The shortage of physicians in rural and remote areas provides opportunity for telemedicine to spread its reach to millions of patients and this widespread deployment of services will continue at a rapid pace in the future as well. In the latest research study, “Global Telemedicine Market Outlook 2020”, RNCOS(Business Consulting Service) 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 is anticipated to grow at a CAGR(Compound Annual Growth Rate) of 18.4% during 2014-2020.
Telemedicine applications are surging due to the high prevalence of chronic diseases, rising smartphone users, consistent need for improved quality services and rising elderly population across countries which thereby urge telemedicine to deliver improved products with higher patient satisfaction. On the contrary, reimbursement challenges, uneven distribution of telecom network in remote areas, and high operating cost are major factors hindering its implementation.
The report also provides a detailed study on the geographical distribution of telemedicine with the market sizes of North America, Europeand Asia-Pacific along with their future forecast. It also provides an insight into different telemedicine applications with their market share in 2014. Tele dermatology and Tele gynecology grabbed the highest market share, followed by Tele-cardiology, Tele-neurology, Tele-orthopaedics, Tele-emergency care etc.
Overall, the report provides extensive information and rational analysis of the global telemedicine market. 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 SWOT analysis. 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.
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