Market Research Report
Telemedicine Market - Growth, Trends, and Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||390622|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Telemedicine Market - Growth, Trends, and Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 114 Pages||
The telemedicine market is expected to witness a CAGR of 18.50% during the forecast period, and the major factors for the growth of the telemedicine market include the rising healthcare costs, technological innovations, increasing remote patient monitoring, and growing burden of chronic diseases.
The Telehomes Segment is Expected to be the Fastest Growing Segment over the Forecast Period
The rise of chronic diseases is a global concern that puts a strain on healthcare resources. Telehomecare is an innovative way to provide care, monitor a patient, and provide information, by using the latest technology in telecommunication. Monitoring allows early identification of disease, and thus, preventing chronic conditions.
Telehomecare programs are also initiated in countries, including whole system demonstrator (WSD) project in the United Kingdom, veterans health segmentation (VHA) project in the United States, and TELEKART program in Denmark. These telehomecare programs manage, reduce, and avoid chronic diseases by remote monitoring of patients. The universities are collaborating well to promote the tele-homecare, such as University of Ottawa Heart Institute has been making good progress in telehome monitoring technology, which offers services for various regions, under the regional home monitoring program for cardiac patients. Telehome services provide an opportunity for significant savings for patients and hospitals. Thus, the increasing adoption rate of telehomecare services is directly affecting the growth of the telemedicine market.
North America Accounted for the Largest Share in the Telemedicine Market
Telemedicine is a rapidly growing component of healthcare in the United States. Treatment of chronically ill patients constitutes nearly four-fifths of the healthcare spending in the United States. The adoption of telemedicine has improved care management, patient quality of life, and reduced healthcare spending.
The rising demand for mobile technologies, coupled with the rising adoption of homecare by patients and reduction in hospital visits, is expected to propel the growth of the market over the forecast period. Healthcare in the United States is experiencing positive trends, with the emergence of telemedicine applications that help Americans to be active in personal health management. Smartphones and the presence of mobile technology make it possible to use both clinical and lifestyle applications, in order to help, educate, and change health behaviors. More Americans are now using mobile health applications. It is estimated that through mobile applications, 60% of adults monitor their weight, diet, and exercise; 33% of track blood glucose, headaches, sleep patterns, blood pressure, and chronic pain; and seven out of 10 Americans track at least one health indicator.
The extensive consumer interest in, and adoption rate of, telemedicine and mobile health applications, such as wearable technology (bands and watches) that monitor and report throughout the day, is supporting the market growth by driving the digitalization and converting conventional forms of healthcare management to connected and remote healthcare.
The market studied is moderately competitive, owing to the presence of many small and large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with fewer prices. Companies, like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Philips, hold significant market shares in the telemedicine market.