Telemedicine Market: With a robust CAGR of 14.30%, Market Value Expected to Reach US$ 36.3 Billion by 2020
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Based on specialty, the neurology segmented is expected to establish its supremacy in the market, growing at a CAGR of 15.90% over the forecast period. The high instance of Parkinson’s disease and Alzheimer’s disease across the globe are amongst the prime factors responsible for the spurring growth of this segment. Amongst the various geographical regions, Asia Pacific is expected to take a lead over other regions by the end of the forecast period.
In recent times, patients want their ailments to remain unknown to external entities apart from the medical professionals. The use of telecommunications and IT in the telemedicine industry makes it possible to retain the privacy of treatments administered to patients. This tendency of the people is giving a positive lift to the market by accelerating demand. Moreover, the healthcare industry is characterized by rapid advancements in recent times which has persuaded healthcare units to stay equipped with telemedicine facilities.
This has bolstered the market, especially in the developed regions like North America and Europe. This is complemented by supportive government expenditure that has consolidated the position of the telemedicine market. Another important factor that is giving an impetus to the market is the concerted efforts of market players to utilize the gap in the emerging economies. The perpetual rise in the demand for better healthcare has created tremendous growth spaces within these regions.
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The telemedicine industry requires savviness with technology as well as a strong grounding of the medical field. A large number of regions across the globe are deprived of the perks of telemedicine due to the inability of medical professional to maneuver telemedicine processes. This places a a negative toll on the market and acts as a daunting restraint. Moreover, patients are reluctant to resort to such telemedicine facilities fearing that the treatment or diagnosis would be inadequate or incomplete. However, the growth of the healthcare industry across the globe is expected to keep boosting the market.
The global telemedicine market is highly fragmented on account of the presence of numerous small and large market players who exert inter-competitive pressure. However, the market is dominated by a few well-reckoned players such as Inc., McKesson Corporation, AMD Global Telemedicine, CISCO Systems, Inc., and Polycom Corp. The technological finesse attained by these players is responsible for their established presence. CISCO Systems has the largest product portfolio amongst all other players in the telemedicine services across the world.
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