Considered to be the next step in traditional medicine chains, telemedicine can provide medical assistance to millions of individuals around the world and add personal benefits in terms of cost efficiency as well as the choice of a convenient location. Telemedicine differs from conventional medical methods through the use of telecommunication technology, which is used to help patients as well as medical practitioners save time and money. The field of medicine presents a major opportunity for the incorporation of telecommunication technologies. This, in turn, has created a new perspective on healthcare services, where patients no longer have to wait in long lines to receive medical attention.
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The global telemedicine market is expected to progress at a CAGR of 14.30% between 2014 and 2020. This period of growth will cause the market to reach US$36.3 bn at the end of 2020, up from its 2014 recording of US$14.3 bn. The key players that make the major moves in the global telemedicine market are McKesson Corp., Siemens Healthcare, Medtronic, Inc., LifeWatch AG, OBS Medical Ltd., Honeywell HomMed LLC, AMD Global Telemedicine, Inc., F. Hoffmann-La Roche Ltd., CISCO Systems, Inc., CARDIOCOM, LLC, InTouch Technologies, Inc., Agfa HealthCare NV, and Allscripts Healthcare Solutions, Inc.
Government Agencies Acknowledge Potential of Global Telemedicine Market
One of the greater assists to the global telemedicine market is the financial input provided by the governments of multiple developed and developing economies. Other reasons for growth of the global telemedicine market are the increasing demand for privacy of personal data, the growing number of favorable reimbursement schemes, and the steadily growing demand for personal healthcare. With governments backing the global telemedicine market by increasing their expenditure in it, the market’s future seems optimistic. The global telemedicine market can also achieve higher rates of growth by tapping the currently unattended medical needs of those situated in remote locations. The number of patients that can be helped in rural areas is steadily increasing, creating a greater need for the global telemedicine market to step up.
Lack of Skilled Labor Hampers Global Telemedicine Market
The global telemedicine market does, however, face a few restraining factors as well. The biggest restraint for this market is the dire shortage of human labor that is professionally trained to operate telemedicine products and services. This creates a sub-standard response time, because while the patient base is increasing, the number of capable medical staff that can help them is growing at a much slower rate. The market is further slowed down by the low levels of assurance that can be offered to patients regarding diagnostics. The global telemedicine market can create a gray area where inadequate medical assessment could end up limiting its own rate of growth.
That said, the global telemedicine market is still showing signs of positive growth in the near future. Medical consultation services are expected to be the most commonly used services in the market for quite some time, while neurology telemedicine is expected to show a rapid rate of growth till 2020. Another segment that is on a growth path is tele-monitoring. The expansion of these segments is expected to create a wider scope for growth of the global telemedicine market in the coming years.