Ocean View, DE -- (SBWire) -- 04/13/2020 --Telemedicine Market will exceed USD 130.5 billion by 2025; as per a new research report. Increasing need for cost reduction of healthcare services is the major factor for growth of telemedicine market. Tele-consultation reduces time and cost of patient visit to a hospital. Telemedicine platform enables quick response to patient's needs and healthcare personnel can effectively treat an emergency case, thereby fostering telemedicine market growth.
Rising prevalence of chronic diseases such as osteoarthritis, cardiovascular diseases will be the key drivers of telemedicine market growth. As per Center for Disease Control and Prevention, in U.S. about 54 million people suffer from some form of arthritis annually. With growing number of people suffering from chronic diseases, the demand for telemedicine is poised to grow in the future.
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Tele-education/training market is forecasted to expand at 20.8% CAGR across the forecast timeframe. High growth rate is credited to increasing adoption of telemedicine platforms in developing economies. Furthermore, major market players are exploring untapped markets in growing economies, that will boost tele-education/training market in the future.
Telehome market will reach USD 45.2 billion by 2025. Affordable high-speed internet and increasing smart phone and wearables adoption will rapidly boost telehome market. Moreover, increasing importance of real-time monitoring of elder patients will further propel market growth in the future.
Application of telemedicine in neurology is forecasted to expand at 20.0% CAGR across the forecast timeframe. Increasing prevalence of neurological disorders such as Alzheimer's disease and Parkinson's diseases will foster market growth in the future. Also, with real-time consultations and remote patient monitoring, the quality of healthcare service provided will improve, thus leading to market growth.
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Web/mobile industry is expected to reach USD 80.2 billion by 2025. Increasing penetration of smart phone and internet users in both developing as well as developed countries will be a major factor boosting market growth. Increasing technological advancements and growing telecommunications network will positively drive market growth.
Germany telemedicine market accounted for largest share in 2018 and is forecasted to grow at 18.1% CAGR over the projected period. High growth is attributable to increasing telecommunication structure coupled with growing smart phone users. The escalating prevalence of chronic disorders such as cardiovascular diseases due to adoption of sedentary lifestyles will boost market growth.
Japan telemedicine market is estimated to reach USD 2,702.1 million by 2025. Japan has one of the most advanced telecommunication technologies that enables quick implementation of telemedicine platforms. Medical insurance coverage, improved healthcare, rise in incomes and urbanization is anticipated to bolster the telemedicine market in this region.
Few of the prominent market players involved in global telemedicine market are Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, BioTelemetry, Cerner Corporation, Cisco Systems, Honeywell International Inc, InTouch Technologies, Koninklijke Philips N.V., McKesson Corporation and OBS Medical. The industry participants are engaged in acquisition and collaborations to enhance their market foothold and expand geographic reach.
