Telemedicine market size is expected to exceed $130.5 billion by 2025, according to a new research report by Global Market Insights.
Among the factors behind this growth are growing telecommunications networks — including the continued increase in the number of smartphone users — and integration of healthcare and IT sectors.
In addition, various government initiatives to provide healthcare services to population having limited or no access to healthcare services will drive global market. For instance, European Union launched European Patient Smart Open Services (epSOS) project for development of telemedicine services across all the member states. This project was aimed for developing advanced telehealth framework for patients that have limited access to healthcare services. Favorable government policies for supporting expansion of healthcare IT infrastructure will drive telemedicine market in the upcoming years.
However, lack of awareness regarding the use of telemedicine in developing economies will impede industry expansion. Furthermore, absence of reimbursement for some or all telemedicine services will hinder market growth in the future.
Teleconsultation service market is expected to grow at 18.9% CAGR across the forecast timeframe. High growth rate is attributable to increasing patient outcomes, reduced cost of healthcare consultation and improvement in quality of diagnosis. With increasing number of people adopting telemedicine services, the industry should witness considerable growth over the coming years.
Telehospital market is forecasted to reach $85.3 billion by 2025, driven by growing telecommunication infrastructure. Telehospitals provide virtual hospitalist presence in rural hospitals that are unable to support full-time on-site physician. Moreover, rising exchange of knowledge among healthcare providers will further boost telehospitals business.
Application of telemedicine in dermatological diseases is expected to reach $30.7 billion by 2025. High growth rate is credited to elimination of personal visit to healthcare settings for diagnosis of various skin conditions such as rash, mole, or other skin issues. Using telemedicine for dermatological consultations saves both time and cost, thus leading to industry growth.
Telemedicine companies are focusing on development of web and mobile based applications and platforms for patients. This trend will witness stable growth as increasing number of population in developing economies are becoming smartphone users. Developing telecommunications network will serve as major factor for growth of web and mobile based telemedicine platforms.