The report segments the global telemedicine market by product (solutions and services), by application (telehospital and telehome), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global telemedicine market, according to Technavio ICT researchers:
- Increased demand for digital health platform: a major market driver
- In 2017, the services segment dominated the market by occupying almost 59% market share
- The Americas dominated the global telemedicine market with more than 39% share in 2017
- IBM, GE, Koninklijke Philips, Siemens, and HP are some of the players in the market
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Increased demand for digital health platform: a major market driver
Increased demand for digital health platform is one of the major factors driving the global telemedicine market. The healthcare industry is observing phenomenal changes. This is indicated by the growing adoption of digital health platforms such as m-health, telehealth, EMR, and other wireless technologies. Currently, digital health platforms are important elements in every healthcare organization as they enable remote monitoring of patients, increase healthcare delivery efficiencies, improve access to electronic health information, and improve the quality of healthcare services along with cost reduction.
According to a senior analyst at Technavio for research on IT spending, “Through remote monitoring, patients can obtain automated follow-ups and get a continued connection to healthcare services in terms of the day-to-day healing process and further patient examination if required. Digital health platforms support a wide range of healthcare needs and functions such as chronic disease management, clinical decision support, and population health management.”
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Americas: largest telemedicine market
In 2017, the Americas dominated the global telemedicine market. The share of APAC in the global telemedicine market will have a substantial growth during the forecast period when compared with the Americas and EMEA. The Americas and EMEA are anticipated to have slow growth during the forecast period because they are early adopters of new technology. As a result, there is market saturation in the North American and Western European countries, leading to a decline in their market share. APAC is expected to witness high growth rate during the forecast period due to the increasing awareness of telemedicine and the high penetration of global vendors offering telemedicine solutions in APAC.
Growing acceptance of video consulting: a major market trend
Due to the declining cost of smart devices and increasing internet penetration, people can consult doctors at their convenience without having to travel long distances for minor treatments or consultations. Doctors may also provide support to their patients constantly without being present at their clinics or hospitals. Therefore, there is increased acceptance of video consulting. Video consulting allows both patients and doctors to save a lot of time and make use of or provide timely care in case of chronic diseases and sudden ill-health. It aids in providing first aid in a crisis, but it can also be used to provide special hospital services that increase the chances of patient survival.
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