Worldwide Telemedicine Market is expected grow at a healthy CAGR of 16.5% during the forecast period 2017-2023

Telemedicine or telehealth is the access and distribution of healthcare and information via electronic telecommunication. The market for global telemedicine is estimated to generate a healthy 16.5% CAGR growth during the forecast period.

It allows clinicians to communicate advice, educate, monitor and also provide distance-learning to the patients. It also facilitates supervision, and presentations between practitioners; including online information and health data management that is overall healthcare system integration.

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Market Dynamics of Global Telemedicine Market:

Unleashing communications advancements

Advances in telecommunication technologies, growing connectivity, and increasing adoption of smartphones and communication devices, growing bandwidth, developments of standard and secure protocols are the primary drivers of the market. The growing smartphone ownership rates have registered an increase of over 25 percentage points among the economies of Turkey, Malaysia, Chile and Brazil.

The secondary drivers are the economic attractions of falling cost of servicing additional customers by a preexisting network or platform, rising number of medical services provider and, and others. Cost saving due to leverage of technology and lower servicing costs due to optimization of travelling and physicians time is additional drivers.

Growing investments, IT mergers and acquisitions and start-ups are positive developments advancing the markets. For example, U.S. health IT investment registered a hefty growth from approximately 3 billion in 2013 to $7 billion in 2017.

Restraints

High installation and maintenance cost is the critical restraint of the telemedicine market which acts as a barrier for a new comer resulting in lower competition. Poor infrastructure in developing countries and lack of awareness are other restraints of the market.

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Concerns for information security due to the open and multiplatform nature

Concerns for information security due to the open and multiplatform nature of telemedicine are the single most critical technological restraint. Thus identity protection and information encryption is essential which is the greatest technology unmet needs of the existing telemedicine market.

Segments of Global Telemedicine Market:

Type - store and forward, remote monitoring, and real time interactive.

Technology – software, hardware and services.

Hardware - telephone, on-site kiosks, and webcams.

Software - mobiles apps and services (online video conferencing, consultation and academics)

Application - telepsychiatry, telecardiology, telepathology, teleradiology, teleopthalmology, teledermatology, teleaudiologyand others.

End users - hospitals, clinical, medical institutes, and others

Regional Analysis for Global Telemedicine Market:

The market for global telemedicine is segmented on the basis of regions namely Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas possess the largest share of the telemedicine market fostered by presence of prominent market players, concerns over the high healthcare expenditure and highly developed infrastructure.

Europe is the second largest market led by Germany, France. However the Scandinavian nations of Finland, Norway, and Iceland are demonstrating stronger growth. Norway is also the most computer literate regions of the world followed by other Scandinavian nations.  The Europe Union (EU) is also funding major telemedicine projects such as “Revenue Health”, to provide fast and efficient delivery of health services.

Asia Pacific is expected to the fastest growing region due to large unmet needs arising out of rising geriatric population, growing chronic diseases, developing telecommunication networks and improvements in healthcare infrastructure.

The Middle East & Africa is expected to generate moderate growth owing to poor network and unreachable areas especially in the African continent. The lower adoption of smartphones in Africa is also hampering the market. The poor network and connectivity in Africa is reflected by the fact that countries with the least smartphone ownership rates in the world belong to Africa such as Tanzania (11%), Uganda (4%) and Ethiopia (4%).

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Key players in the Global Telemedicine Market:

IBM, General Electric Company, Koninklijke Philips N.V., McKesson Corporation, Medtronic, Intel, AMD Telemedicine Technologies, Neusoft Corporation and others.

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