Telemedicine technology offers convenience to the geriatric population to stay connected to their care providers, which reduces cost of travelling and long waiting time. Players are launching innovative and technologically advanced solutions to cater to the rise in demand for telemedicine solutions. The Telemedicine Technologies & Services Market has been segmented on the basis of component which includes hardware, software, and services. The global telemedicine technologies & services market was valued approximately US$ 21,000 Mn in 2016. It is anticipated to expand at a CAGR of more than 15% from 2017 to 2025 to reach approximately US$ 76,500 Mn by 2025. The services segment is likely to fuel the global telemedicine technologies & services market during the forecast period.
Rapid expansion of the global telemedicine technologies & services market is attributed to increase in incidence of chronic conditions and adoption of telemedicine solutions. Increase in incidences of Rise in demand for self-care devices/solutions such as mHealth and remote monitoring is expected to propel the market during the forecast period. According to the American Heart Association, cardiovascular diseases account for 17.3 million deaths globally each year, which is more than deaths caused due to cancer.
Constant upgrade and innovation in products of telemedicine technologies is key strategy adopted by major players in the global telemedicine technologies and services market. New product launches in various segments have increased demand for telemedicine technologies and services in the market. Products such as Eve for Rad-97 Pulse COOximete (Masimo), MERIDIAN M110 (MindChild Medical), MRI Pacemaker (Abbott), and TactioRPM (Tactio Health Group) are emerging as benchmark in the telemedicine technologies and services market. Advancements in products, to add value and improve product offerings, has increased demand for telemedicine technologies and services in various diseases area.
The telemedicine technologies & services market is in the development stage. Key market players such as, Koninklijke Philips N.V., Medtronic, and GE Healthcare have strong presence in the global telemedicine technologies and services market. Established players focus on increasing research & development activities to develop new, innovative, and technologically advanced products and attract more customers. Additionally, rise in telemedicine products create ample business opportunities for the development of cutting edge technologies that promote credibility and encourage product uptake. Therefore, rigorous investment in research & development activities for new product development and improvements in existing product portfolio are likely to help key players retain and increase their share in the global telemedicine technologies and services market.
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The telemedicine technologies & services market has been segmented based on component, specialty, services, and geography. In terms of component, the services segment is projected to dominate the market and is expected to continue to this trend during the forecast period, followed by hardware. Increase in applications of telemedicine technologies and services in various specialty fields, which include dermatology, gynecology, neurology, and cardiology is projected to drive the market. The neurology segment has been on the most encouraging segment for the use of microscopes as it has numerous specialty areas. Based on services, tele-consultation was a leading revenue generating segment in 2016 and is likely to continue dominating the market during the forecast period. The tele-care segment is likely to lose market share during the forecast period. The dermatology segment is expected to continue to dominate the market in 2025.
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