Industry Trends

Asia Pacific Telemedicine Market share was valued at USD 3.8 billion in 2019 and is expected to witness 21.8 % CAGR from 2020 to 2026.
 

Telemedicine technology is an evolving science that incorporates advance technology to changing healthcare needs. Healthcare delivery services, such as injuries, prevention of disease, treatment and diagnosis, where distance plays a critical factor by healthcare professionals telemedicine services are used. Telemedicine is a communication technology used to exchange valid clinical information.
 

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The incidence of COVID-19 has resulted into travel restrictions due to government regulations such as nationwide lockdown and social distancing. This has offered significant spike in demand for telemedicine services during the pandemic. With rising number of COVID-19 cases and awareness regarding telemedicine benefits, people are shifting towards telemedicine platforms for appointments and check-up to combat the spread of COVID-19 infection. Furthermore, healthcare centres are adopting digital tools in terms of virtual care and telemedicine services. This will propel the market growth.

Government initiatives in various countries for digitalization and innovative telemedicine services will boost its adoption rate. Moreover, adoption of internet-based services with escalating internet consumption among the population will positively impact the Asia Pacific telemedicine market. However, security and privacy concern associated with telemedicine platforms may limit its adoption and hamper the overall Asia Pacific telemedicine market growth

APAC Market, By Service

By service, the telemedicine market is segmented into tele-monitoring, tele-consulting, tele educational/ training and others. Tele-monitoring segment accounted for about USD 700.0 million in 2019. Various government initiatives during COVID-19 pandemic such as nationwide lockdown and social distancing has increased the demand for telemedicine amongst population. This has led patients to opt for video conferencing with healthcare professionals, thereby fostering the segmental growth. Furthermore, tele-monitoring helps to track clinical profile of the patient that may require progress change and other treatment to prevent hospitalization. Such advantages associated with tele-monitoring will further boost the segmental growth.

APAC Market, By Type

Based on type, the telemedicine market is segmented into telehospital and telehome. Telehome care segment held a lucrative market share in 2019 and is expected to show significant growth during the analysis timeframe. Telehome services can be availed in remote areas where it becomes difficult to reach hospitals and requires long traveling. TeleECG system can be made available at patient’s home as well as in ambulance with equipment. TeleECG transmit ECG images at hospitals that have receiver and storage system. Such services are increasing the demand for telehome, thus, foresting the segmental growth.

APAC Market, By Specialty

Based on speciality, the telemedicine market is classified into cardiology, dermatology, mental health, neurology, orthopaedic, gynaecology and others. gynaecology segment accounted for about USD 200.0 million in 2019. Telemedicine has been helpful during the COVID-19 pandemic for gynaecologist to consult pregnant women, as visiting hospitals might cause infection. Furthermore, the options of regular check-ups for pregnant women via video conferencing will further drive the application of telemedicine in gynecology.

APAC Market, Delivery Mode

By delivery mode, the telemedicine market is bifurcated into web/mobile and call centre. The web/mobile is further divided into telephone and visualized. The telephone segment will show a significant growth to exceed USD 6.0 billion by 2026. Telephone telemedicine is mainly designed to communicate the clinical health issues between doctors and patient. Interactive voice system is designed with recorded voice for patient. Thus, this has increased its adoption rate and propel the segmental share.

APAC Market, By Country

Australia telemedicine market is expected to witness growth to exceed USD 0.9 billion by 2026. Government initiatives coupled with rising prevalence of chronic disease in the country will drive the local market. For instance, on March 2020, Australian government launched Covid-19 information application with WhatsApp chat features for the public. This application provided information and telehealth service all over the country. Such initiatives to curb the spread of COVID-19 infection will augment the market growth. Furthermore, increasing use of smartphones and internet consumption will stimulate growth potential of the industry.

Competitive Market Share

Some of the major industry players involved in Asia Pacific telemedicine market include Koninklijke Philip N.V., InTouch Technologies Inc, Resideo Technologies Inc and AMD Global Telemedicine Inc among others. Companies undertake various strategies such as new product launch geographic expansions to strengthen their market share. For instance, ReadyCare launched a video-based telephone service in Australia to connect people with medical professionals. This launch has increased the company’s revenue rapidly.

APAC Telemedicine Market Background

Telemedicine in Asia Pacific first originated in early 20th century were electrocardiograph data was transmitted over telephone. The telemedicine application that were used earlier included television facility between specialist and psychiatric institutes. Telemedicine has streamlined treatment flow for both patient as well as healthcare professionals, broadening access to health facilities. Furthermore, recent advancement in telemedicine including utilization and availability of ICT by general population is the major driving factor to the telemedicine market. Moreover, rising number of COVID-19 cases across the region could increase its adoption rate which in turn will boost the Asia Pacific telemedicine industry growth.