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Telemedicine market accounted for $21.56 billion in 2017 and is expected to reach $93.45 billion by

by sumit choudhari Digital Marketing Expert

Telemedicine serves as a provision for various remote clinical services, which incur with the help of real-time, two-way communication between the patient and the healthcare provider. This involves the application of a variety of electronic, audio, and visual means. Increasing adoption of electronic health record (EHR)/ electronic medical record (EMR) is a major driver for market growth during the forecast period. Office of the National Coordinator for Health Information Technology (ONC) stated that in 2015 about 64% of the physicians used electronic health record (EHR) with the capability to exchange secure messages with patients. The noted increase was over 50% from 2013. Moreover, the increasing prevalence of chronic diseases like diabetes, cancer, besides others and a dearth of physicians in the presence of increasing health care services demands boosts the market growth. According to the National Cancer Institute in 2016, an estimated 1,685,210 new cases of cancer were diagnosed in the U.S., and about 595,690 died from the disease. Additionally, a study published in the Journal of Medical Internet Research stated that the Chinese American Physicians E-Hospital became operable in 2015. This E-hospital provides online customer service from the initial teleconsulting to international transfer and treatment for Chinese individuals around the world. However, the high cost of implementing telemedicine systems, i.e., EMR & EHR and need for telemedicine training followed by stringent government regulations pertaining to telemedicine are estimated to restraint the market growth during the forecast period. Additionally, another data from ONC in 2014 stated that the estimated cost of purchasing and installing an electronic health record (EHR) ranges from USD 15,000 to USD 70,000 per provider which affect the affordability of the devices and hence is expected to influence the market negatively.

Global Telemedicine Market is expected to grow at a CAGR of 16.8% and reach USD 56,738.3 by 2023.

Intended Audience

· Pharmaceutical companies

· Biotechnological institutes

· Government and Private Laboratories

· Research and Development (R&D) Companies

· Medical Research Laboratories

· Market Research and Consulting Service Providers

Telemedicine Market Segmentation:

The global telemedicine market is segmented on the basis of service type, component, deployment, application, and end user.

On the basis of the service type, the market is segmented into telenursing, tele pharmacy, teleradiology, tele dermatology, tele-oncology, others. On the basis of the component, the market is categorized into software and hardware. The software segment is sub-segmented into integrated software and standalone software. The hardware segment is sub-segmented into monitors and medical peripheral devices. On the basis of the deployment, the market is segmented into cloud-based and on premises. On the basis of the application, the market is segmented into cardiology, ophthalmology, psychiatry, radiology, dermatology, and others. On the basis of the end user, the market is segmented into hospitals, clinics, home care.

Competitive Dashboard:

AMD Global Telemedicine Inc

CardioNet

CareClix

Cerner Corporation

Cisco

GENERAL ELECTRIC

IBM Corporation

Intel Corporation

Iris Telehealth

Koninklijke Philips N.V.

Medtronic

SHL Telemedicine, TeleVital

Aerotel Medical Systems

Allscripts Healthcare Solutions

Cardiocom

Honeywell Lifesciences

Tunstall Healthcare

Care Innovations

Medvivo Group Ltd.

Aerotel Medical Systems Ltd

Regional Outlook:

The Americas dominate the global telemedicine market due to the presence of a well-developed healthcare sector, increasing adoption of healthcare IT. According to the Centers for Disease Control and Prevention in 2017, approximately 86.9% of the office-based physicians used EMR/EHR system

Moreover, rising healthcare expenditure and presence of major players within the region boost the market growth.

Europe stands second in the global telemedicine market owing to increasing adoption of new of new technologies in the healthcare sector and increasing government support to address the healthcare demands. According to the Parliamentary Office of Science and Technology in 2016, the Integrated Digital Care Fund awarded approximately 63 million to NHS Trusts for facilitating the adoption of electronic health records. On a regional basis, Europe is divided into Western Europe and Eastern Europe. Western Europe leads the market in the developed economies like Italy, U.K, France, and others.

Asia Pacific is estimated to be the fastest growing region due to a huge patient pool and growing telemedicine sector. Moreover, the presence of continuously developing economies like India, China and Australia within the region fuels the market growth. According to the Indian Brand Equity Foundation in 2017, telemedicine sector was estimated to be a fast emerging sector in India. The Indian telemedicine market is estimated to reach USD 32 million by 2020.

The Middle East & Africa has the least share in the global telemedicine market due to the presence of poor economies, lack of healthcare services and stringent government policies, especially within the Africa region. It is estimated that a majority of the market of the Middle East & Africa is held by the Middle East. This can be attributed to the due to the presence of a well-developed healthcare sector and huge healthcare expenditure within the region.

Major Table of Contents:

Chapter 1. Report Prologue

Chapter 2. Market Introduction

2.1 Definition

2.2 Scope of The Study

2.2.1 Research Objective

2.2.2 Assumptions

2.2.3 Limitations

Chapter 3. Research Methodology

3.1 Introduction

3.2 Primary Research

3.3 Secondary Research

3.4 Market Size Estimation

Chapter 4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

4.5 Macroeconomic Indicators

4.6 Technology Trends & Assessment

Chapter 5. Market Factor Analysis

5.1 Porter’s Five Forces Analysis

5.1.1 Bargaining Power of Suppliers

5.1.2 Bargaining Power of Buyers

TOC Continued….!

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