Overview of Telemedicine Market
Global telemedicine market is growing at a significant rate and is expected to make a huge contribution to the growth of the healthcare sector. Telemedicine refers to use of information technology and telecommunication in patient care. It is inclusive of application such as two-way videos, emails, smart phones, and wireless tools to obtain desired results. The biggest advantage of telemedicine is elimination of commute and distance. This increases the reach of medical assistance, and also makes it available round the clock. Advancements in field of telemedicine are truly improving individual health quality. The ease with which telemedicine facilitates help is truly driving this market to new heights.
Besides medical advices and counseling, the telemedicine market also looks after medical records, medical imaging, and health informatics. These details are saved for future references to help doctors diagnose, evaluate, and treat patients in remote locations. The segment of telemedicine works in tandem with health information technology for processes such as maintaining electronic health records, administrative billing, and storage and forwarding of images over software.
Increasing number of patients in remote areas, rising number of chronic diseases, and exponentially rising healthcare cost are some of the main drivers for global telemedicine market. Unfortunately, the telemedicine market is also being tugged from the other end by market inhibitors such as paucity of skilled manpower to operate these systems in remote areas and lack of consumer awareness about the technological advancements.
Global Telemedicine Market Segmentation
The report segments the telemedicine market on the basis of geography as follows: North America, Europe, Asia Pacific, and Rest of the World. The extensive report is also divided on the basis of types, application, products, and technology. Segmentation as such facilitates ease of understanding about the subject matter. The report is complete with Porter’s five forces analysis and SWOT analysis to point out the market trends, dynamics, and forces at play impacting it.
Market Watch for Global Telemedicine Market
In 2011, global telemedicine market was valued at $740 million. However, the following year, this market reached a figure of $877.50 million, and is expected to grow to $2440 million by 2018, growing at a CAGR of 18.58% from 2012 to 2018. The regions to hold the biggest share in the telemedicine market are Europe and U.S. The factor contributing to this growth is acceptance of technology and literacy to use it. However, regions such as India, China, Russia, and Brazil are slowly picking pace as the number of lifestyle disorders such as diabetes, pulmonary diseases, and asthma are on a rise. In the coming years, telemedicine market will also expand to remote areas as the healthcare awareness is increasing amongst population in those areas.
The market research report indentifies growing virtual medical centers and emergence of remote clinical enterprises as some of the important trends in the global telemedicine market. As the rural areas continue to have a shortage of physicians, the telemedicine market is likely to tap into such areas as well. The report covers some of the key players in the telemedicine market who are impacting the economy. It profiles companies such as AMD Telemedicine, Philips healthcare, GE Healthcare Ltd, McKesson Ltd., and Cardio Net Inc. As the countries such as Russia and Brazil are promising growth, manufacturers are looking at these areas to expand their services.
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