NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- The telemedicine market is witnessing a huge growth potential in the foreseeable future. The market is expected to reach $48.8 billion by 2023, growing at a CAGR of 14.8% between 2018-2023. The growing geriatric population, growing need for remote patient monitoring services and increasing prevalence of chronic and lifestyle associated diseases are the major growth drivers of the market for telemedicine. Additionally, the increasing medical tourism, increasing government funding and grants for telemedicine, technological innovation & advancement and increasing number of smart phone users are also driving the telemedicine market growth. The increasing medical requirements in remote area, consistent need for improved quality services and increasing healthcare cost are also driving the growth of the market.
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The growing geriatric population is a major growth driver of the telemedicine market. The elderly population requires extra care as they are more prone to illness due to low immunity levels and high recovery time consumption. The elder people are also susceptible to diseases such as diabetes, and cardiovascular disorders. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. Telemedicine offers highly effective and major tools for providing integrated and comprehensive supervision to elderly population, to deliver remote health monitoring, maintain their independence and improve the quality of care and thus driving the growth of market.
Increasing number of collaborations and partnerships is a major trend witnessed in the telemedicine market. The companies dealing in telemedicine industry are actively involved in collaboration and partnership for providing improved telemedicine service to healthcare organizations. Most of these collaborations are focused on accelerating and streamlining the solutions, technology management process and providing a range of services to hospitals and ambulatory. For instance, on January 8th, 2018, Philips signed a strategic partnership with American Well to support both companies’ initiatives to deliver virtual care solutions around the world. For Philips it marked a strategic shift towards adding to their already established enterprise telemedicine businesses with a more aggressive focus on the direct-to-consumer market.
Inadequate healthcare structure in developing economies is a major barrier to the growth of the telemedicine market. In developing economies such as India and China, the absence of better healthcare infrastructure obstructs the growth of the global market. The lack of adequate healthcare infrastructure can lead to connection loss, which disconnects virtual consultation and could result in patient following wrong treatment regimen. Several telehealth pilot projects in the developing economies have failed due to poorly designed network connectivity, poor user experience, unreliable equipment and poor bandwidth availability, thereby having a negative impact in the growth of the market.
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The major companies in the telemedicine market include Aerotel Medical Systems Ltd., LifeWatch AG, AMD Global Telemedicine Inc., InTouch Technologies Inc., Cisco Systems Inc., OBS Medical Ltd., Allscripts Healthcare Solutions Inc., Cerner Corporation, Honeywell Life Care Solutions, McKesson Corporation, BioTelemetry Inc., Koninklijke Philips N.V., Polycom Inc., General Electric Company and Medtronic PLC.
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