Transparency Market Research (TMR) finds that the global telemedicine technologies and services market features a competitive vendor landscape. This is attributable to increasing number of key players due to easy entry in the market. In order to standalone in the market, the key players are offering newer products and improved services.
- Additionally, increasing FDA approvals are driving growth of the global telemedicine technologies and services market. For instance, in Feb 2017, Abbott MRI Pacemaker received the U.S. FDA approval for Tendril MRI pacing lead and Assurity MRI pacemaker.
- Further, the key players are leading to involve in mergers and acquisitions (M&A), partnerships, and collaborations. For instance, in 2019, PATH and the Telemedicine and Telehealth Service Provider Summit (SPS) announced merger of SPS in to PATH. Through this agreement, PATH is expanding its footprint, which further advances telehealth partnerships.
- Some of the key players in the global telemedicine technologies and services market including Koninklijke Philips N.V., Medtronic, Honeywell International, Inc., Abbott, and MindChild Medical.
Robust Opportunities for Growth Likely to Offer Growth Prospects
Rise in adoption of the telemedicine products is offering ample business opportunities for key players, which is leading to develop advanced and improved technologies. These technologies are improving credibility of products. Thus, rigorous investment in R&Ds for product innovation and upgrading existing product portfolio, which are helping the players to tap the present opportunities in the global telemedicine technologies and services market.
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According to TMR, the global telemedicine technologies and services market stood at US$21,000 mn in 2016 and is estimated to expand at a most impressive CAGR of more than 15% during the forecast period from 2017 to 2025. At this CAGR, the market is likely to be valued at US$76,500 mn by 2025. This can be attributable to the constant upgrade and innovation in products coupled with product launches has increased demand for the telemedicine technologies and services market. New product launches such as MERIDIAN M110 (MindChild Medical), Eve for Rad-97 Pulse COOximete (Masimo), and MRI Pacemaker (Abbott) are estimated to fuel growth of the global telemedicine technologies and services market.
However, the risk of the cyber threats and disparity of Internet quality are likely to hamper growth of the global telemedicine technologies and services market. Nonetheless, surge in government support through implementation several policies supporting telemedicine, rise in prevalence of chronic diseases including diabetes and heart diseases, and increase in geriatric population are likely to fuel growth of the telemedicine technologies and services market in coming years.
North America to Be Dominant in Coming Years
Regionally, North America dominated the global telemedicine technologies and services market in 2016 owing to rise in prevalence of chronic diseases coupled with government initiatives for increase penetration of these services. Additionally, rising adoption of the telemedicine technologies and services has surged in number of installation in the region, which is leading to driving growth of the global telemedicine technologies and services market. Additionally, Europe stood at second-leading position in terms of revenue in 2016 owing to presence of the countries such as the U.K, where the adoption of the telemedicine technologies and services is higher. Moreover, rising government initiatives along with increase adoption of telemedicine solutions in the region pushes the market. In addition, rise in geriatric population, surge in government initiatives, large number of people residing in remote locations, and increase in penetration of smartphone and Internet services are some of the factors augmenting the market growth in India. This is leading to contribute in the growth of the Asia Pacific region and in growth of India.
This information is encompassed in the report by TMR, titled, “Telemedicine Technologies and Services Market (Component – Hardware, Software, Services; Specialty – Dermatology, Gynecology, Neurology, Cardiology, Orthopedics, Emergency Care, Internal Medicine; Services – Tele-consultation, Tele-monitoring, Tele-education, Tele-training, Tele-care, Tele-surgery) – Global Industry Analysis, Size, Share, Volume, Growth, Trends, and Forecast 2017 – 2025”
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