Asia Pacific Telemedicine Market Size and Growth Analysis:
Asia Pacific telemedicine market was valued at from $ 8,491 million in 2018 and will reach approximately $ 38,133 million by 2025, growing at a CAGR of 24 % over the next few years.
Factors Driving Market Growth:
The main driving force for this regional market is growing aged population, the rising cost of healthcare, and the rising prevalence of chronic diseases. Technological discoveries and advancements also fuel market growth. Major market forces are developing and underdeveloped nations that lack adequate resources for the telemedicine market. Great technological costs, Lack of physician support, and bad cases of implementation are the major constraints for the market.
The increase in average age has resulted in elderly patients who need most healthcare, which is increasing the overall healthcare cost. The total amount of healthcare professionals is not enough to meet the demands of the rising global population. With healthcare specialists scattered across the globe, the telemedicine support has extended significantly to many regions. Use of telemedicine helps in improving individual health with the assistance of electronic media. It also improves accessibility by dropping the distance barriers between doctors and patients.
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Growing population, rising number of chronic diseases, lack of strict guidelines for the practice and increasing access to healthcare services are the main reasons for telemedicine growth in Asia Pacific region. Deficiency of doctors in rural areas is a key opportunity for the majority of this market in this region. Limited reimbursement tools and a lack of consumer awareness hamper the growth of the market in the Asia Pacific countries.
Medical consultation assistance will be the regularly used form of telemedicine by doctors for improving the outreach of their medical advice. The telemonitoring segment will also enjoy an upward shift owing to the growing diabetic and disabled population.
On the basis of geography, the Asia Pacific market is divided into various regions namely, China, India, and Japan. Japan is one of the few countries in the Asia Pacific region providing universal healthcare coverage for all its citizens. Japan Medical Association has made many efforts to support physicians in Japan to ensure the provision of quality healthcare by offering insurance coverage for telehealth assistance under universal healthcare insurance system.
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Some of the important competitors for Asia Pacific telemedicine market include AMD Telemedicine, Aerotel Medical Systems Limited, Inc., Cybernet Systems Corporation, Apollo PACS Inc., CARD GUARD ¨ Group, CardioNet Inc., Cerner Corporation, , GE Healthcare Ltd., Johns Hopkins Medicine, Honeywell HomMed LLC, Invivo Corp., Mennen Medical Corp., Philips Healthcare, and others.
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