#Telemedicine Market to Grow at 18.95% CAGR [2014-2019] as Remote Process Monitoring Usage Increases
Analysts forecast the telemedicine market to grow at a CAGR of 18.95% over the period 2014-2019, driven by multiple factors, including:
- healthcare organizations and universities partnering with digital health providers to study new digital health solutions [See Footnote 1]
- MHealth on the Rise
- Key Players/Corporations
- Growth in China
To calculate the market size, the report considers revenue generated from technology and services and telehospitals/teleclinics and tele home settings.
Mobile Health on the Rise
According to the report, mobile health — the practice of delivering healthcare with the help of mobile devices such as patient monitoring devices, mobile phones, and PDAs—in on the rise. Factors such as increasing aging population, chronic diseases, healthcare costs, and regulatory norms are driving the adoption of mobile healthcare technologies.
The global telemedicine markets are dominated by Cerner, GE Healthcare, Honeywell Life Care Solutions, IBM, Mckesson and Phillips Healthcare.
Other prominent corporations in the sector include: Aerotel Medical Systems, Agfa-Gevaert, Allscripts Healthcare Solutions, AMD Global Telemedicine, American Well, Cardiocom, Cisco Systems, F. Hoffmann-La Roche, Healthspot, Huawei Technologies, InTouch Technologies, LifeWatch, MDLIVE, Medtronic, RNCOS, Roche, Siemens Healthcare, Teladoc, VSee Lab and ZTE.
Due to severely imbalanced medical resources, telemedicine and online healthcare have huge development potential in China. The rapid development of medical informatization and wearable devices has and will continue to boost the bright prospect of telemedicine and online healthcare in China.
By the end of 2014, 50% of provincial level hospitals and 42% of primary hospitals have built up telemedicine centers in China. Approximate RMB 16.36 billion been invested on telemedicine in China in 2014, among which, PACS System, Regional Medical Information Platform and HIS System ranked the top three segments with investment amount of RMB 3.74, 3.06 and 1.84 billion respectively.
The market size of online healthcare industry in China still reached RMB 10.88 billion in 2014, where transaction revenue accounts for more than 90% of the market share along with the decreased advertisement revenue in recent 5 years. It’s worth noting that smart devices accounts for 3.1% of the total transaction revenue in China in 2014. Currently the smart devices and services have not fully connected, this segment remains in the incubation period.
The huge demand for telemedicine has already attracted some leading enterprises to invest in Chinese telemedicine market. The largest radiology service company in the US, vRad, signed a strategic cooperation agreement with E-TECHCO in April 2014. Both sides will provide tele radiology services for patients in the greater China region. The largest telemedicine consultation and service institution, WorldCare, has set up the ‘China WorldCare (Beijing) Hospital Management Co., Ltd. Meanwhile, World Care has reached cooperation intentions with many regional goverments such as Nanjing. Mayo Clinic, built up a joint venture with HILLHOUSE Capital in January 2015.
(1) Footnote: The report notes that “UCSF uses activity trackers and other devices in remote monitoring of patients to avoid readmissions. All these factors will drive the increasing adoption of telemedicine by all the stakeholders. This increase has led to increasing partnerships among several healthcare providers and IT organizations.”
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To purchase the report: Complete 70-page report on global telemedicine market analyzes 6 major companies and provides 26 data exhibits–available at http://www.reportsnreports.com/reports/444853-global-telemedicine-market-2015-2019.html.