OG Analysis delivers key market drivers and trends on the 2020 Telemedicine Market outlook considering aspects of market scope, key market players and regional market size and growth.
The emergent Telemedicine Market growth is forecast to grow at 19.58% CAGR influenced by shortage of health care providers along with growth in demand for quality healthcare for remote patients, finds OG Analysis. Furthermore, increase in lifestyle and stress-related diseases, unavailability of medical infrastructures and access to medical insurance drives the telemedicine market growth during the forecast period.
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Insights on Telemedicine Market drivers and challenges
The penetration of smart gadgets such as patient monitoring devices, mobile phones, and PDAs along with acceptance of health due to healthcare costs, and regulatory norms boost the market growth. Accordingly, Mobile health technologies help healthcare organizations to reduce medical costs with financial benefits of acute care applications such as bed sensors, call-for-help push button, adaptive bed sensors, chair sensors, and incontinence and toilet sensors, the telemedicine market growth is observed to gain significant market value in coming years.
To combat the issues of workloads on systems with large volumes of data, time taken to handle administrative tasks, and balancing supply and demand for beds in hospitals. Physicians and hospitals are leveraging the benefits of the remote monitoring approach with the aim of enhancing patient outcome.
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The declining cost of smart devices and increasing internet penetration drives the Telemedicine Market across video conferencing healthcare service platforms. Video consulting provides timely care in case of chronic diseases and sudden ill-health attacks. The technology offers solutions into ER, ICU, and OR. Also, Telemedicine as a service solution offers management and support such as the product being correctly installed and available for any medical emergency cases.
The trend of emergence of tele-healthcare centers to minimize diagnosis costs as well as increase business opportunities for healthcare service providers thrust the Telemedicine Market growth and size.
However, adoption of these technologies is limited by individual country with conditions of broadband access and legalization, In addition, implementation of IOTM and adoption to mhealth, in particular in rural areas remains hindrance to the market growth.
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Regional Telemedicine market trends and prospects
The emergence of telemedicine market across Asia Pacific is driven by need for improved healthcare systems, efficient access to healthcare providers, and rising hospital expenditures. Furthermore, the densely populated rural areas along with inadequate access to healthcare boost the market growth opportunities.
Collaborations with hospitals and among government services are observed in countries such as India. For instance, telemedicine service is provided by CSC e-Governance Services India (CSC SPV) in collaboration with the Ministry of Ayush in rural areas. Key players such as Practo Lybrate, DocsApp, Medcords and mfine are entering the Telemedicine market space across India. Furthermore, Apollo’s telemedicine services perform around 100 tele consults per day across the north-east and in the Andaman and Nicobar Islands reflect the market growth during the forecast period.
Whereas, in developed regions like the U.S, where it is estimated that shortage of physicians and the rising number of health insurance owners drive the Telemedicine market growth. Accordingly, researchers at RAND Corp. say expansion of patient-centered telemedicine services could help eliminate 50 percent or more of the primary care physician shortage” in the U.S. by 2025. Hence large scale adoption of telemedicine service providers boosts market growth opportunities in the coming years.
Furthermore, National Health Service providers across European countries are deploying city-wide telemedicine service, for example, the Liverpool Clinical Commissioning Group (CCG) deployed telemedicine services to robustly connect care home residents to healthcare professional.
Competitive landscape of Telemedicine market and key market players
Key market players are observed to enter strategic partnerships and innovative services to explore marker growth opportunities. Healthcare organizations and universities have partnered with market players. The partnership between TEAM Clinics and Shawnee Public Schools is an example of offering non-emergency telemedicine healthcare to the school community.
In addition, market participants are deploying telemedicine stations to capture major market share. For example, OnMed announced partnership and first deployment of its breakthrough telemedicine station with Tampa General Hospital.
Furthermore, increase in partnerships is evenly observed across several healthcare providers and IT organizations. For instance, Teleradiology Solutions (TRS) have signed long-term agreement with Bahrain’s Skype Telemedicine for Remote Radiology Services in Bahrain and Gulf region.
Aerotel Medical Systems Ltd., AMD Telemedicine, Cardio Net Inc., GE Healthcare, Honeywell HomMed, IBM, Intel Corporation, McKesson Corporation, Philips Healthcare, Polycom, Siemens are recognized as key market player in the telemedicine space.
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