The access to proper
healthcare facilities is something which should be available for each and every
person; however, people living at remote locations are often left out when it
comes to provision of advanced healthcare facilities. This is because developed
healthcare infrastructure is only present in cities and densely populated
areas. Attributed to these, the concept of telemedicine was developed for
treating patients who were located in remote areas, in areas with shortages of
medical professionals, or far away from local health facilities. Telemedicine
at the present time is also utilized for addressing similar concerns, but the
preference of consumers is changing as well, which is further resulting in a
rising need for telemedicine.
In conclusion, the need for telemedicine is
rising for providing access to better medical facilities to patients in remote
locations.
As per a P&S Intelligence report, the global telemedicine market size reached a value of $21.5 billion in 2017 and is expected to generate a revenue of $48.8 billion by 2023, progressing at a 14.8% CAGR during the forecast period (2018–2023).
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The major services offered by the telemedicine technology are tele-training, tele-consulting, tele-education, and tele-monitoring. The largest demand in the coming years is projected to be created for tele-monitoring services in the coming years, which is ascribed to the rising need for patient monitoring services in remote areas.
The need for
tele-hospital and clinic type was larger in the past, owing to the surging
prevalence of health conditions associated with lifestyle changes. Apart from
this, the tele-home services are also projected to gain traction in the near
future because of patient benefits, such as shorter hospital stays, remote
monitoring of health conditions, and enhanced access to healthcare
professionals. Telemedicine services are offered on the basis of different
specialties, namely orthopedics, dermatology, neurology, gynecology, and
cardiology. Telemedicine was used the most for dermatology in the past, which
is attributed to the growing prevalence of skin diseases and increasing
healthcare expenditure.
Geographically, North
America has been the largest user of the telemedicine technology in 2017 due to
the advanced healthcare infrastructure, rising spending in the healthcare
sector, growing prevalence of skin and chronic diseases, and presence of major
companies in the region. Other than this, the Asia-Pacific (APAC) region is
predicted to emerge as the fastest growing telemedicine market in the
coming years, which is attributed to the rising adoption of technologically
advanced products and rapidly improving healthcare infrastructure in the
region. In addition to this, the geriatric population is also growing in APAC,
primarily in Japan, which is further expected to lead to growing adoption of
telemedicine.
