The global telemedicine technologies and services market is slated to witnessa robust growth period owing to the increasing use of data science techniques to deliver effective and efficient treatment to patients. Data analysis, particularly big data tools, is expected to play a key role in the constantly evolving healthcare services sector. For example, telehealth monitoring, or eHealth, is being aided by the advancements made in smart device technologies through the Internet of Medical Things (IoMT). These devices not only enable swift communication, but also facilitate access to patient data at remote locations through cloud computing systems. Ready availability of patient information can help doctors and physicians to make their diagnosis as accurate as possible. Furthermore, integration of big data analytics in healthcare has made possible delivery of medication and first-aid in disaster hit areas using drones. Increasing adoption of telemedicine services in health delivery systems will bolster the global telemedicine technologies and services market revenue in the forecast period.
Fortune Business Insights through its report, titled “Telemedicine Technologies and Services Market Size, Share and Global Trend By Type (Tele-care, Tele-diagnostics, Tele-monitoring), By Modality (In-campus, Cloud-Based), By Application (Emergency Services, Dermatology, Neurology, Cardiology, Gynaecology), By End-User (Hospitals, Clinics, Diagnostic Centers, Ambulatory Surgery Centers) and Geography Forecast till 2026”, offers an in-depth analysis of the various aspects in this promising market. The report is multi-faceted in nature in that it incorporates a thorough assessment of the plausible trends, changing dynamics, business opportunities, and regional developments in the global telemedicine technologies and services market.
The World Health Organization describes telemedicine as delivery of health services by professionals at a distance. This delivery involves access and exchange of information using information and communication technology (ICT) to diagnose and treat injuries and diseases in a time-bound manner. In essence, the term denotes the blending of technology in the field of healthcare.
Growing Prevalence of Chronic Diseases to Boost the Market
Chronic diseases, or non-communicable diseases (NCDs), account for 71% of deaths globally every year, as per WHO estimates. The WHO also reveals that 15 million deaths, 85% of the global deaths, occur in low and middle income countries where healthcare infrastructure in ill-equipped. These countries are seeing an increasing demand for telemedicine technologies as in many cases, patients are unable to make it to the doctor in time. Rising need for modern technology in healthcare delivery in developing countries will fuel the expansion of the global telemedicine technologies and services market size till 2026.
However, high cost of telemedicine services and apprehensions related to data breach possibilities can negatively impact the global telemedicine technologies and services market.
North America to Lead and Asia-Pacific to Broaden the Market
Among regions, North America is anticipated to hold a dominant section of the global telemedicine technologies and services market share in the forecasted period. This is primarily an outcome of a well-entrenched healthcare infrastructure, rapid developments in medicine technology, and growing focus on early detection and prevention of diseases. Climbing demand for better and advanced healthcare facilities along with an ever-increasing use of smart devices will favor the global telemedicine technologies and services market potential in Asia-Pacific.
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Increasing Collaborations to Energize Market Competition
Key players in the global telemedicine technologies and services market are frequently entering into strategic collaborations and partnerships to amplify their reach and diversify their product portfolios. For example, in July 2019, GE Healthcare took its partnership with InTouch Health forward by integrating the latter’s virtual care communications system with its own telehealth platform, Mural. Similarly, Doctor On Demand and Humana collaborated in April 2019 to launch a low-premium virtual plan for primary healthcare.
Some of the major participants in the global telemedicine technologies and services market, as covered by Fortune Business Insights, include:
- Boston Scientific Corporation
- GE Healthcare
- Resideo Life Care Solutions
- Siemens Healthcare Private Limited
- Cerner Corporation
- Ergotron, Inc.
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