Telemedicine Market, Competitive Dynamics and Worldwide Overview 2024
Posted by Yash Chauhan on March 1st, 2019
The global telemedicine market is growing at a significant rate, due to the mounting occurrence of chronic and lifestyle associated diseases, and constant requirement for enhanced healthcare quality services.
The mounting occurrence of chronic and lifestyle associated diseases, intensifying medical tourism, expanding the geriatric population, escalating healthcare cost, the constant requirement for enhanced healthcare quality services, and mounting government funding and grants for telemedicine are the primary growth drivers for telemedicine market.
Globally, the manufacturing companies trying to enter the telemedicine market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
North America is the largest telemedicine market as in the region the geriatric population is increasing and developed telecommunication infrastructure. In addition, the mounting occurrence of chronic diseases and lifestyle associated diseases, escalating number of smartphone users, and the high demand for technologically advanced products are also up surging growth of the North American telemedicine market.
Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting occurrence of chronic and lifestyle associated diseases.
In July 2018, Royal Philips collaborated with Showa University to launch first telemedicine intensive care (eICU) program at Showa University Hospital and Showa Koto Toyosu Hospital, to help improve the results of high-risk patients.
Koninklijke Philips N.V., Aerotel Medical Systems Ltd., Cerner Corporation, McKesson Corporation, InTouch Technologies Inc., Cisco Systems Inc., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., and Honeywell International Inc. are the key players offering telemedicine.
Source: VynZ Research