.
In order to dominate the competition in the telemedicine market, companies offering such solutions are merging with or acquiring related firms, with the intention to:
- Integrate each other platforms for ensuring patient access to quality healthcare
- Developing telemedicine solutions for Federal Government employees
- Expand their customer base in international markets
- Offer virtual care services to a larger number of patients
- Improve their position in the industry
The major players in the global telemedicine market include Honeywell International Inc., Koninklijke Philips N.V., Cerner Corporation, Medtronic plc, McKesson Corporation, Cisco Systems Inc., Aerotel Medical Systems Ltd., Teladoc Health Inc., Care Innovations LLC, OBS Medical Ltd., AMD Global Telemedicine Inc., Allscripts Healthcare Solutions Inc., Polycom Inc., BioTelemetry Inc., and GlobalMedia Group LLC. –PR NewsWire