The global telemedicine market is expected to reach USD 113.1 billion by 2025, according to a new report by Grand View Research, Inc. Key drivers of the market include increasing incidences of chronic conditions and rising demand for self-care. Furthermore, enhancing application of internet, virtual medicine and rising demand for centralization of healthcare are expected to save on cost incurred, which is one of the critical success factors attributing for the growth of telemedicine market.
Virtual medicine is benefiting in reducing the emergency room visits and hospitalization rate, thereby augmenting the market growth. The telemedicine market is segmented on the basis of products, and region. The service offers prime channel for various providers to communicate on the same platform and thus, centralize all the available data.
Telemedicine products are distributed by direct supply contract amongst the manufacturers and end users or maybe concluded via a third party supplier. Government initiated healthcare programs across the nation are anticipated to propel the direct agreement method by conducting private bidding and voluntarily sponsorship by market players.
Further key findings from the study suggest:
• Connectivity & network is anticipated to be the fastest growing product segment of this market over the forecast period.
• Increasing demand of automation and synchronization across the system is anticipated to be the vital drive for the market growth.
• North America, being a pioneer in IT technologies, dominated the global telemedicine market. Available advanced organization with plenty funds contributed to its domination.
• Asia Pacific is predicted to witness lucrative growth over the forecast period. Economic reforms, boosting IT industry, and low functioning costs are the key factors attracting market players to participate in this region.
• Some of the key players in this space include IBM, Intel Corporation, Philips Healthcare, McKesson Corporation, AMD Telemedicine, GE Healthcare, and Cardio Net Inc.