LONDON, Oct. 29, 2015 /PRNewswire/ -- The global Telemedicine market was estimated at $17.8 billion in 2014 and is poised to reach $28.9 billion in 2019, growing at a CAGR of 18.6% over the next five years. The largest segments of the telemedicine market are telepathology, teleradiology, teledermatology and telepsychology.
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, while extraneous patients can consult other doctors through a simple phone call or by videoconferencing. There are number of telemedicine start-ups that are investing in the telemedicine market. This ensures that everyone has equal access to special consultants (doctors) and healthcare information is shared.
Technological innovations and advancements fuel the market growth. However, the major driving force for this market are the increasing aged population, rising cost of healthcare, rising prevalence of chronic diseases, lack of infrastructure in hospitals to accommodate large patients numbers.
Major market constraints are developing and underdeveloped nations, which lack sufficient resources for the telemedicine market. High technological costs, lack of physician support and poor cases of implementation.
Market is segmented based on type (Telehospitals & clinics, Telehome); based on Technology (Hardware, Software, Telecom, Services); based on Clinical applications (Teleconsultation, Telepathology, Telecardiology, Telesurgery, Teleradiology, Teledermatology); and based on geography (US, Europe, Asia-Pacific, ROW (Rest of the World).
Aging population and rising demand for home treatments are expected to foster the adoption of telemedicine in the European market. Asia is experiencing substantial rise in demand for telemedicine.
Some of the key participants in the global telemedicine market include Aerotel Medical Systems Limited; AMD Telemedicine Inc.; Apollo PACS Inc.; CARD GUARD Group; CardioNet Inc.; Cerner Corporation; Cybernet Systems Corporation; GE Healthcare Ltd.; Honeywell HomMed LLC; Invivo Corp.; Johns Hopkins Medicine; Mennen Medical Corp.; NightHawk Radiology Services LLC; Philips Healthcare; SHL TeleMedicine Ltd.; Siemens Healthcare; Polycom; TANDBERG; TeleVital Inc.; Templeton Readings LLC; United Therapeutics Corporation; Welch Allyn Protocol Inc.; WorldCare International Inc. among others.
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