Press release
Telemedicine Technologies and Services Market to Reflect Impressive Growth Rate during 2022-2031
Telemedicine Technologies and Services Market
Telemedicine technologies & services is the use of telecommunications and information technologies to share information and provide clinical care, education, public health, and administrative services. Telemedicine is used to treat patients in a remote location by using the telecommunication technology. It exchanges the medical information and data from one location to another through advanced technological innovation. Telemedicine services allow people to receive healthcare services digitally, usually on a computer or a smartphone app.
Moreover, lack of effective physical treatment options has made telemedicine the safest interactive system between patients, both infected and uninfected, and clinicians.
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Increase in Incidence of Chronic Conditions to Drive Adoption of mHealth and Remote Monitoring Solutions
Chronic diseases are one of the key healthcare concerns globally. Incidence of chronic conditions such as diabetes and cardiovascular is increasing. The rise in demand for self-care devices/solutions such as mHealth and remote monitoring is expected to propel the market during the forecast period.
According to the National Cancer Institute, in 2020, around 1,806,590 new cases of cancer were diagnosed in the U.S. and 606,520 people succumbed to the disease. As per the World Health Organization, in 2019, cardiovascular diseases (CVD) accounted for around 17.9 million deaths globally. These factors are likely to drive the global telemedicine technologies and services market during the forecast period.
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Advancements in Mobile Penetration and Connectivity to Propel Global Market
Digital technologies are increasingly being used to support health systems by providing flexible options for communication and the exchange of information. These technologies can be used for medical diagnostic, monitoring, and therapeutic purposes, when participants are separated by distance or time or both, with the goal of improving the health of individuals and communities.
Mobile access is becoming ubiquitous globally. All developed markets such as South Korea, Australia, the U.S., the U.K., Germany, Sweden, and Japan already have mobile penetration greater than 100%. Furthermore, increase in penetration of smartphones as well as 3G and 4G networks is likely to boost to the use of the mobile platform for providing healthcare services.
Additionally, health ICT (Information and Communication Technologies) is based on the development of digital technologies, databases, and other applications that seek to prevent illness, treat diseases, and manage chronic illness, while improving healthcare for individuals and communities, and also provide capacity for system efficiencies and prevent medical errors. These factors drive the global telemedicine technologies and services market.
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Services Segment to Dominate Global Market
The global telemedicine technologies and services market has been segmented based on component, specialty, and services. In terms of component, the global telemedicine technologies and services market has been classified into hardware, software, and services. The services segment is projected to account for key share of the global market by 2031. The services segment is anticipated to witness strong growth, as these provide cost-effective methods to consult doctors/physicians. Moreover, rise in demand for different telemedicine services such as teleradiology, teledermatology, and telepsychiatry are expected to propel the segment during the forecast period.
Surge in Use of Digital Technologies for Diagnosis and Treatment of Skin Diseases
Based on specialty, the global telemedicine technologies and services market has been categorized into dermatology, gynecology, neurology, cardiology, orthopedics, emergency care, internal medicine, and others. Teledermatology is a subspecialty of dermatology and probably among the most popular applications of e-health and telemedicine. Digital technologies are used to improve the diagnosis and treatment of skin diseases such as psoriasis. High prevalence of skin disorders & conditions and ease of use of telemedicine services are factors likely to drive the segment during the forecast period.
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Tele-consultation to Gain Prominence with Rise in Number of Smartphone Users
In terms of services, the global telemedicine technologies and services market has been divided into tele-consultation, tele-monitoring, tele-education, tele-training, tele-care, telesurgery, and others. The tele-consultation segment is projected to grow at a high CAGR during the forecast period. Adoption of technologically-advanced products, increase in the number of people using smartphones and Internet services, and rise in use of phones for consulting with doctors/physicians are anticipated to augment the segment.
Legal and Privacy Issues to Hamper Global Telemedicine Technologies and Services Market
Telemedicine services involve store and transfer of patient record electronically. This could lead to privacy and security breaches. The ineffective management of privacy and security problems in telemedicine could compromise the overall success of the health system. During file sharing over the network, invaders could gain access to confidential information and possibly alter, steal, or even delete patient records. This could lead to serious outcomes such as misdiagnosis or administering an incorrect treatment plan to the patient whose data has been tampered with. This is likely to hamper the growth of the market.
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Analysis of Key Players in Global Telemedicine Technologies and Services Market
The telemedicine technologies and services market is in the development stage. The report presents profiles of leading players in the global telemedicine technologies and services market. These include McKesson Corporation, F. Hoffmann-La Roche Ltd., Medtronic, Koninklijke Philips N.V., GE Healthcare, LifeWatch, Honeywell International, Inc., AMD Global Telemedicine, Inc. GlobalMed, Aerotel Medical Systems Ltd., and other players.
Key players such as Koninklijke Philips N.V., Medtronic, and GE Healthcare have strong presence in the global telemedicine technologies and services market. Established players focus on increasing research & development activities to develop new, innovative, and technologically advanced products and attract more customers. These factors are projected to drive the global telemedicine technologies & services market during the forecast period.
Each of these players has been profiled in the report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.
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Key Developments in Global Telemedicine Technologies and Services Market
In May 2021, K Health entered into a partnership with Boost Mobiles, which provided Boost's customers access to a range of telehealth care for or subscribers of its Unlimited Plus plan
In June 2020, Royal Philips announced collaboration with American Telemedicine Association to help further the adoption of telehealth across the industry, demonstrating its commitment to connecting care across acute, post-acute, and home care settings
In October 2017, Medtronic announced that its Medtronic Care Management Services (MCMS) business had entered into a strategic partnership with American Well
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