Jun 24, 2020, 13:48 EST
New York, United States, Jun 24, 2020, 13:48 /Comserve / -- The global telemedicine market is anticipated to flourish at a CAGR of 14.8% over the forecast period i.e. 2017-2024. Further, the market of telemedicine was valued at USD 20.54 Billion in 2016 and is projected to garner USD 61.99 Billion.
Telemedicine Market Overview
Telemedicine refers to use of telecommunication and information technology to provide clinical health care from a distance. Further, telemedicine has been used to overcome distance barriers and to improve access to medical services that would often not be consistently available in distant rural communities. Apart from this, telemedicine is used to save lives in critical care and emergency situations.
Market Size and Forecast
The global telemedicine market is anticipated to flourish at a CAGR of 14.8% over the forecast period i.e. 2017-2024. Further, the market of telemedicine was valued at USD 20.54 Billion in 2016 and is projected to garner USD 61.99 Billion by the end of 2024. Factor such as, rising emergency medical incidents and ageing world population is anticipated to drive the growth of the global telemedicine market over the forecast period.
Geographically, North America is anticipated to account for a significant portion of market share in the overall market of global telemedicine over the forecast period. Further, factor such as presence of refined medical services and high patient alertness is expected to increase the growth of North America telemedicine market during the forecast period. Moreover, U.S. is expected to be the largest telemedicine market in North America over the forecast period.
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Europe telemedicine market is expected to witness substantial growth over the forecast period. Factor such as, rising cost of healthcare and rising prevalence of chronic diseases is anticipated to drive the growth of telemedicine market in Europe in the upcoming years. Asia-Pacific is poised to record the fastest growth over the global telemedicine market over the forecast period. Factor such as, increase in population and improving access to healthcare in some of the major countries such as India, China, Japan is anticipated to drive the growth of the telemedicine in Asia Pacific during the forecast period.
Based on type, telemedicine market is segmented into, telehospitals/teleclinics, telehome and m-health (mobile health), out of which, telehospitals/teleclinics segment is expected to dominate the growth of the global telemedicine market during the forecast period.
Our in-depth analysis has segmented global telemedicine market into the following segments:
By End User
Global telemedicine market is further classified on the basis of region as follows:
Growth Drivers and Challenges
Factor such as, increasing technological innovation in the field of medical device and services across the globe are anticipated to intensify the growth of the global telemedicine market during the forecast period. In addition, rising geriatric population coupled with rising prevalence of chronic diseases is estimated to positively drive the growth of the telemedicine market over the forecast period.
Apart from this, increasing government funding and grants for telemedicine is anticipated to be the dynamic factor behind the growth of the telemedicine market. Further, the need for improved healthcare quality service and increasing number of smartphone users is expected to supplement the growth of the global telemedicine market over the forecast period.
However, availability of telecommunication band and lack of skilled and trained professionals are some of the key factors which are expected to limit the growth of global telemedicine market over the forecast period.
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