The telemedicine industry has been on a roll ever since its inception in the healthcare industry. As it provides the option of availing the required healthcare in the comfort of one’s home or workplace or in times of an urgency, the popularity of telemedicine has been climbing new heights over the past decade.
Browse the full Report of Global Telemedicine Market: http://www.mrrse.com/telemedicine-market
Of late, the global telemedicine market has been exhibiting a remarkable rise in terms of market valuation. Transparency Market Research (TMR), a market intelligence and research firm, has recently published a research study on the global telemedicine market, stating that this market had reached a value of US$14.3 bn in 2014. Expanding at a healthy CAGR of 14.30% between 2014 and 2020, it is likely to reach US$36.3 bn by the end of 2020.
U.S. Dominates North America Telemedicine Market
The North America telemedicine market has been leading the global market for the last few years. The shifting interest of patients from hospital treatments to home-based treatments in order to curb healthcare expenditure is the prime factor fuelling the growth of the telemedicine market in North America. The rising preference of proactive monitoring over conventional treatments is also boosting the demand for telemedicine significantly in this regional market.
The U.S. dominates the telemedicine market in North America at present and is projected to retain its leadership in the forthcoming years. The rising geriatric population, increasing prevalence of chronic diseases, growing adoption of home-based devices, technical developments in home use applications, increasing awareness regarding healthcare, and proper reimbursement scenario in the nation is stimulating the U.S. telemedicine market substantially.
Canada is also exhibiting steady growth in the North America telemedicine market. The increasing cost of healthcare and the rising incidence of chronic diseases have augmented the demand for telemedicine in the country, making telemedicine a lucrative market for various companies to invest in. However, the reduction in Medicare payments to home-based healthcare agencies and the risk to the safety of telemedicine professionals are hampering the growth of this market in Canada to a great extent.
Apria Healthcare Group, Gentiva Health Service Inc., Amdisys, Inc., Alere Inc., Baxter Int. Inc., B. Braun Melsungen AG, Fresenius Se & Co KGAa, GE Healthcare, Philips Healthcare, and Roche Holdings are the major telemedicine providers in North America.
Asia Pacific to Dominate Global Market
Asia Pacific has shown impressive growth in the global telemedicine market in the last few years. Currently, it is reporting the fastest growth rate among all the regional markets and is expected to take over the lead from North America over the next few years. The rising geriatric population base, together with technical advancement in telemedicine, is the key driving force behind the extensive growth of this market.
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Aerotel Medical Systems Ltd, Apollo PACS Inc., AMD Telemedicine Inc., CARD GUARD Group, Cerner Corp., CardioNet Inc., Cybernet Systems Corp., GE Healthcare Ltd., Invivo Corp., Honeywell HomMed LLC, Johns Hopkins Medicine, Philips Healthcare, Mennen Medical Corp., Siemens Healthcare, and SHL TeleMedicine Ltd. are the key providers of telemedicine in this region.