Telemedicine technology is a game
changer for the healthcare industry, as it brings healthcare directly into
patient's doorstep. Telemedicine makes use of electronic technologies, such as
email, smart phones, and video conferencing, for exchanging the medical
information of the patient. This technology has helped the healthcare providers
to extend their services to remote areas effectively. Furthermore, this
technology is also extensively being used for elderly population as well as for
people who are unable to reach healthcare provider due to inability to walk or
chronic disease. Consultations through video calling, transferring medical
images, and vital signs monitoring amongst others are the major applications of
telemedicine.
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According to a new research
report published by RNCOS, "Global Telemedicine Market Outlook 2022",
the market for telemedicine was valued at US$ 21 Billion in 2015, and is
anticipated to grow at a CAGR of approximately 19% during 2015-2022. The growth
of the market is likely to be driven by increasing adoption of telemedicine,
rising incidences of chronic diseases, growing geriatric population, government
initiatives, and shortage of physicians amongst others.
The report provides insights
about various factors that are affecting the growth of the markets.
Furthermore, the report also includes the major trends and opportunities that
will propel the industry's growth.
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Based on end users, the report
broadly categorizes telemedicine market into Telehospitals/Teleclinics and
Telehome. Telehospitals/Teleclinics emerged as the major revenue earners of the
industry, holding the largest share. The telehospitals market is further
sub-divided into teleradiology, telecardiology, telepsychiatry, and
teledermatology amongst others, based on Specialty. Teleradiology accounted for
the largest share of the telehospital market by Specialty. This large share of
the market is attributed to wide usage of this technology for transferring
patient's medical reports.
Based on component, the
telemedicine market is further categorized into services, hardware, software,
and telecom and networking. The telemedicine service market accounted for
largest share in the total telemedicine market in 2015.
The report also offers a geographic
analysis of the global telemedicine market by segmenting into four major
geographic regions - North America, Europe, Asia Pacific, and Rest of the
World. North America is the largest market for telemedicine. This high share is
attributed to relative high adoption of technology in the market coupled with
higher government support. The Asia Pacific market is poised to witness the
highest growth owing to increasing focus of players in this region.
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