As the global economy emerges from recession into a new period of growth, market data and analysis will become even more essential to companies seeking to compete on the global stage. According to a recent report by Global Information Inc., an information service company, telemedicine, teleradiology, and telemonitoring systems are poised for tremendous growth through the middle part of the decade.<?xml:namespace prefix = o />
New market research forecasts the global telemedicine market to grow at a CAGR of 18.7% from 2011-2015. Key to this growth is the advancements in digital technology used in remote diagnosis of patients, and increasing adoption of telesurgery, says Global Information (Kawasaki, Japan). However, while the 18.7% CAGR is quite strong, growth is restrained by the high cost of technology, and cost could pose a significant challenge to future growth in this market.
In a related report, TechNavio's analysts examined the Global Teleradiology market and forecast it to grow at 19.3% CAGR 2011 to 2015. Advancements in digital technology for remote patient diagnosis will be crucial to the growth of this sector, alongside continued, growing focus on vendors offering mobile health (mHealth) services. However, the lack of common set of standards may pose a significant challenge to the growth of this market, says Global Information.
Meanwhile, telemedicine systems provide a way to improve clinical care delivery to patients with chronic disease, decreasing hospitalizations and visits to the emergency room. The ability to accurately access patient condition via a combination of advanced testing and telemonitoring creates the opportunity to intervene when what is called for clinically can make a difference.
Just as cell phones are paid for in conjunction with the services contracts, the telemedicine applications will be paid by insurance. In some cases the insurance companies recognize that their long term costs are lower by delivering clinical intervention to try to impact lifestyle for patients with chronic disease conditions, says Global Infromation.
Tablets like Apple's iPad are poised to change telemedicine. Telemedicine-dedicated device and software markets at $736 million in 2011 are anticipated to reach $2.5 billion by 2018.