Telemedicine Market – Analysis and Forecast To 2024 | Cerner Corporation, McKesson Corporation, InTouch Technologies Inc.

Telemedicine uses a wide range of information and communication technologies to deliver a clinical solution to patients. It includes various applications and services such as smartphones, email, two-way videos, and wireless tools. It helps in improving individual health with the help of electronic media. In addition, it also surges availability by reducing distance barriers between the medical service provider and patients. The global telemedicine market is growing at a significant rate, due to the mounting occurrence of chronic and lifestyle associated diseases, and constant requirement for enhanced healthcare quality services.

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Technological advancement, boosting a number of smartphone users, escalating healthcare cost, the mounting medical requirement in remote locations, and expanding requirement for remote patient monitoring services in developing countries are also facilitating the growth for the telemedicine market.

Inadequate healthcare infrastructure, lack of skilled professionals, and high installation price are the major challenges for the growth of telemedicine market.

Globally, the manufacturing companies trying to enter the telemedicine market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.

Asia-Pacific is observed to witness the fastest growth in the market, due to the mounting occurrence of chronic and lifestyle associated diseases. In addition, escalating healthcare expenditure, and significant development of information technology are also creating a positive impact on the telemedicine market growth in the region.

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Key players in the telemedicine market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In July 2018, Royal Philips collaborated with Showa University to launch first telemedicine intensive care (eICU) program at Showa University Hospital and Showa Koto Toyosu Hospital, to help improve the results of high-risk patients.

In addition, in April 2018, InTouch Health signed an agreement to acquire REACH Health, a telemedicine software company to will expand its market share for hospitals and health systems. Koninklijke Philips N.V., Aerotel Medical Systems Ltd., Cerner Corporation, McKesson Corporation, InTouch Technologies Inc., Cisco Systems Inc., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., and Honeywell International Inc. are the key players offering telemedicine.

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