Telemedicine uses a wide range of information and communication technologies to deliver a clinical solution to patients. It includes various applications and services such as smartphones, email, two-way videos, and wireless tools. It helps in improving individual health with the help of electronic media. In addition, it also surges availability by reducing distance barriers between the medical service provider and patients. The global telemedicine market is growing at a significant rate, due to the mounting occurrence of chronic and lifestyle associated diseases, and constant requirement for enhanced healthcare quality services.
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The mounting occurrence of chronic and lifestyle associated diseases, intensifying medical tourism, expanding the geriatric population, escalating healthcare cost, the constant requirement for enhanced healthcare quality services, and mounting government funding and grants for telemedicine are the primary growth drivers for telemedicine market. For instance, For instance, according to the World Health Organization (WHO), the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. In addition, according to the International Diabetes Federation (IDF) in 2017, approximately 425 million adults were suffering from diabetes and are expected to reach 629 million in 2045.
Geographically, North America is the largest telemedicine market as in the region the geriatric population is increasing and developed telecommunication infrastructure. In addition, the mounting occurrence of chronic diseases and lifestyle associated diseases, escalating number of smartphone users, and the high demand for technologically advanced products are also up surging growth of the North American telemedicine market. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015 approximately 23.1 million people in the U.S. had diabetes.
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Key players in the telemedicine market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In July 2018, Royal Philips collaborated with Showa University to launch first telemedicine intensive care (eICU) program at Showa University Hospital and Showa Koto Toyosu Hospital, to help improve the results of high-risk patients.
In addition, in April 2018, InTouch Health signed an agreement to acquire REACH Health, a telemedicine software company to will expand its market share for hospitals and health systems. Koninklijke Philips N.V., Aerotel Medical Systems Ltd., Cerner Corporation, McKesson Corporation, InTouch Technologies Inc., Cisco Systems Inc., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., and Honeywell International Inc. are the key players offering telemedicine.
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