Asia Pacific Telemedicine Market is projected to reach $16.16 billion by 2020
Added: (Tue Sep 12 2017)
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The Asia Pacific Telemedicine Market is estimated to grow from $6.13 billion in 2015 to $16.16 billion in 2020, with a compound annual growth rate (CAGR) of 21.40 % over the next five years. Though it is a small part of the healthcare department presently, it is one of the fastest growing sector in the overall healthcare market. The recent healthcare reforms have transformed the telemedicine market and also expanded the reach of these applications.
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The rise in average age has resulted in elderly patients who need maximum healthcare; this is increasing the overall healthcare cost. The total number of healthcare professionals is not enough to meet the needs of the rising global population. With healthcare specialists spread across the globe, the teleconsultation–referrals–second opinion chain has extended significantly to various regions. Use of telemedicine helps in advancing individual health with the assistance of electronic media. It also increases accessibility by dropping the distance barriers between the doctors and patients.
Increasing population, growing number of chronic diseases, lack of strict guidelines for the practice and improving access to healthcare services are the primary reasons for telemedicine growth in Asia Pacific region. Shortage of doctors in rural areas is a key opportunity for the growth of this market in this region. limited reimbursement facilities and a lack of consumer awareness hinder the growth of the telemedicine market in these countries.
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The Asia Pacific market for telemedicine is segmented on the basis of Technology (Hardware, Software, Telecommunications), Service (Remote Patient Monitoring, Store-and-Forward, Real-Time Interactive), Applications (Tele-Cardiology, Tele-Pathology, Tele-Radiology, Tele-Dermatology, Tele-Neurology, Emergency Care, Home Health), Delivery mode (Web-based, Cloud-based) and End User (Tele Hospitals, Tele Homes).
Medical consultation services will be the regularly used form of telemedicine by doctors for increasing the outreach of their medical advice. The tele-monitoring segment will also enjoy an upward shift owing to the increasing diabetic and disabled population. On the basis of geography, the Asia-Pacific market is segmented into various regions namely, China, India and Japan. Increasing population and rising incidence of chronic diseases will drive the market especially in India and China. Japan is one of the few countries in Asia Pacific region providing universal healthcare insurance for all its citizens. Japan Medical Association has made various efforts to support physicians in Japan to ensure the provision of quality healthcare by offering insurance coverage for telehealth services under universal healthcare insurance system.
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Telemedicine players are focused on improving their technology offerings in terms of hardware, network, and software (i.e., enabling technologies). Healthcare companies are estimating the return on investment (ROI) and clinical outcomes of the telemedicine technology. Tier I players are estimating opportunities in telemedicine in the form of consolidation. Insurance companies are taking a realistic look at the ability of telemedicine to support e-healthcare and considerably improve the bottom line. Some of the major companies operating in the Asia-Pacific telemedicine market in are AMD Global Telemedicine, Medtronic, Inc., McKesson Corp, GE Healthcare (U.K.), CISCO Systems, Inc., Aerotel Medical Systems, Honeywell Lifesciences, Cerner Corporation, Philips healthcare, CardioComm. Other players in the Asia-Pacific telemedicine market are 3M, Robert Bosch Healthcare, Apollo Hospitals (India), Neosoft (China), Polycom Corp., F. Hoffmann-La Roche Ltd., SnapMD (U.S.), InTouch Technologies, Inc., OBS Medical Ltd., Siemens Healthcare, LifeWatch AG, Agfa HealthCare NV, Biotelemetry, Inc., Allscripts Healthcare Solutions.
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