In the year 2015, the market was estimated to be worth around USD 23,224 million and is expected to reach USD 66,606 million by the year 2021, growing at a CAGR of 18.8% during the forecast period (2017-2022).
The huge growth expected in the telemedicine market is mainly due to the potential of telemedicine to revolutionize healthcare delivery as we know it. Telemedicine does this by making it possible to instantly deliver healthcare at any time to and from anywhere in the world.
Some of the several factors driving the growth of the global telemedicine market are:
In spite of the great scope for growth, there are some factors restraining the market. These include:
Even though the growth of telemedicine market during the forecast period looks huge, we are still just scratching the surface when it comes to the size of this market. This is not because of any limitations of the technology but instead due to the limitations in adopting this technology. One such major limitation is the generation of doctors who are currently working in the healthcare industry.
The majority of the doctors who currently work in hospitals and clinics worldwide are in their mid-forties or fifties and have spent most of their careers using conventional means of treating patients. Training this older generation of doctors and convincing them to use telemedicine is a huge task, which most industry experts feel can never be accomplished. Hence, the full market potential of telemedicine can be tapped only after the next generation of doctors takes over the healthcare industry and that is expected to take at least another couple of decades.
In this report, the telemedicine market has been segmented by type, technology, specialty area, and the end users.
The North American market has been further segmented into the United States, Canada, and Mexico. The European market has been further segmented into the United Kingdom, Germany, France, Italy, Spain and Rest of Europe. The Asia-Pacific market has been further segmented into India, China, Japan, South Korea, Australia and Rest of Asia-Pacific. The Middle East & Africa (Mena) market has been further segmented into GCC, Egypt, and South Africa, while the South America market has been further segmented into Brazil, Argentina and the Rest of South America.
Currently, the key challenge faced by telemedicine market is the lack of infrastructure in the emerging markets required for installing and using telemedicine. This market also has some great opportunities for companies that can simplify the technology and process involved in using telemedicine that can drastically increase the adoption of telemedicine.
Some of the key players in the market are:
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