Telemedicine is the advanced format of conventional medicine. It offers medical care to millions of individuals across the world. Telemedicine has several advantages, like site convenience and value for money. The fundamental difference between telemedicine and conventional medical technology is the utilization of technology in telecommunications to offer healthcare professionals and patients the convenience of location, cost and time.
With the influx of communication technology in healthcare science, telemedicine has transformed the entire structure of medicine and healthcare. Patients need not travel or wait for long and can get access to healthcare facilities within the ease of their homes. The telemedicine market was predicted to have garnered income worth about USD 14 billion in 2014. It is projected to attain around USD 36 billion by 2020. This is likely to take place at about 14 percent CAGR from 2014 to 2020.
The said phase marks the forecast period. The telemedicine market is anticipated to multiply two times over during the mentioned phase. Rising worldwide population, coupled with surge in chronic illnesses is estimated to drive further demand for the telemedicine market. Escalating medical service costs and utilization of software in medical delivery are also projected to drive increased demand for the telemedicine market.
One of the significant components, negatively impacting the market is the shortage of qualified and experienced professionals in secluded regions of the world. Also, the absence of client consciousness regarding new technologies and their uses negatively affects the telemedicine market. North America and Europe occupy the first position in the market, among other regions. This is on account of their high recognition rates for telemedicine.
Russia, Brazil, China and India are also predicted to display high expansion rates. This is because of growing population and increasing chronic diseases in these regions. Growing consciousness among people (in far-flung areas) with respect to telemedicine and its benefits is also anticipated to drive the demand for the global telemedicine market.