Albany, NY, July 13, 2016 (GLOBE NEWSWIRE) -- According to a new market research report published by Transparency Market Research “Telemedicine Technologies and Services Market (Component – Hardware, Software, and Services; End-user – Telehospital and Telehome) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2015–2023”, the global telemedicine technologies and services market was valued at US$ 21.1 Bn in 2014 and is estimated to reach US$ 86.7 Bn in 2023, expanding at a CAGR of 17.2% from 2015 to 2023.
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Telemedicine systems are an extension of medical practice in several developed nations for a large number of people. The population has greatly benefitted due to availability of improved telehealth care standards; increased life expectancy and decreased mortality rates in several countries such as Japan, Germany, and South Korea. Telemedicine technology has already created a positive impact in these regions. Regional governments have expressed their approval and support to the technology that helps save lives and uplift the global standard of health. On the other hand, North America and the European Union account for majority of health care spending, especially hospitalization and consultation expenses accounting for a significant part of the expenditure. Globally, the expenses derived from unnecessary hospitalizations are expected to decline due to the introduction of telemedicine. This is evident from the growth of the telemedicine industry in the last decade. Telemedicine has shown a great degree of adaptability in accordance with sectors such as communication and information. This has provided health care practitioners and patients with a wide array of services.
Presently, telemedicine is routinely used in daily medical practice by professionals. Hospitals find telemedicine services to be increasingly profitable, due to improved accessibility of services over the years due to the advent of tele-support. The global telemedicine technologies and services market was valued at US$ 21,124.2 Mn in 2014. It is estimated to reach US$ 86,754.8 Mn by 2023, expanding at a CAGR of 17.2% from 2015 to 2023.
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Geographically, the global telemedicine technologies and services market has been segmented into North America, Europe, Asia Pacific, Latin America (LATAM), and the Middle East & Africa (MEA). North America dominated the global telemedicine technologies and services market in 2014 and would continue to dominate the market until 2023. The region dominated the market due to increasing preference for customized health care services, demand for quality and confidentiality of health care data, technological advancements, and growing inclination for home health care devices and services. Restraining factors such as the Health Insurance Portability and Accountability Act (HIPAA) or telemedicine developers to meet the requirements before launching new products are likely to hinder market growth in North America. Steady rise in the incidence of cancer, neurological disorders, and coronary heart diseases, and introduction of a large number of white papers and publications validating the efficiency of telemedicine solutions are the major drivers of the telemedicine market in Europe. However, economic down turn is expected to restrict market growth in the European Union.
Asia Pacific constitutes countries such as Japan, China, India, Australia, and New Zealand. These countries offer lucrative opportunities in the telemedicine technologies and services market. According to the National University of Singapore and the Asian Oceanian Society of Radiology (AOSR), some countries in Asia (Bangladesh, Bhutan, etc.) have access to one radiologist per million population. This creates a need and demand for telemedicine technologies and services. On the other hand, impact of socio-cultural aspects, low disposable incomes, and reluctance to accept technological advancements are likely to restrain the telemedicine technologies and services market in Asia Pacific. India, China, New Zealand, and Australia are the major hubs for the telemedicine market due to rapid technological advancements, favorable health care policies, increased government participation, and growing health care awareness among the patient population.
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Latin America includes countries in Central and South America such as Mexico, Brazil, Argentina, and Chile. Latin America is one of the lucrative markets for telemedicine technologies and services. Brazil and Mexico are the largest markets in the region. Mexico has one of the highest health care expenditures in the world. In addition, Brazil is expected to witness an appreciable market growth during the forecast period due to increasing awareness about routine health care, lower jurisdictional and regulatory hurdles, increasing investment in general health care facilities, and technology infrastructure.
The global telemedicine technologies and services market is characterized by the presence of major companies such as Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., General Electric Company, Honeywell International, Inc., and LifeWatch AG.
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Source:Transparency Market Research