Today, several healthcare professionals and organizations in rural and remote areas across the world offer telemedicine service an opportunity to broaden its reach to millions of patients and delivering advanced products with higher patient satisfaction. Telemedicine is a telecommunication technology structured to provide remote clinical healthcare services. According to the reports, the global market for Telemedicine is expected to reach USD 45.8 billion by 2022, with a growing CAGR of 17.5 percent. Telemedicine services offer real-time mutual communication between the patient and healthcare professional, by utilizing electronic audio and visual means. Rising demand for Electronic Health Records (EHR) and an increasing vendor focus on home-based wellness tools are largely accountable for the business growth of the market. The implementation of telemedicine has considerably transformed the entire healthcare ecosystem, with cutting down the overall costs and fueling the efficiency of medical care.
There is a range of major drives that fueling the global market for telemedicine applications, including the high prevalence of chronic diseases and hypertension, escalating smartphone users, rising geriatric population, and consistent demand for advanced quality services at an affordable rate. Additionally, the growing number of medical tourism and increasing government initiatives and funding are anticipated to boost the growth of the market. However, towering technological cost, lack of resources and trained professionals, privacy and security concern in addition to scarce healthcare infrastructure in developing economies are the key factors that could impede the business growth of the global telemedicine market.
Moreover, training the generation-old doctors that are currently performing in the healthcare space and fostering them to adopt telemedicine in practice is a major limitation in the way of this market growth. Based on the region, North America is the largest share market in the global telemedicine market and is predicted to continue its dominance worldwide. However, the Asia Pacific market also expected to witness the highest growth in the global telemedicine market.