Key players in the global telemedicine technologies and services market are dealing in multiple segments in order to overcome geographical barriers and increase access to untapped healthcare facilities in emerging markets. Transparency Market Research (TMR) identifies that service and product diversification are among the key strategies adopted by players to consolidate their position in the market. Some of the key players in the market are Aerotel Medical Systems Ltd. Inc., McKesson Corporation, Honeywell International Inc., Global Media Group LLC, and General Electric Company.
North America to Remain Frontrunner Owing to Increasing Demand for Customized Healthcare Services
The global telemedicine technologies and services market was valued at US$24.45 bn in 2015 and is anticipated to reach US$86.75 bn by 2023, expanding at an impressive CAGR of 17.2% from 2015 to 2023. North America will be the leading regional market throughout the forecast period. Factors such as the growing demand for customized healthcare services, rapid technological advancements, and the increasing interest for healthcare setup at home are supplementing the growth of the region. Asia Pacific will rise at a phenomenal CAGR of 20.3% during the same period, thanks to conducive government initiatives and improving healthcare infrastructure.
On the basis of component, services will continue to dominate the market until 2023. Telemedicine services are gaining popularity due to their ability to offer high-quality medical services in remote areas. Developing regions, in particular, are offering promising growth opportunities to the segment owing to the dearth of trained and experienced medical professionals in remote areas and low disposable income that makes it difficult for consumers to afford technologically advanced products. Owing to these factors, the segment is expected to exhibit a 17.3% CAGR during the forecast period.
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Declining Prices of ICT Services and Advances in Mobile Penetration to Augment Telemedicine Technologies and Services Market
The rising global geriatric population is leading to the increasing incidence of chronic diseases including diabetes, COPD, cardiac failure, and hypertension. This is creating a pressing need for quality, cost-effective, and innovative health care services for faster recovery, thereby driving the demand for telemedicine technologies and services. “The market is estimated to receive a significant revenue boost as the established players are capitalizing on the ubiquity of mobile access and the declining prices of ICT services across the globe,” says TMR’s lead analyst. Moreover, amidst the growing demand for healthcare, telemedicine services are being increasingly acknowledged as they are reducing the burden on existing hospital setups.
Legal and Privacy Issues associated with Telemedicine Services to Take its Toll on Market Growth
The electronic storage and transfer of patient records in telemedicine services can potentially lead to security and privacy breaches. Ineffective management of privacy and security problems can provide invaders the access to confidential information and possibly alter, steal, or even delete patient records. These issues are, thus, limiting the widespread adoption of telemedicine technologies and services. Telemedicine requires dedicated service by medical staff for whole day, which is not possible for many service providers and medical institutes. The dearth of dedicated medical staff is, therefore, disrupting these services, which in turn is hindering the growth of the market.
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