Increase in the Number of Government Initiatives to Promote the Adoption of Telemedicine in North America to Drive the Market
North America is one of the leading destinations for the telemedicine market. Federal agencies are reforming their telehealth policies to expand the access of quality care among patients and are focusing on reducing the costs of healthcare. For instance, the Centers for Medicare and Medicaid Services (CMS) has increased reimbursement for remote care services. In addition, Federal Communications Commission (FCC) has increased funding for telemedicine services in rural areas. The U.S. Department of Veteran Affairs (VA) has removed the restriction on doctors, nurses, and others clinicians, and allowed them to diagnose or treat patents from others states.
Furthermore, key players in the market are strengthening their positions through acquisitions and collaborations in emerging regions to gain maximum share and increase revenues sales. Increasing awareness about telemedicine and the growing adoption of teleconsultation are among factors that are expected to boost the demand for telemedicine in emerging nations such as India, China, and Brazil. North America is expected to witness a significant increase in its share in the global telemedicine market by the end of the forecast period.
Increase in the Demand for Remote Patient Monitoring
Telemedicine is one of the most impactful digital health innovations over the past decade. Remote patient monitoring is a key parameter of telemedicine, which provides healthcare professionals the advantage of monitoring patients from a distance. A survey by Consumer Technology Association (CTA) stated that 68% of physicians in the U.S. strongly intent to use remote patient monitoring, and this figure is projected to increase in the future.
The same survey has also revealed that healthcare professionals using remote patient monitoring have witnessed improved patient outcomes by 49% and an improved compliance rate of 44%. Therefore, rise in the demand for remote patient monitoring among healthcare professionals due to improved patient outcomes and compliance rates is expected to propel the growth of the telemedicine market over the forecast period.
Growth in the Adoption of Telemedicine Service among Aging Population
According to the National Institute of Health, 617 million people are aged 65 years and above, which is approximately 8.5% of the global population. However, the global geriatric population is expected grow at an unprecedented rate, and it has been projected that 17% of the global population will be aged 65 years and above by 2050.
According to several studies, it has been estimated that 33% of the aged population in developed countries has adopted telemedicine services for personal use. The adoption of telemedicine among the aged population is expected to increase significantly over the next decade in developed countries. Therefore, rapid increase in aged population and the rising adoption of telemedicine among this segment of population is estimated to propel the growth of the telemedicine market over the next decade.
Telemedicine as a Cost-effective Platform for Diagnosis and Treatment
The diagnosis and treatment of chronic disease through repeated visits to hospitals or clinics is a very costly option, and majority of the rural population in developing regions is unable to afford it. Telemedicine provides a conventional approach to this problem as it has proven to be a cost-effective platform for the diagnosis and treatment of patients because it eliminates the need for visiting hospital or clinics.
The cost-effectiveness of telemedicine can be attributed to the presence of an adequate number of patients, the sharing of telemedicine infrastructure among various clinical users, and the effectiveness of telemedicine in terms of patient utility & successful clinical consultations. Therefore, the cost-effectiveness of telemedicine platforms for diagnosis and treatment is expected to provide growth opportunities for the telemedicine market over the forecast period.
Data Security Issues to Hamper the Demand for Telemedicine Services
Telemedicine service is the technology-based alternative of traditional healthcare delivery. On the other hand, poor measures of security in telemedicine services are likely to have an adverse impact on the quality of care provided. Data security is the most import aspect required to build the relationship between healthcare providers and patients, as well as to promote the acceptance of telemedicine services.
Poor quality of data security is likely to reduce the confidence of healthcare providers as well as patients about the safety of telemedicine services, which is likely to hamper their deployment. Thus, issues associated with data security are likely to hamper the growth of the telemedicine market to a certain extent.
Telemedicine enables healthcare professionals to analyze, diagnose, and treat the patient from a distance with the help of telecommunication. Telemedicine requires the usage of electronic communication and software that provides clinical services to patients without in-person visits. Telemedicine services provide convenient and affordable access to healthcare when needed. Telemedicine uses information technologies and telecommunications technology to provide remote clinical services to patients.
About the Report
The report offers a comprehensive evaluation of the business opportunities in the telemedicine market, along with insights on the competition blueprint, market trends, and the regulatory analysis of telemedicine market for the duration 2019 to 2029.
Additional Questions Answered
Some of the additional questions addressed in this report on the telemedicine market are-
A demand approach has been used to estimate the telemedicine market. The sales of telemedicine were first calculated to arrive at the value of the telemedicine market in different regions and countries. Some of the qualitative factors considered for the estimation of the market value include internet penetration, adoption of telemedicine services, regulatory support, and similar other factors. Primary research was conducted to validate the information.
Primary research includes interviews, surveys, in-person interactions, and the viewpoints of seasoned analysts. Secondary research, such as verified paid sources, authentic trade journals, and resourceful databases, was also used for validating the information. Top trends as well as macro and microeconomic factors were assessed to shape the telemedicine market. The report on telemedicine projects the industry attractiveness of all the major segments over the forecast period.
A recent market study published by the company – “Telemedicine Market: Global Industry Analysis 2014 – 2018 and Forecast 2019 – 2029” consists of a comprehensive assessment of the most important market dynamics. By conducting a thorough research on the historical as well as current growth parameters of the telemedicine market, the growth prospects of the market are obtained with maximum precision.
The report features unique and salient factors that may have a huge impact on the development of the telemedicine market during the forecast period. It can help the players to modify their manufacturing and marketing strategies to envisage maximum growth in the telemedicine Market in the upcoming years. The report provides detailed information about the current and future growth prospects of the telemedicine market in the most comprehensive way for better understanding of the readers.
Chapter 1 – Executive Summary
The report commences with the executive summary of the telemedicine market, which includes the summary of key findings and statistics of the market. It also includes the market value (US$ million) estimates of the leading segments of the telemedicine market.
Chapter 2 – Telemedicine Market Overview
Readers can find detailed taxonomy and the definition of telemedicine in this chapter, which will help them understand the basic information about the telemedicine market dynamics, key players, supply chain analysis and value chain analysis are included in the report.
Chapter 3 –Key Inclusions
Readers can find details of market trends, regulatory scenario, and reimbursement.
Chapter 4 – North America Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
This chapter includes a detailed analysis of the growth of the North America telemedicine market along with a country-wise assessment including the U.S. and Canada. Readers can also find regional trends, and market growth based on service type, mode of delivery, end user and country for the Telemedicine market in North America.
Chapter 5 – Latin America Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
The readers can find detailed information about factors that are impacting the growth of the Latin America Telemedicine market. This chapter also includes the growth prospects of the telemedicine market in leading LATAM countries such as Brazil, Mexico, Argentina and Rest of Latin America.
Chapter 6 – Europe Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
Important growth prospects of the telemedicine market based on its test types, along with service provider in several European countries, such as Germany, U.K., France, Italy, Spain, Russia and Rest of Europe.
Chapter 7 –Asia Pacific Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
India, China, Japan, Australia and New Zealand are the leading countries in the Asia Pacific region that are the prime subjects of assessment to obtain growth prospects of the Asia Pacific Telemedicine market in this chapter. The readers can find thorough information about the growth parameters of the Asia Pacific telemedicine market during the period 2019-2029.
Chapter 8 – MEA excluding GCC & MENA Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
Turkey, South Africa and Rest of MEA are the prime subjects of assessment to obtain growth prospects of the MEA excluding GCC & MENA telemedicine market in this chapter.
Chapter 9 – GCC Countries Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman are the prime subjects of assessment to obtain growth prospects of the GCC Countries telemedicine market in this chapter.
Chapter 10 – MENA Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
This chapter provides information on how the telemedicine market will grow in the major countries of the MENA region, such as Iran, Iraq, Libya, Lebanon, Egypt and rest of MENA, during the period 2019-2029.
Chapter 11 – Global Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029
In this chapter, the readers can find information about the key trends and developments in the global telemedicine market and market attractive analysis.
Chapter 12 – Global Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029, by Service Type
Based on the service type, the telemedicine market is segmented into real time telemedicine and remote patient monitoring. The real time telemedicine segment is expected to hold the maximum share of the market. It is sub-segmented into teleconsultation, telepathology, telecardiology, telesurgery, teleradiology, teledermatology, telepsychiatry and others (teleopthalmology, teleneurology, telenephrology). In this chapter, readers can find information about the key trends and developments in the telemedicine market and market attractive analysis based on the type of service.
Chapter 13 – Global Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029, by Mode of Delivery
Based on the mode of delivery, the telemedicine market is segmented into cloud based delivery and premise based delivery. In this chapter, the readers can find information about the key trends and developments in the telemedicine market and market attractive analysis based on mode of delivery.
Chapter 14 – Global Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029, by End User
Based on the end user, the telemedicine market is segmented into hospitals & clinics and homecare settings. In this chapter, the readers can find information about the key trends and developments in the telemedicine market and market attractive analysis based on end user.
Chapter 8 – Global Telemedicine Market Analysis 2014–2018 and Forecast 2019–2029, by Region
This chapter explains how the telemedicine market will grow across various geographic regions, such as North America, Latin America, Europe, Asia Pacific, MEA excluding GCC & MENA, GCC Countries & MENA.
Chapter 16 – Telemedicine Market: Competition Analysis
This chapter provides information on company dash board and key market players strategy and product offering.
Chapter 17 – Assumptions and Acronyms
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the report.
Chapter 18 – Research Methodology
This chapter helps readers to understand the research methodology followed to obtain various conclusions, important qualitative information, and quantitative information about the telemedicine market.