Telemedicine Finally Makes Inroads into the Asia-Pacific Market, Finds Frost & Sullivan
Potential to boost access to healthcare and empower consumers are key reasons behind adoption of this concept
KUALA LUMPUR, Malaysia, Aug. 18, 2015 /PRNewswire/ -- Within telehealth, telemedicine has been identified as the most pressing need for healthcare in Asia-Pacific (APAC) as it gives consumers on-demand access to a trusted healthcare professional. While telemedicine has many definitions, which change based on technology, usage, stakeholders and purpose, its value proposition – anytime, anywhere access to healthcare – enables absolute decentralisation of care delivery, dissolution of provider boundaries, and resource and cost optimisation. Data generated through telehealth will also eventually allow predictive care delivery; concepts that are currently limited to laboratories.
New analysis from Frost & Sullivan, Analysis of the Telemedicine Market in Asia-Pacific (http://www.frost.com/p85c), finds that the market earned revenues of US$239.1 million in 2014 and estimates this to reach US$421.6 million in 2019 at a compound annual growth rate of 12 percent.
For complimentary access to more information on this research, please visit: http://corpcom.frost.com/forms/APAC_PR_DJeremiah_P85C-48_09Jul15.
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. Thus, governments are investing in telemedicine pilots and establishing regulations that promote the development and adoption of telemedicine among consumers.
"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.
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.
Analysis of the Telemedicine Market in Asia-Pacific is part of the Connected Health (http://ww2.frost.com/research/industry/healthcare/connected-health) Growth Partnership Service program. Frost & Sullivan's related studies include: Healthcare IT Market Profiles, APAC Hospital Outlook, eHealth Initiatives Across Emerging Markets in APAC, and Pulse of Telehealth.
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Analysis of the Telemedicine Market in Asia-Pacific
P85C-48
Contact:
Donna Jeremiah
Corporate Communications – Asia Pacific
P: +61 (02) 8247 8927
F: +61 (02) 9252 8066
E: [email protected]
Carrie Low
Corporate Communications – Asia Pacific
P: +603 6204 5910
F: +603 6201 7402
E: [email protected]
Melissa Tan
Corporate Communications – Asia Pacific
P: +65 6890 0926
F: +65 6890 0999
E: [email protected]
SOURCE Frost & Sullivan
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