Report: Global Telemedicine Market Poised for Significant Growth | Healthcare Informatics Magazine | Health IT | Information Technology Skip to content Skip to navigation

Report: Global Telemedicine Market Poised for Significant Growth

May 21, 2015
by Rajiv Leventhal
| Reprints

The global market for telemedicine technologies, including hardware, software, and services, stood at $17.8 billion in 2014, and is anticipated to grow at a compound annual growth rate of 18.4 percent through 2020, according to a new report from Research and Markets.

 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, the researchers concluded. In the latest research study, “Global Telemedicine Market Outlook 2020,” the report’s analysts have studied the complete telemedicine industry with focus on market segmentation, government initiatives and competitive landscape.

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 found.

Additionally, the report also provides a detailed study on the geographical distribution of telemedicine with the market sizes of North America, Europe and Asia-Pacific along with their future forecast. It also provides an insight into different telemedicine applications with their market share in 2014. Teledermatology and telegynecology grabbed the highest market share. What’s more, the report found that the telemedicine industry is dominated by vendors such as Mckesson, Philips Healthcare, GE Healthcare, and Cerner.

Get the latest information on Health IT and attend other valuable sessions at this two-day Summit providing healthcare leaders with educational content, insightful debate and dialogue on the future of healthcare and technology.

Learn More

Topics

Comments

TeleHealth may be the biggest trend in the healthcare world in 2015. Consumers are beginning to see the advantages and convenience of calling a doctor from home as well as the cost savings.

The technology has been available for many years but even more so now with the availability of cell phones and faster internet connections.

What are some reasons for TeleMedicine taking off now?

• With just about everyone owning a cell phone, people can consult a doctor from just about anywhere
• The use of electronic health records can make it much easier for doctors to access patient records
• Patients are comfortable with not having to visit a doctor’s office, which is more time-efficient for doctors

News

Survey: Infrastructure, Interoperability Key Barriers to Global HIT Development

A new survey report from Black Book Research on global healthcare IT adoption and records systems connectivity finds nations in various phases of regional electronic health record (EHR) adoption. The survey results also reveal rapidly advancing opportunities for U.S.-based and local technology vendors.

Penn Medicine Opens Up Telehealth Hub

Philadelphia-based Penn Medicine has opened its Center for Connected Care to centralize the health system’s telemedicine activities.

Roche to Pay $1.9B for Flatiron Health

Switzerland-based pharmaceutical company Roche has agreed to pay $1.9 billion to buy New York-based Flatiron Health Inc., which has both an oncology EHR and data analytics platform.

Financial Exec Survey: Interoperability Key Obstacle to Value-Based Payment Models

Momentum continues to grow for value-based care as nearly three-quarters of healthcare executives report their organizations have achieved positive financial results from value-based payment programs, to date, according to a new study from the Healthcare Financial Management Association (HFMA).

Cerner, Children's National to Help UAE Pediatric Center with Health IT

Al Jalila Children's Specialty Hospital, the only pediatric hospital in the United Arab Emirates, has entered into an agreement with Washington, D.C.-based Children's National Health System to form a health IT strategic partnership.

Telemedicine Association Names New CEO

The American Telemedicine Association (ATA) has named Ann Mond Johnson its new CEO, replacing Jon Linkous who stepped down suddenly last August after 24 years as the organization’s CEO.