April 13, 2020
According to the research report titled ‘Telemedicine Market Size By Service, By Type, By Specialty, By Delivery Mode, Industry Analysis Report, Regional Outlook, Type Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, global telemedicine market is expected to surpass USD 130.5 billion by the year 2025.
Global need for cost efficient healthcare services is major factor fostering the growth of telemedicine market. The service helps in minimizing cost and time of patient visit to a medical facility as well as allows quick response to patient requirements. It also enables healthcare personnel to effectively treat an emergency case. Increased pervasiveness of chronic disorders such as cardiovascular diseases and osteoarthritis are also driving the demand for telemedicine services.
As per service type, tele-education/training segment is presumed to expand with a CAGR of 20.8% during 2019-2025, primarily due to rising adoption of telemedicine platforms in emerging countries.
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The report states that telehome market segment is expected to be worth USD 45.2 billion by the year 2025. Rising adoption of smartphone and wearables, availability of inexpensive high-speed internet connectivity and increasing focus on real-time monitoring of geriatric patients are favoring the segmental share.
In terms of specialty, the neurology segment will witness a growth rate of 20% between 2019 and 2025. High occurrence of neurological disorders such as Parkinson’s and Alzheimer’s is aiding the adoption of telemedicine in neurology.
Citing the delivery mode, market share from web/mobile segment is predicted to cross USD 80.2 billion by the year 2025, owing to rising penetration of internet and smartphone, technological advancements and rapid expansion of telecommunications network.
Considering the geographical landscape, Germany telemedicine industry is set to record a growth rate of 18.1% through 2025. Rising telecommunication infrastructure and increasing number of smartphone users are promoting the business scenario in Germany.
On the other hand, the report predicts that Japan telemedicine market will generate USD 2,702.1 million by the year 2025. Technological advancements in telecommunication infrastructure has allowed for deployment of telemedicine services. Rapid urbanization, rising per capita income, improved healthcare facilities, and favorable insurance policies are also creating lucrative growth avenues for Japan telemedicine market.
The prominent companies of telemedicine market are OBS Medical, McKesson Corp., Koninklijke Philips N.V., InTouch Technologies, Honeywell International Inc., Cisco Systems, Cerner Corp., BioTelemetry, AMD Global Telemedicine and Allscripts Healthcare Solutions Inc.
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