The global telemedicine devices market will reach $1BN in 2014 according to new report

Friday 9 May 2014, Amsterdam

A new report calculates that the global telemedicine devices market will reach $1048m in 2014 with revenues showing strong growth to 2024. These revenue forecasts and others appear in the latest 168 page report Telemedicine Devices Market, 2014-2024: Telehealth, mHealth, & Future Prospects for Leading Companies.

Telemedicine allows clinical consultations to take place remotely, especially when it is difficult to gain access to quality medical care without travelling great distances. The use of telemedicine has evolved over recent years, from largely being used as a means of diagnosis and treatment for people with heart conditions, telemedicine has grown to be used for patients with various chronic illnesses including diabetes and chronic obstructive pulmonary disease (COPD). Delivery mechanisms used in telemedicine includes network programs that link tertiary care hospitals with outlying clinics and community health centres in rural or suburban areas via high-speed lines or the internet. Monitoring centres that make use of normal land-line or wireless connections can also be set up for remote cardiac, pulmonary and even fetal monitoring. The prevalence of chronic diseases such as cardiovascular diseases and diabetes is projected to continue to rise over the next 5 years. In order to keep up with the rising demand for care, healthcare providers and clinicians will need to modify the ways in which they operate; telemedicine represents an attractive solution to the challenges posed by these increasing healthcare needs.

Moses Akintomide-Akinwamide, a pharmaceutical and medical technology market analyst explains: “The cost-efficiencies provided by telemedicine solutions are a major reason for the rising adoption of these technologies. A number of telemedicine programmes have been initiated around the world in recent years; from programmes aimed at the diagnosis and prevention of stroke in the US, to geriatric care in the UK. The period from 2014 will see healthcare providers especially in developed economies seek to integrate telemedicine and mHealth solutions into their services to make access to care more straightforward. The resulting investment in remote healthcare delivery will contribute to growth in the telemedicine devices market. The high initial cost of implementing some telemedicine programmes may be a restraining factor for telemedicine as this might make healthcare providers reluctant to invest heavily into these programmes. However, as more evidence of the long term cost effectiveness of telemedicine and mHealth compared to traditional health service delivery models begin to emerge, healthcare bodies will be convinced to adopt telemedicine and mHealth quicker and reimbursement rates for these technologies will improve.”

The economically developed countries of North America and Europe have historically presented the greatest demand for telemedicine devices’ with the US holding the largest share of the global telemedicine devices market in 2013. The increasing number of diabetic and obese individuals, and the rapid advancements in technology coupled with the effects of healthcare mandates such as the Affordable Care Act will drive growth in these markets. The emerging markets of China and India are also expected to witness strong growth during the forecast period. Government subsidies and healthcare expansion plans will aid the growth of these markets over the forecast period.
 
The new 168 page report provides revenue forecasts to 2024 for the world telemedicine devices market and leading regional markets. It forecasts sales in the US, Japan, Germany, France, Italy, Spain, UK, China, India, Russia, Brazil, and South Korea. The report also forecasts sales for subsectors of the market including telemedicine devices uses for cardiac diseases, COPD and Asthma, diabetes, and mental health-related illnesses. The report also includes four interviews with key opinion leaders in the industry sharing their views on current market trends and the unmet needs in the market:  Stacey Force, Vice President of Marketing, Honeywell HomMed, Jason Gorevic, Chief Executive Officer, Teladoc, David Rubin, Chief Executive Officer, Aerotel Medical Systems and Amnon Gavish, Senior Vice President of Vertical Solutions, Vidyo; and Marty Hollander, Vidyo Evangelist, Vidyo.