The Global Telemedicine Market is projected to reach USD 34.27 billion by 2020, with North America as the largest market, which is globally accounting for more than 40.0% of the global market size.
Telehealth is a broader term, which includes the usage of electronic information and telecommunications technologies to support long-distance clinical health care, patient and professional health-related education, public health, and so on. The various technologies involved are videoconferencing, the internet, and store-and –forward imaging. Telemedicine is different from telehealth, as it provides a narrower scope of remote healthcare services. Telemedicine refers specifically to remote clinical services, while telehealth can refer to remote non-clinical services, which include provider training, administrative meetings, and continuing medical education.
Telemedicine is a subset of telehealth. It includes many medical subspecialties, such as telepediatrics, telepsychiatry, teleradiology, and telecardiology. Specialties, such as telepediatrics and telepsychiatry, are practiced by using live videoconferencing systems. In the recent years, the term telehealth has risen as a favorable expansion upon telemedicine.
The relation between telemedicine and health IT is complementary. Telemedicine is a method of delivering health care that makes use of health information technologies to achieve its goals.
The increasing aged population, increasing incidences of chronic diseases, and rapid rise in the software market are expected to further boost the growth of the global telemedicine market.
Many healthcare systems are trying to reduce both the number of hospital visits and the length of stay of a patient in a hospital. This has led to a growing trend for patients to be monitored in their home environment, and as a result, it has further boosted the growth of this market.
Additionally, increasing healthcare costs are providing a clear and more efficient way for telemedicine and related applications. Telemedicine holds a great potential for the population aged 60 years and above. The scope of telemedicine is increasing in developing countries owing to their increasing population and increasing incidences of chronic diseases. The increase in remote monitoring of patients is also expected to propel this market’s growth.
However, lack of physician support, poor cases of implementation, high technology costs, and legal & reimbursement concerns are hindering the growth of the telemedicine market.
The global telemedicine market has been segmented on the basis of type (telehospitals, clinics, and home), technology (hardware, software, telecom, and services), applications (teleconsultation, telepathology, telesurgery, teleradiology, teledermatology, and others), and geography (North America, Europe, Asia-Pacific, Middle East & Africa, Latin America, and the Rest of the World).
Some of the key players in the global telemedicine market include Aerotel Medical Systems, IBM, Intouch Technologies, Medical International Research, Medtronic, Roche, Siemens Healthcare, 3M Health, Allscripts Healthcare Solutions Inc., and others.
Key Deliverables in the Study