Market Scenario
Telemedicine is the use of telecommunication technology to provide treatment and diagnosis by two-way communication between healthcare service provider and patient. Telemedicine is being popular in developing economies like India where large pool of patient is available and increasing spending capacity of customers is providing favorable environment for the growth. government is also taking initiatives to provide necessary healthcare services to the remote areas. Telemedicine plays an important role in treatment of aged population and patients suffering from chronic disease or conditions where it is difficult to relocate the patient. The increasing advancements in technology has led to the growing digitalization in the healthcare industries, scarcity of healthcare experts in remote areas, and increasing adoption of electronic medical records and electronic health record (EMR/EHR) are major drivers for the growth of the market during the forecast period. According to the Office of The National Coordinator for Health Information Technology in 2016, approximately 95% of all the eligible and critical access hospitals demonstrated efficient use of certified healthcare IT services, this was seen in terms participation in the Centres for Medicare and Medicaid services (CMS) electronic health record (EHR) incentive programs.
Despite the drivers, high costs related to implementation of EHR/EMR, stringent government policies, concerns about privacy and security in telehealth may restraint the growth of the market during the assessment period.
Global Telemedicine Market-Competitive Landscape
The global telemedicine market is characterized by the presence of several well-established and small players, the market appears to be highly competitive and organized. Multinational players are increasingly expanding their regional footprint in the developing economy, making it difficult for small players to compete with them, especially in terms of features such as product differentiation, diverse product portfolios, and quality. The well-established market players are engaged in strategic acquisitions, collaborations, partnerships, global expansion, and product launches to gain competitive advantage in this market and to maintain their market position.
In October 2017, Medtronic announced that the company’s Medtronic Care Management Services business and American Well entered into a first-of-its-kind strategic partnership to enable a more complete telehealth solution focused on the unique needs of the complex, chronic, and co-morbid patient population.
In March 2017, GE healthcare announced of Monica Healthcare. With this acquisition, GE healthcare expanded its product portfolio in digital maternal infant care offerings.
In January 2017, BioTelemetry, Inc. acquired LifeWatch AG for USD 280 million, both the companies make products related to remotely monitor cardiac care patients. This acquisition aimed to strengthen the position of BioTelemetry in the telemedicine market and to capture the maximum market share.
In March 2016, Cisco acquired Jasper Technologies for USD 1.4 billion, Cisco is a well-known brand in medical devices and Jasper provides cloud-based platform and tools to connect healthcare devices. Additionally, this acquisition aimed to provide end to end services to the healthcare providers and other potential customers in the market.
In February 2015, Cerner corporation acquired Siemens Health Services for USD 1.3 billion, Cerner is a market leader in healthcare-IT and Siemens is the major player in medical devices. With this acquisition Cerner will have 18000 employees in 30 countries with 18000 clients and the deal aimed to a provide competitive advantage to Cerner corporation over other market players.
Regional Analysis
Geographically, the global telemedicine market is segmented into the Americas, Europe, Asia-Pacific and Middle East & Africa. North America is likely to dominate the global telemedicine market during the assessment period. The market growth in this region is attributed to the presence of major market players in the region, high adoption of technology, and technologically advanced and presence well-established healthcare sector. Europe is anticipated to be the second largest market due to the advancement in telecommunication technology and favorable reimbursement policies. Additionally, Asia-Pacific is estimated to be the fastest growing market owing to the increasing geriatric population and rising prevalence of chronic diseases and increasing development in healthcare IT sector in this region. The Middle East & Africa is expected to have the lowest market share due to lack of technical knowledge and poor medical facilities, especially in the African region.
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