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In a recent published report, Telemedicine Market report for till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Telemedicine Market products.
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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.
Telemedicine is a telecommunication technology for providing remote clinical healthcare services. Telemedicine services provide a real-time two-way communication between the patient and healthcare professional, by using electronic audio and visual means. Some of the prominent trends that the Telemedicine Market is witnessing include an upsurge in the adoption of electronic health records and an increasing vendor focus on home-based wellness tools. The deployment of telemedicine has significantly changed the healthcare paradigm, decreasing the overall cost and increasing the efficiency of medical care.
End-users
The end-users of the telemedicine market are telehospitals/teleclinics and telehome. . However, the telehome segment is expected to grow at a faster rate during the forecast period due to rising inclination towards personalized home-based healthcare tools.
Market Dynamics
The dearth of healthcare professionals in rural and remote areas provides telemedicine an opportunity to spread its reach to millions of patients worldwide, delivering improved products with higher patient satisfaction.Telemedicine applications are surging due to the high prevalence of chronic diseases and hypertension, rising smartphone users, growing geriatric population, and a consistent need for improved quality services at an affordable rate. Moreover, the rising medical tourism and increasing government initiatives and funding are expected to propel the growth of the Global Telemedicine Market.
Some of the key factors inhibiting the market growth include high technological cost, lack of resources and trained professionals, privacy and security concern as well as inadequate healthcare infrastructure in developing economies. A major limitation is training the older generation of doctors currently working in the healthcare industry and convincing them to adopt telemedicine in practice. As a result, it is believed that the full market potential of telemedicine can be tapped only after the next generation of doctors takes over the medical industry and that is expected to take another couple of decades.
Market Segmentation
The Global Telemedicine Market is fragmented on the basis of technology, specialty area, and service.
Technology
Hardware
Software
Telecommunications
Specialty Area
General Consultation
Cardiology
Psychiatry
Pathology
Dermatology
Neurology
Trauma Care
Others
Service
Consulting
Monitoring
Education
Training
Geographical Analysis
The North American region is by far the largest in the global telemedicine market and is expected to continue its dominance across the globe. The European Market, segmented into the United Kingdom, Germany, France, Italy, Spain, and rest of Europe, is the second leading market for telemedicine. In the coming years, however, the telemedicine market is expected to witness the highest growth in the Asia-Pacific region, with special emphasis on India, China, and Japan. The Middle East & Africa regional market is also expected to witness a significant growth in the near future, mainly due to lack of strict guidelines for the practice and improving access to healthcare services.
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Key Players
Some of the key players in the market include Aerotel Medical Systems, Allscripts Healthcare Solutions, AMD Global Telemedicine, Biotelemetry Inc., Cardiocom, Honeywell Lifesciences, Intouch Technologies, and Lifewatch.
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