Asia-Pacific Telemedicine Market - Growth, Trends, and Forecasts (2020 - 2025)
The Asia-Pacific Telemedicine Market is expected to register a CAGR of 16.8% during the forecast period. Certain factors that are augmenting the growth include a rise in the healthcare costs, increasing remote patient monitoring, technological innovations, and a growing burden of chronic diseases in the Asia-Pacific region.
According to the ESCAP (Economic and Social Commission for Asia and Pacific) 2016, approximately 12.4% of the total population in the Asia-Pacific region was aged above 60 years. By the year 2050, more than 25% of the total population in this region is expected to be older than 60 years. Added to that, the prevalence of diseases such as diabetes, respiratory chronic diseases, cancer, etc. is expected to rise in Asia-Pacific due to the growing geriatric population.
With the increasing ageing population and prevalence of chronic diseases in Asia-Pacific region, there is a growing need for finding new ways that increase access to care and reduce the cost of medical care to improve patient outcomes. Using remote patient monitoring, which utilizes devices to remotely collect and direct information to a remote diagnostic testing facility for interpretation, the healthcare providers, insurance payers, and governments are looking to alter the manner in which care is being delivered and at the same time reducing the cost of care. Therefore, it is indicated that the telemedicine market in this region will grow due to the above mentioned factors.
Key Market Trends
Telehomes Segment is Expected to Witness Rapid Growth Rate in the Asia-Pacific Telemedicine Market
The rise of chronic diseases is a major concern in the Asia-Pacific region that places increased strain on healthcare resources. Telehomecare is an innovative way to provide care, monitor a patient, and provide information by using the latest technology in telecommunication. Monitoring allows early identification of disease, thus preventing chronic conditions.
Tele-homecare programs are also initiated in the Asia-Pacific region. For instance, the 2nd Asia-Pacific Conference of the Society for Medical Decision Making was conducted to implement the Tele-homecare programs in Asian countries. These Tele-homecare programs manage, reduce, and avoid chronic diseases by remote monitoring of patients.
As per the Health and Welfare Ministry of Japan, estimated that the above 65 years age group will account for 40% of the population by 2060. This geriatric population are more prone to chronic conditions which will boost the market.
Tele-home services provide an opportunity for significant savings for patients and the hospitals can vacate beds for new patients, cutting down on investment. Moreover, telehome provides an opportunity for improvement to patient care, if patients can be allowed to stay in their homes. Thus, the above-mentioned advantages of tele-homecare are contributing to the increased adoption of these services thereby, driving the entire telemedicine market.
The Asia-Pacific Telemedicine Market is moderately consolidated, owing to the presence of many small and large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products or services with fewer prices. It is expected that in the coming future, these companies will have a substantial share of the market studied.
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