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Asia Pacific Telemedicine Market Size to Surge till $15.9 Bn By 2026
Published Date: 2020-10-30
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According to the Graphical Research new growth forecast report titled Asia Pacific Telemedicine Market growth is set to exceed USD 15.9 billion by 2026. Favorable government initiatives have led to the introduction of technologically advanced healthcare IT facilities, and sophisticated healthcare infrastructure supporting the growth of telemedicine market. For instance, Singapore’s USD 19 billion Research and Innovation Enterprise Plan aimed to speed up and support digital innovation in various industries including healthcare. Such government initiatives aim to accelerate research & innovation projects and deploy large-scale innovative solutions for telemedicine, thereby propelling the market growth.
Healthcare facilities are increasingly using telemedicine to screen patients coming into their emergency rooms, thereby improving wait times and patient satisfaction. According to a survey, 85% of patients wait for about 10 to 30 minutes for their scheduled appointment. Thus, the telemedicine services can help hospitals and clinics diminish long waiting time and improve the overall treatment outcome. Aforementioned factors will significantly drive the market growth in the coming years.
Based on services, the telemedicine market is segmented into tele-consulting, tele-monitoring, tele-education and others. The tele-education/training segment accounted for more than 30.0% market share 2019 and is expected to register lucrative growth during the forecast timeframe. The segmental growth is attributable to high demand for continuing education programmes to rural health-care professionals through audio, video and computer. It also includes services that are used for interaction among healthcare professionals, thereby leading to segmental growth.
Based on type, the telemedicine market is classified into telehospital and telehome. The telehospital segment accounted for more than USD 2.5 billion in 2019 and is expected to show similar trend during the forthcoming years. High growth rate is due to increasing adoption of telemedicine services in hospitals and other healthcare settings. Increasing government funding and grants for encouraging adoption of telemedicine services in hospitals in countries such as China, Malaysia and Singapore will boost segmental growth in the future. Moreover, growing demand for telemedicine services in hospitals due to the growing COVID-19 pandemic will further foster the segment growth.
Based on specialty, the telemedicine market is divided into cardiology, dermatology, mental health, neurology, orthopedics, gynecology and others. Dermatology segment accounted the more than 30% of total market share of in 2019. High consciousness exists among individual for facial appearances. Additionally, increasing number of cosmetic surgeries will drive the demand for online consultation. Furthermore, growing prevalence of dermal conditions with environmental factors and changing lifestyle will drive the regional demand for tele-consultations that will in turn augment the segment expansion during the analysis period.
Based on delivery mode, the telemedicine market is bifurcated into web/mobile and call center. Web/Mobile is further divided into telephone and visualized segments. Visualized segment accounted for about USD 620.0 million in 2019. Visualized healthcare solutions allow end-to-end delivery of video and audio calling between patients and physicians. Moreover, in non-emergency medical cases where it is difficult to reach hospitals, patients opt for visualized consultations, thus fostering the segmental growth.
The China telemedicine market accounted for more than USD 700.0 million in 2019 and is expected to show similar trend over the forecast period. High regional growth is due to rising number of COVID-19 infection coupled with various government initiatives. For instance, in China, during the 12-year period, approximately 12 thousand teleconsultations were performed, in the areas of diagnosing neoplasms, injuries, and cardiovascular diseases. Similarly, Indian government has undertaken National Rural Telemedicine Network projects. The project aimed to facilitate health care telemedicine services such as tele-consultation and tele-follow up in rural areas. Such initiatives will further boost the local market.
Some of the major industry players involved in Asia Pacific telemedicine includes Koninklijke Philips N.V., InTouch Technologies Inc, Cerner Corporation and AMD Global Telemedicine Inc among others. The major industry players undertake various organic and inorganic strategies such as acquisitions, geographic expansions, mergers and product to strengthen their market position. For instance, in, July 2018, Philips eICU telemedicine program in Japan. The company launched at Showa University Hospital and Showa Koto Toyosu Hospital. The launch aimed to improve results with high risk patients and advance critical care. This strategy enabled company to add value to their existing portfolio.
Asia Pacific telemedicine market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Service, 2015-2026 (USD Million)
- Tele education/ training
Market Size, By Type, 2015-2026 (USD Million)
Market Value, By Specialty, 2015-2026 (USD Million)
- Mental health
Market Growth, By Delivery Mode, 2015-2026 (USD Million)
- Web/ Mobile
- Call center
The above information is provided for the following region and countries:
- South Korea