NEW YORK, Jan. 25, 2018 (GLOBE NEWSWIRE) -- The global telemedicine market is expected to grow significantly from USD 19.94 billion in 2016 to USD 54.52 billion in 2023, at a CAGR of 15.5% from 2017 to 2023. Factors such as shortage of specialist physician in the rural areas, and growing aging population coupled with high prevalence of chronic diseases are propelling the growth of the global telemedicine market. Moreover, increasing investment for advanced healthcare IT infrastructure and government initiative towards healthcare are boosting the growth of the telemedicine market. However, lack of trained professionals, and high technological cost are inhibiting the growth of the global telemedicine market.
The repot segments the telemedicine market by Types (real-time telemedicine, store-and-forward telemedicine, and remote patient monitoring), by Service (tele-surgery, tele-education, tele-training, tele-monitoring, tele-consultant, and tele-care), by Application (dermatology, radiology, neurology, oncology, cardiology, internal medicine, orthopedics, gynecology, emergency care, and others), by End-user (tele-hospital/tele-clinic market, and tele-home market), and by Region (North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa).
Telemedicine is the two ways, real-time communication technology between a healthcare provider and patient at a distance site, through the use of telecommunication tools including audio, video, smartphones, and computers. Demand for telemedicine applications has grown rapidly, owing to the high prevalence of chronic disease coupled with the shortage of specialist physician in the rural area.
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Key findings of the Global Telemedicine Market Report
- The global telemedicine market is expected to reach USD 54.52 billion by 2023
- On the basis of application, the radiology held the major share of the global telemedicine market in 2016, and is expected to hold its dominance during the forecast period
- On the basis of end-user, the tele-hospital/tele-clinic market held the major share in 2016
- North America holds the major market share of the global telemedicine market and is projected to remain key market over the forecast period
- Some of the major players in the telemedicine market include; TELADOC, American Well, McKesson Ltd., Philips Healthcare, Cisco Systems, Inc., SHL Telemedicine Ltd., AMD Global Telemedicine, Inc., Honeywell Life Care Solutions, Honeywell Life Care Solutions, and Cerner
New Healthcare Technology Care at a Distance
Most of the world population is living in the rural area facing challenges for medical facilities, good roads, infrastructure, electricity, economic, and social services. Telemedicine technology offers solution to the medication for the people in rural areas who do not have access to effective medical care due to lack of skilled medical practitioners in the region. Telemedicine is also used in urban areas, owning to the increased incidence of chronic diseases and the shortage of physicians in the urban healthcare sector. The telecommunication technology in healthcare sector, primarily in hospitals, has great potentials for this market.
Telemedicine Market - Regional insight
Geographically, the global telemedicine market is segmented into North America, Latin America, Europe, Asia-Pacific, and Middle East and Africa. North America holds major market share in the global telemedicine market during the forecast period. Factor such as booming healthcare IT industry, owing to development of new technology coupled with increasing governments and private investment augment the growth of telemedicine market in the region. The government and the major key players, in the U.S., have taken a step to support benefits of telemedicine service via proposed Medicare and Medicaid programs. The growth of telemedicine in North America is due to great convenience, lower cost, and increased prevalence of chronic disease. Asia-Pacific region is expected to witness high growth during the forecast period, owing to the high demand of telemedicine technology in the rural area and increased aging population coupled with the increased prevalence of chronic disease. Technological innovation and raising awareness among people in Europe are fueling the market growth in the region.
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