The North America Telemedicine Market has been estimated to be USD 5.9 billion in 2014 and it is projected to reach USD 16.8 billion by 2020 at a CAGR of 19% during the forecast period from 2014 to 2020. Telemedicine is delivery of healthcare services in remote locations using telecommunications technology. The telemedicine market remerged in the last few years. With an advance in technology, internet and telephones, telemedicine is now easily accessible to the general population. In addition, it has taken the burden off the existing overburdened healthcare setup.
Telemedicine services are applied in several medical areas including consultation, surgery, diabetes, psychiatry, radiology, pathology, cardiology, dermatology and others. Hospitals and clinics cater services to the critically ill, extraneous patients through a simple phone call or by videoconferencing. Hospitals, Clinics and Residential (Home care) with telecommunications technology are end-users of this market.
The market is driven by number of factors such as high incidences of chronic diseases, rising healthcare costs, technological innovations, increase in aging population and rising awareness regarding remote patient monitoring. However, this market faces certain drawbacks, such as legal & reimbursement issues, advanced technology leading to higher costs, lack of physician support and poor cases of implementation.
The market for North America telemedicine is segmented based on type, technology and geography. Based on the type, the North America market is divided into telehospitals & teleclinics and telehome. The market is further categorized by technology as hardware, software, telecom and services.
Based on geography, the market is segmented as geography by US, Canada and Mexico. North America is the largest market globally due to high acceptance for this technology in these regions.
Many players in this market are trying to expand their product portfolio in order to top the global market. While few companies are entering into the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies. Few companies adopted product innovation and new product launches as its key business strategy to ensure its dominance in this market. Some of the key players in the North America Telemedicine Market are Cerner Corporation, Honeywell Life Care Solutions, McKesson Corporation, Medtronic, Inc., Robert Bosch Healthcare and Cisco Systems, Inc. among others.
Key Deliverables in the Study