LONDON--(BUSINESS WIRE)--According to the latest research report released by Technavio, the global telemedicine market is expected to reach close to USD 48.10 billion in revenue by 2019.
This report titled ‘Global Telemedicine Market 2015-2019‘, provides an in-depth analysis of the market in terms of revenue and emerging trends. This market study also presents up to date analysis and forecasts for its various market segments, including services, telecom, software, and hardware.
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“The need for accurately accessing patients’ conditions through advanced testing and tele-monitoring technologies has surged the opportunity for service providers is bringing some of the best healthcare services to areas that are remote,” said Amit Sharma, one of Technavio’s lead industry analysts for IT spending research.
“Any carelessness can lead to a loss of brand image and dent the reputation of a hospital. Hence, services involving telemedicine technologies have become an essential part of healthcare delivery. With advances in remote monitoring, the telemedicine market is therefore anticipated to grow significantly over the next four years,” added Amit.
Some of the other driving forces behind the growth of the global telemedicine market are as follows:
- Increased demand for remote patient monitoring
- Shortage of healthcare professionals in rural and remote areas
- Increasing popularity of mhealth
Increased demand for remote patient monitoring
With the growing prevalence of remote monitoring, patients can now avail high-quality healthcare facilities at the convenience of their residence. Remote monitoring is also significant amount of time and money for patients as through its use patients are avoiding unnecessary trips to hospitals and healthcare centers.
Technavio researchers envisage that by 2019, the number of patients monitored remotely will grow over three million. Due to increased expenditure generated in cardiology processes, the adoption of remote cardiac monitoring is anticipated to be higher over the next four years. Cardiac event monitoring tools are likely to find increased use in the identification of arrhythmias. These are tailored by physicians and allow patients to remotely transfer data.
As the number of cardiovascular cases are on the rise, there are many pertinent issues that healthcare service providers have to deal with. Workload pressure on systems caused by large volumes of data is one such concern that increases the time taken for administrative tasks, and in the management of demand and supply of beds in hospitals. However, as physicians and hospitals look to leverage the benefits of remote monitoring, tele-healthcare centers are predicted to cut down on costs significantly over the next four years.
Shortage of healthcare professionals in rural and remote areas
Across the globe, there is a huge shortage of health workers, especially physicians, in rural areas. Technavio researchers envisage the healthcare sector in a developed economy such as the America will also experience a huge shortage of physicians during the forecast period. Therefore, it has become imperative to leverage existing healthcare resources to an optimum.
Remote healthcare delivery technologies such as video conferencing has emerged as a promising solutions that mitigates the impact of fewer physicians to patient ratio. To overcome the shortage of physicians, telemedicine is predicted to help physicians use their time effectively so that they can treat more patients.
Increasing popularity of mhealth
Mobile health is the practice of delivering healthcare with the help of mobile devices such as patient monitoring devices, mobile phones, and PDAs. Factors such as increase in the aging population, chronic diseases, healthcare costs, and regulatory norms drive the adoption of mobile healthcare technologies.
In addition, the increase in penetration of mobile devices worldwide has fueled the adoption of mobile health technologies. Mobile health technologies help healthcare organizations to reduce medical costs and monitor patients remotely. Thus the increased demand for mobile health due to its convenience is likely to contribute immensely to the growth of the telemedicine market until 2019.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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