The rural and remote areas have a shortage of physicians. This therefore, provides an opportunity for telemedicine to spread its reach to millions of patients, with such a widespread deployment of services set to continue at a rapid pace in the future as well. In RNCOS’ latest research study “Global Telemedicine Market Outlook 2020”, the company’s analysts have studied the complete telemedicine industry with focus on market segmentation, government initiatives and competitive landscape. According to our analysis, the market for telemedicine technologies, including hardware, software & services, stood at US$ 17.8 Billion in 2014, and it is anticipated to grow at a CAGR of 18.4% during 2014-2020.
Telemedicine applications are surging due to a high prevalence of chronic diseases, rising smart-phone users, consistent need for improved quality services and rising elderly population across countries which thereby urge telemedicine players to deliver improved products for higher patient satisfaction. On the contrary, reimbursement challenges, uneven distribution of telecom network in remote areas, and high operating cost are major factors hindering the industry’s implementation.
The report provides a detailed study on the geographical distribution of telemedicine with the market sizes of North America, Europe and Asia-Pacific along with their future forecasts. It also provides an insight into different telemedicine applications with their market shares in 2014. Tele dermatology and Tele gynecology grabbed the highest market share followed by Tele cardiology, Tele neurology, Tele orthopedics, Tele emergency care etc.
Overall, the report provides an extensive information and rational analysis of the global telemedicine market. A separate section is devoted to the mergers & acquisitions that have taken place in the past two years. The report concludes with a competitive analysis of key market players, providing business overview of each player along with their SWOT analysis. Notably, the industry is dominated by Mckesson, Philips Healthcare, GE Healthcare, and Cerner, among others. In addition, the report elucidates key developments of players related to telemedicine which will enable clients to formulate market strategies and assess the opportunity areas in key geographies.