With the considerable growth in the deaths due to COVID-19 pandemic and exponential growth in number of infected individuals forcing the global economies to lockdown on a temporary basis, the demand for telemedicine solutions has been rising at a considerable pace. Also, increasing geriatric population and soaring number of disorders and diseases such as cancer, diabetes, neurological issues, etc. are some of the major factors for the growth of telemedicine. According to the UN, the total aging population in Asia in 2019 was 3,95,344 thousand, which is expected to reach 9,54, 681 in 2050. For continuous monitoring and providing better healthcare facilities, telemedicine is gaining popularity in countries such as the UAE and the US.
According to MarkNtel Advisors’ research report titled “Global Telemedicine Market Analysis, 2020”, the global telemedicine market is anticipated to grow at a CAGR of around 18% during 2020-25. Moreover, governments are taking an interest in boosting the telemedicine market. For instance, the Ministry of Health of the UAE announced the plan to develop the first virtual hospital in UAE in March 2020. These factors are some of the major reasons that contribute to the growth of the telemedicine market.
Cloud-Based Model Leads the Market by Acquiring the Largest Market Share
In 2019, the cloud-based model acquired the largest market share as compared to the on-premise model. Cloud-based models are deployed for cost-cutting reasons and are easily accessible. However, the on-premise models are used keeping in mind about data being lost and also due to theft or other security reasons. The cloud-based model is more popular in the developed economies which contributed to it having the largest market share in 2019.
North America Captured the Lion’s Share
The US government have been taking periodical initiatives for the development of telemedicine in the country. Moreover, the individuals in the country are slowly being aware of the benefits of telemedicine. Some other factors attributing to the growth is faster adoption of the latest technology and amplifying number of chronic diseases among individuals which is further is bolstering the market. Around 6 out of 10 individuals suffer from chronic diseases in the United States. North America had around 48,000 diabetic people in the range of 20 to 70 years of age, according to the International Diabetes Federation. Asia-Pacific and Middle East & Africa are also lucrative markets for the telemedicine with growing healthcare facilities and escalating healthcare costs as stated in the MarkNtel Advisors’ research report “Global Telemedicine Market Analysis, 2020”.
According to MarkNtel Advisors, GE, AMD Global, AllScripts Healthcare Solutions, Resideo Technologies, Aerotel Medical Systems, Philips, Medtronic, McKesson Corp, SHL Telemedicine, Polycom, and InTouch Technologies are few of the leading players in the Global Telemedicine Market.
“Global Telemedicine Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for telemedicine providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
1. By End User (Hospitals, Homecare, Clinics & Specialty Centers, Others (Medical Labs, etc.)),
2. By Services (Tele-Training /Education, Tele-Consultation, Tele-Monitoring, Tele-Surgery, Asynchronous (Store-and-Forward))
3. By Type (Tele hospitals, Tele homes, Mobile Health)
4. By Deployment (On-Premise, Cloud-Based, Web based)
5. By Component (Hardware and Software),
6. By Application (Tele Radiology, Tele-Psychiatry, Tele-Cardiology, Tele-Dermatology, Tele-Neurology, Tele-Pathology, Emergency Care, Others (Tele-nephrology, Teleobstetrics, etc.)),
7. By Country (US, Canada, Mexico, Brazil, Argentina, UK, Germany, Italy, Spain, Netherlands, China, India, Japan, South Korea, Australia, UAE, Saudi Arabia, Oman, Bahrain, Qatar, Kuwait, South Africa),
8. By Company (GE, AMD Global, AllScripts Healthcare Solutions, Resideo Technologies, Aerotel Medical Systems, Philips, Medtronic, McKesson Corp, SHL Telemedicine, Polycom, InTouch Technologies)
Key questions answered in the study:
1. What are the current and future market trends of the telemedicine market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the telemedicine industry?
5. What are the customer orientation, purchase behavior, and expectations from the telemedicine firms across various regions?