Telemedicine refers to the amalgamation of various operations/processes in the healthcare industry and telecommunication/information technology. Telemedicine practices are aimed at providing assistance to patients residing in remote locations, away from essential care centers in emergency situations. This provision of healthcare services is considered one of the most critical and crucial activities for sustenance of a healthy living population. Thus, the field of telemedicine, which enables healthcare practices to reach the remotest parts of the globe, is regarded as a very important segment of the global healthcare industry. The integration of a large number of applications and services using modes such as smart phones, emails, two-way video, and a variety of other telecommunications technologies has been observed in the global telemedicine market in the past few years.
Government Interventions in Developing Regions to Propel Market
As telemedicine helps eliminate distance barriers between healthcare providers and patients and can improve access to a variety of medical services that cannot be persistently offered in remote and rural settings, the demand for telemedicine practices has substantially increased on a global front. Government interventions through incentives and funds aimed at modernizing healthcare infrastructure and extending the reach of healthcare facilities to remote areas have also helped in propelling the telemedicine market in the past few years.
Some of the most popular services provided by the telemedicine technologies and services market are remote patient monitoring, primary care and specialist referral services, medical education, and consumer medical and health information.
A recent market research report published by Transparency Market Research states that the global telemedicine technologies and services market will be driven at an exponential 17.2% CAGR over the period between 2015 and 2023, and rise to a valuation of US$ 86.7 bn by 2023. The market was valued at US$21.1 bn in 2014.
Teleconferencing Devices to Emerge as Most Popular Hardware Products
The crucial components of a typical telemedicine setup are a variety of hardware devices, data communication facilities, software products, and services. Most popular hardware devices used across telemedicine set ups include imaging units, videoconferencing units, ECG, and vital signs units. The segment of videoconferencing unit was the dominant market segment in 2014 and is expected to remain the largest market segment over the future years as well.
Market to See Vast Growth Opportunities in North America
From a geographical standpoint, the global telemedicine technologies and services market earned a dominant share of an estimated 53.3% in North America in 2014. Technologically advanced healthcare infrastructure in the region is the foremost factor leading to such high penetration of telemedicine practices in the region. The region is projected to maintain its dominance in the global market over the coming years as well, primarily owing to the rising numbers of installations of telemedicine solutions across several clinics and hospitals and the presence of a large number of service providers and suppliers in the region.
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