Telemedicine Market Bolstering Swiftly To Reach USD 38.00 Billion by 2022

25-Sep-2018 | Zion Market Research

Some of the major players in the telemedicine market are CISCO Systems, Inc., F. Hoffmann-La Roche Ltd., McKesson Corp, Siemens Healthcare, AMD Global Telemedicine, Inc., Agfa HealthCare NV, Honeywell HomMed LLC, Polycom Corp., LifeWatch AG, InTouch Technologies, Inc., OBS Medical Ltd., Medtronic, Inc., and Allscripts Healthcare Solutions. Major players have been aiming on new product development and innovation to retain their share in the telemedicine market. This type of competitive position offers new development opportunities in the telemedicine market.

According to analysts at Zion Market Research, the global telemedicine market was capitalized at almost USD 18.20 Billion in 2016 and is likely to cross almost USD 38.00 Billion by end of 2022, developing at a CAGR of almost 14.0% from 2017 to 2022.

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This review is based on a report by Zion Market Research, titled “Telemedicine Market (Tele-Education, Tele-Training, Tele-Consultation, Tele-Monitoring, Tele-Care, and Tele-Surgery) for Neurology, Orthopedics, Cardiology, Dermatology, Emergency Care, Internal Medicine, Gynecology, and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”- Report at http://www.zionmarketresearch.com/report/telemedicine-market

Government Funding And Initiatives Likely To Power Growth Of Telemedicine Market Within The Forecast Period

The major catalysts for the telemedicine market are rapid increment in elderly population paired with rising number of patients having hypertension and chronic disease, as per analysts at Zion Market Research. Government funding and initiatives is likely to boost the growth of telemedicine market within the forecast period in Asia Pacific area. On the other hand, high technological cost and lack of resources might hinder the growth of telemedicine market in underdeveloped and emerging nations.

Global-Telemedicine-Market

However, enhancements in technology to offer improved health services is likely to unlock new growth opportunities for the telemedicine market within the forecast period. In addition to this, rising investment by market players will also foster the growth of telemedicine market. For example, in August 2018, St. Luke's Health started a virtual care hub in Boise, offering Idaho's biggest health system a linked health platform to extend telemedicine and telehealth services. This bolstered the growth of telemedicine market.

Asia Pacific Shows Potential To Dominate Telemedicine Market In The Years To Come

The telemedicine market can be divided based on applications into orthopedics, neurology, internal medicine, emergency care, cardiology, gynecology, and others including dermatology. Dermatology ruled the telemedicine market with more than 25% share of the telemedicine market. Neurology is likely to see the quickest development in telemedicine market due to rising neurological complications such as Alzheimer’s, stroke, and Parkinson’s cases in the years to come. Cardiology and emergency care are other major sectors that have a major role in telemedicine market.

In terms of area, North America was the biggest area for telemedicine market all over the world due to improved quality & safety of the applications and sturdy requirement for centralization of healthcare management. Asia Pacific is one more major region for telemedicine market and is likely to see the quickest development in the telemedicine in over the forecast period. Europe is also likely to show similar trends.

The global telemedicine market is segmented as follows:

By Services

  • Tele-Education
  • Tele-Consultation
  • Tele-Monitoring
  • Tele-Training
  • Tele-Care
  • Tele-Surgery

By Application

  • Neurology
  • Cardiology
  • Dermatology
  • Orthopedics
  • Emergency Care
  • Internal Medicine
  • Gynecology
  • Other 

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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