Increasing adoption of Electronic Health Record (EHR)/ Electronic Medical Record (EMR), rising prevalence of chronic diseases like diabetes, cancer, besides others followed by a dearth of physicians in the presence of increasing healthcare services demands drives the global telemedicine market. However, the high cost of implementing telemedicine systems and the need for training along with stringent government regulations is estimated to restraint the market growth during the projected period.
Global Telemedicine Market is expected to grow at a CAGR of 16.8% and reach USD 56,738.3 by 2023.
The global telemedicine market is segmented on the basis of service type, component, deployment, application, and end user.
On the basis of the service type, the market is segmented into telenursing, telepharmacy, teleradiology, teledermatology, teleoncology, others. On the basis of the component, the market is categorized into software and hardware. The software segment is sub-segmented into integrated software and standalone software. The hardware segment is sub-segmented into monitors and medical peripheral devices. On the basis of the deployment, the market is segmented into cloud based and on premises. On the basis of the application, the market is segmented into cardiology, ophthalmology, psychiatry, radiology, dermatology, and others. On the basis of the end user, the market is segmented into hospitals, clinics, home care.
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The Americas dominates the global telemedicine market. Factors such as the presence of a well-developed healthcare sector and the increasing adoption of healthcare IT drives the market growth within the region. Moreover, rising healthcare expenditure and presence of major players within the region provides favorable backgrounds for market growth. Europe stands second in the global telemedicine market due to increasing adoption of new technologies in the healthcare sector and increasing government support. Moreover, rising burden of diseases like cancer, diabetes, and others within the region fuels the market growth. On regional basis, the Europe is divided into Western Europe and Eastern Europe. Western Europe leads the market in the developed economies like Italy, U.K, France, and others. Asia Pacific is estimated to be the fastest growing region. Huge patient population and the growing telemedicine sector drives the market growth within the region. Moreover, the presence of developing economies like India, China, and Australia within the region boosts the market growth. The Middle East & Africa has the least share in the global telemedicine market due to the presence of poor economies, lack of healthcare services and stringent government policies, especially within the African region.
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The key players for the global telemedicine market are AMD Global Telemedicine, Inc., CardioNet, CareClix, Cerner Corporation, Cisco, GENERAL ELECTRIC, IBM Corporation, Intel Corporation, Iris Telehealth, Koninklijke Philips N.V., Medtronic, SHL Telemedicine, TeleVital, Aerotel Medical Systems, Allscripts Healthcare Solutions, Cardiocom, Honeywell Lifesciences, Tunstall Healthcare, Care Innovations, Medvivo Group Ltd., Aerotel Medical Systems Ltd., and others.