Telemedicine: Opportunities for Medical and Electronic Providers
The global market for telemedicine increased from $4.8 billion in 2006 to an estimated $5.8 billion in 2007. It should reach $13.9 billion by 2012, a compound annual growth rate (CAGR) of 19%.
The telehome market currently accounts for 22% of the market and is expected to capture almost 37% of the telemedicine market by 2012.
The telemedicine service market is expected to grow from $3.6 billion in 2007 to $8.3 billion in 2012, mainly driven by the telehospital service market.
BCC's goal in conducting this study was to strategically analyze the global market for telemedicine. Objectives of this study include the following:
SCOPE OF STUDY
This report contains:
- Descriptions of various telemedicine technologies including hardware, software, telecom and network applications
- The current market status for telemedicine, trends and forecasts for growth over the next 5 years
- Discussion of cutting edge technology development, value-added services, and newer applications
- Thorough analyses of 91 patents
- Information about industry players, their strategic directives, product portfolios, and operational presence.
METHODOLOGY AND INFORMATION SOURCES
The report makes an in-depth benchmarking of the top 176 telemedicine programs operating globally in terms of the technology deployed, funding arrangement, suppliers of telemedicine suppliers, operations, and number of sites. More than 40 case studies have been tabulated to get a quick understanding of how telemedicine products and services are changing the medical landscape. Thirty-five semi-structured interviews with telemedicine product and service vendors provide substantial insight into the telemedicine market for technology and services. The report also provides an in-depth profiling of more than 54 telemedicine companies in terms of their new strategies, developments, products and services launched, contracts, and partnerships. The profiles indicate the comprehensive market presence of each player. The report includes analyses of 91 patents in a bid to provide a direct insight into the core areas of cutting-edge technology developments.
Sandeep Sugla has 6 years of research experience in pharmaceuticals, health care, medical equipment, and biotechnology. Sandeep heads the research operations as well as a team of 40 analysts. He holds a bachelor's degree in electronics engineering.
- 1. Define new avenues in the telemedicine market, mainly in terms of cutting-edge technology development, value-added services, and newer applications.
- 2. Provide in-depth understanding of the economics of telemedicine in terms of new business models, a cost-benefit analysis, and as an investment business case.
- 3. Identify opportunities for all the stakeholders in telemedicine.
- 4. Make a comprehensive market forecast (2007 to 2012) of telemedicine and all its key subsegments.
Our key objective is to present a comprehensive analysis of the current telemedicine market and its future direction.
The current level of telemedicine expenditures is about $4.33 billion.
These expenditures will experience an AAGR of 9.7% from 2002 to 2007.
Procurement will continue to be the lead spending category through 2007.
In 2007, it will account for a total of $2.16 billion, or about 31% of all spending.
Fastest growth in technology spending will be software, at an AAGR of 12.9%.