Telemedicine is the evolved format of traditional medicine that provides medical care to millions of individuals worldwide with the benefits of cost efficiency and convenience of location. The basic difference between traditional healthcare technology and telemedicine is the use of telecommunication technology to provide patients and medical practitioners the convenience of location, cost and time. With the advent of communication technology in medical sciences, telemedicine revolutionized the overall framework of healthcare. Patients were no longer subjected to travel or waiting periods and could seek medical attention at the comfort of their homes. This greatly changed the perception of medical practice, which is the major reason why telemedicine is currently considered synonymous with general medicine. Telemedicine involves the use of mobile communication technology and image/video transfer technology via the internet. The internet has provided the basis for information exchange, which is stored and maintained by the servers present at either hospitals or telemedicine service provider company at a nominal cost.
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According to the report, the largest driver for the growth of the global telemedicine market is the increasing demand for better personal healthcare methods. A larger percentage of the population is able to express their need for faster and sharper diagnostics and medical attention thanks to their increased spending ability; integrating modern telecommunications with healthcare is one of the best ways to achieve that.
Other drivers of the global telemedicine market are the increasing need for data privacy, larger number of supportive reimbursement policies, and positive government initiatives and investments. Additionally, the growth of the global telemedicine market will also lead towards meeting one of the healthcare industry’s largest targets: the rural population. People living in rural areas, or even those that live in remote and difficult-to-access regions can easily be helped through the use of telecom services in medicine.
The report also warns its users of the various restraints associated with the global telemedicine market, the most prominent of which is the current lack of skilled labor required for operating the devices in this market. The lack of standard or professional training for the use of telemedicine is causing healthcare organizations to achieve unfavorable response times. Another issue persistent in the global telemedicine market is the lack of confidence that telemedicine can impart to patients, regarding the accuracy of medical assessment.
The report provides details on the global telemedicine market in a segmented fashion. The market is segmented by specialty, service type, and geography.
In terms of specialty, the global telemedicine market is segmented into gynecology, emergency care, internal medicine, orthopedics, neurology, cardiology, dermatology, and others. The market will benefit from the neurology segment, which is progressing at the fastest CAGR of 15.90% in the market, within the given forecast period.
In terms of service types, the global telemedicine market is segmented into tele-surgery, tele-care, tele-education, tele-consultation, and tele-monitoring. Tele-consultation led the global telemedicine market in the 2013, while tele-monitoring is expected to be the fastest-growing segment till 2020. This is attributed to the growing geriatric demographic that is in greater need of home healthcare.
The geographical segmentation of the global telemedicine market reveals North America to be the largest region in terms of revenue, in 2013. Meanwhile, the fastest growth rate in the market, over the given forecast period, is attributed to Asia Pacific owing to a high population density and a rapidly developing healthcare infrastructure.
The valuation of the global telemedicine market was recorded at US$14.30 bn in 2014. After a forecasted progression at a CAGR of 14.30% between 2014 and 2020, this market is expected to reach US$36.30 bn in 2020, according to a market intelligence study published by Transparency Market Research. The report, titled “Telemedicine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” highlights the key trends, opportunities, and challenges of this market in the given forecast period, thus providing users with valuable knowledge for the purpose of strengthening their position in this market.
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The key players in the global telemedicine market are McKesson Corp., Siemens Healthcare, Medtronic, Inc., Allscripts Healthcare Solutions, LifeWatch AG, Medtronic, Inc., Agfa HealthCare NV, OBS Medical Ltd., Honeywell HomMed LLC, and AMD Global Telemedicine, Inc.