Telemedicine Market to Touch $421.6 Mn In 2019
Telemedicine is on the rise and has finally made inroads in the Asia Pacific market. In a recent study conducted on the Telemedicine Market in Asia-Pacific, research firm Frost & Sullivan found that the market earned revenues of nearly $240 million in 2014, and is pegged to touch $421.6 million in 2019 at a compound annual growth rate of 12 percent.
The research firm notes that improving access to healthcare services is the primary reason for telemedicine growth in APAC. Even in developed countries like Japan and Australia, there exist large pockets of underserved rural and remote regions that struggle to obtain basic healthcare services. Hence, governments are investing in telemedicine pilots and establishing regulations that promote the development and adoption of telemedicine among consumers, it said in the report.
“However, aiming to use telemedicine for improved healthcare access alone would be myopic considering the potential of these services,” said Frost & Sullivan Healthcare Industry Manager Natasha Gulati. “Since telemedicine services can drive new ways to collaborate across healthcare settings throughout the life of a person, it will have a wide-ranging impact on the continuum of treatment to prevention.”
The very value proposition of telemedicine is expected to leap forward over the next five years. Telemedicine will very soon empower APAC consumers by allowing them to capture and request analytical and actionable health data by themselves.
“Of course, this will not happen through telemedicine alone,” pointed out Gulati. “It requires the integration of several telehealth functionalities such as remote monitoring, mHeath, wearables and platforms. Niche telemedicine providers are already preparing for this industry shift by partnering with healthcare providers, device manufacturers, real estate developers and telecom companies to establish connected ecosystems that efficiently capture and act on patient data.”
As the telemedicine value proposition evolves, so will the business models. Current telemedicine models are largely targeted towards healthcare providers as they can reap tangible benefits in terms of reduced costs and access to a larger patient base, states F&S.
For now, consumer adoption of telemedicine in APAC is low due to the absence of reimbursement schemes. Progressive regulations and technological advancements that make telemedicine more affordable will enable the gradual entry of direct-to-consumer business models, which symbolise the anticipated power shift to consumers, states the study.
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