The US telemedicine market was estimated at $4982 million in 2015 and is poised to reach $6773 million in 2020, growing at a CAGR of 6.3% by 2020.
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. Thanks to technology, hospitals and clinics can now exclusively cater to the critically ill, extraneous patients can consult other doctors through a simple phone call or by videoconferencing. There are number of start-ups investing in the telemedicine market. This ensures that everyone has equal access to special consultants (doctors) and healthcare information is shared.
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Technological innovations and advancements fuel the market growth. However, the major driving force for this market are the rising cost of healthcare, technological innovations, remote patient monitoring, rising prevalence of chronic diseases. Major market constraint is the expensive technologies.
Market is segmented based on type (telehospitals & clinics, telehome, pre hospital); based on technology (software, telecommunications); based on clinical applications (teleconsultation, telepathology, telecardiology, telesurgery, teleradiology, teledermatology, teledentistry, others), by business models (mobile health or mHealth, health kiosks, remote hiring, specialists stay put, remote specialists), by technological propositions (real-time interaction services, remote monitoring).
Some of the players in the US telemedicine market include Intouch Technologies, Siemens Healthcare, Vidyo, Vsee, IBM, Cisco-Jabber & WebEx, BlueJeans, SwyMe and Zoom.
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