How is Changing Preference of Patients Driving Telemedicine Market?

The access to proper healthcare facilities is something which should be available for each and every person; however, people living at remote locations are often left out when it comes to provision of advanced healthcare facilities. This is because developed healthcare infrastructure is only present in cities and densely populated areas. Attributed to these, the concept of telemedicine was developed for treating patients who were located in remote areas, in areas with shortages of medical professionals, or far away from local health facilities. Telemedicine at the present time is also utilized for addressing similar concerns, but the preference of consumers is changing as well, which is further resulting in a rising need for telemedicine.

As per a P&S Intelligence report, the global telemedicine market size reached a value of $21.5 billion in 2017 and is expected to generate a revenue of $48.8 billion by 2023, progressing at a 14.8% CAGR during the forecast period (2018–2023).

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The major services offered by the telemedicine technology are tele-training, tele-consulting, tele-education, and tele-monitoring. The largest demand in the coming years is projected to be created for tele-monitoring services in the coming years, which is ascribed to the rising need for patient monitoring services in remote areas.

The need for tele-hospital and clinic type was larger in the past, owing to the surging prevalence of health conditions associated with lifestyle changes. Apart from this, the tele-home services are also projected to gain traction in the near future because of patient benefits, such as shorter hospital stays, remote monitoring of health conditions, and enhanced access to healthcare professionals. Telemedicine services are offered on the basis of different specialties, namely orthopedics, dermatology, neurology, gynecology, and cardiology. Telemedicine was used the most for dermatology in the past, which is attributed to the growing prevalence of skin diseases and increasing healthcare expenditure.

Geographically, North America has been the largest user of the telemedicine technology in 2017 due to the advanced healthcare infrastructure, rising spending in the healthcare sector, growing prevalence of skin and chronic diseases, and presence of major companies in the region. Other than this, the Asia-Pacific (APAC) region is predicted to emerge as the fastest growing telemedicine market in the coming years, which is attributed to the rising adoption of technologically advanced products and rapidly improving healthcare infrastructure in the region. In addition to this, the geriatric population is also growing in APAC, primarily in Japan, which is further expected to lead to growing adoption of telemedicine.

In conclusion, the need for telemedicine is rising for providing access to better medical facilities to patients in remote locations.

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Global Telemedicine Market is Expecting Worldwide Growth

The global telemedicine market was valued at $21.5 billion in 2017 and is projected to witness a CAGR of 14.8% during the forecast period 2018–2023. The major factors driving the market growth are rising healthcare costs, prevalence of chronic and lifestyle-associated diseases, government funding and grants, smartphone users, and need for remote patient monitoring in developing countries, and consistent need for improved healthcare services.

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Due to climate change and changing lifestyle and food habits, incidents of diseases are increasing. Since doctors or medical professionals cannot always be available or patients cannot always go to a healthcare center, telemedicine came into being. Telemedicine helps healthcare professionals diagnose, evaluate, and treat patients, who are far away, using telecommunication equipment, including audio and video devices. The telemedicine market is segmented by type, service, specialty and region. The service segment comprises the tele education, tele monitoring, teleconsulting, tele training, and others categories.

Among all services, tele monitoring services are expected to witness the highest CAGR, of 17.0%, during the forecast period. It involves remotely monitoring patients, who are unable to visit a clinic or hospital. Such patients can have a number of monitoring devices in their home, the data from which is communicated to their healthcare provider via mobile, telephone, broadband technology or cable network. It is an easy way to monitor patients and minimize their frequent visits to the clinic. Owing to the increasing use of home-monitoring devices and associated benefits, especially for heart patients, tele monitoring is expected to fuel the telemedicine market prosperity.

Looking at the growth of the sector, the key telemedicine market players have launched advanced products and technologies or entered into collaborations. For instance, in January 2018, Philips announced a partnership with American Well, a telehealth solution provider. This will help Philips in embedding American Well’s telehealth technology into several of its devices and apps. Citing a product launch example, in April 2018, AMD Global Telemedicine Inc. introduced OnDemand Visit, which allows healthcare organizations to increase their service offerings and engage patients in a convenient way. Further, it also offers a virtual medical visit via a computer or smartphone.

Owing to advanced technologies, new partnerships and growing need for remote monitoring services, the telemedicine market is forecasted to witness healthy growth.

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