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.
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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.
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.
Based on country, the U.S. accounted for the largest share of the global telemedicine technologies & services market in 2016. Increase in prevalence of chronic diseases, rise in government initiatives, growth in the number of installations of telemedicine solutions in various clinics and hospitals, and presence of a large number of suppliers and service providers are expected to drive the market in the U.S. The market in China is projected to gain market share in terms of revenue during the forecast period.
Surge in venture capital funding for telemedicine solutions, increase in government initiatives for the adoption of telemedicine, growth of geriatric population, and rise in prevalence of chronic diseases such as diabetes and heart diseases are some anticipated to drive the telemedicine technologies & services market in China. Government initiatives and grants to increase adoption of telemedicine solution is expected to boost the market in the UK. In June 2016, the National Health Service of the U.K. announced that it was offering remote monitoring medical devices and apps to help millions of people manage chronic conditions.
Key companies operating in the global telemedicine technologies & services market and profiled in the report include Medtronic, Koninklijke Philips N.V., Honeywell International, Inc., MindChild Medical, and Abbott. These players are adopting advanced techniques in the development of telemedicine products to expand their product offerings, expand geographical reach, increase customer base, and garner market share. For instance, in January 2017, MindChild Medical received the U.S. FDA approval for MERIDIAN M110, a noninvasive fetal heart monitor. In February 2017, Abbott MRI Pacemaker received the U.S. FDA approval for its novel advanced product MRI Pacemaker for both the Assurity MRI pacemaker and Tendril MRI pacing lead.