Future of Telemedicine - Key Trends and Forecast 2020

Telemedicine is the evolved format of traditional medicine that provides medical care to millions of individuals worldwide with the benefits of cost efficiency and convenience of location. The basic difference between traditional healthcare technology and telemedicine is the use of telecommunication technology to provide patients and medical practitioners the convenience of location, cost and time. With the advent of communication technology in medical sciences, telemedicine revolutionized the overall framework of healthcare. Patients were no longer subjected to travel or waiting periods and could seek medical attention at the comfort of their homes. This greatly changed the perception of medical practice, which is the major reason why telemedicine is currently considered synonymous with general medicine. Telemedicine involves the use of mobile communication technology and image/video transfer technology via the internet. The internet has provided the basis for information exchange, which is stored and maintained by the servers present at either hospitals or telemedicine service provider company at a nominal cost. 

Current Developments in the Global Telemedicine Market

At present, the global telemedicine technologies market is facing a number of challenges that it needs to overcome in order to ensure its high growth in the coming few years. Some of the major challenges hampering this market are the shortage of skilled and experienced professionals in remote areas and absence of consumer awareness about telemedicine technologies and their uses. Other major restraints suppressing the global telemedicine technologies market are the lack of proper insurance and strict regulatory framework governing this industry.

Currently, North America and Europe are leading the global telemedicine technologies market. This is due to the elevated acceptance of telemedicine technologies in these regions. In addition to this, the presence of enhanced healthcare and IT infrastructure promotes the adoption of telemedicine technologies.

Expected Developments in the Global Telemedicine Market

The global telemedicine technologies market is expected to grow at a double-digit CAGR during the forecast period of 2010 to 2017. In the coming few years, the improved access to patient care and telehealth technologies reaching new markets is expected to propel the market. Furthermore, with the advent of telemedicine technologies, the number of emergency room visits and hospitalization is expected to reduce drastically. Multiple healthcare providers can communicate with an individual episode of care and centralize all the existing data and streamline data collection via telemedicine technologies. This is expected to reduce the gap between clinician supply and patient demand.

According to market analysts, China, Brazil, India, and Russia will experience a high growth rate in the global telemedicine technologies market in the coming few years. These regions will benefit from their expanding populations and the accelerating incidence of chronic diseases such as asthma, diabetes, and heart failure. Furthermore, increasing healthcare costs and rising awareness of telemedicine in remote locations will also drive these markets.

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Key players in the global telemedicine technologies market are thus focusing on the emerging markets of Russia and Brazil to expand their services. The global telemedicine technologies market is broadly segmented into software, hardware, and services. Some of the most prominent companies in the global telemedicine technologies market are AMD Telemedicine, McKesson Ltd., Philips Healthcare, GE Healthcare, and Cardio Net.