Rising Healthcare Cost Driving Telemedicine Market

The global telemedicine market reached $21.5 billon in 2017 and is expected to witness a CAGR of 14.8% during the forecast period (2018–2023). The reasons for this growth are the increasing healthcare cost, geriatric population, government funding and grants for telemedicine, medical tourism, prevalence of chronic and lifestyle-associated diseases, medical requirement in remote areas, and need for remote patient monitoring services in developing countries. Telemedicine enables healthcare professionals to diagnose, evaluate, and treat patients from a distance through the use of telecommunication equipment, including video and audio devices.

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On the basis of specialty, the telemedicine market is categorized into gynecology, cardiology, orthopedics, neurology, dermatology, and others. The category of dermatology contributed the most revenue to the market (32.7%) in 2017 and is predicted to retain its position during the forecast period. This is because telemedicine is used in dermatology to transmit medical information related to skin conditions, such as rashes, tumors, moles, psoriasis, and acne, for the purpose of consultation and interpretation. Through this method, it becomes easy for patients to receive consultation for their skin conditions.

Technological advancements in the telemedicine market are a key trend. In order to increase operational efficiency, improve outcomes, and expand the access to health services, the healthcare industry is witnessing a growth in the adoption of innovative technologies. The telemedicine technology is finding its way into connected devices, integrated home-healthcare, and other platforms. Due to technological innovations in the field of medical devices and healthcare services, the deployment of telemedicine has considerably changed the industry. It enables healthcare providers attend various patients in remote locations, simultaneously, with unified collaborative communication solutions.

The increasing healthcare cost is among the major factors that are driving the growth of the telemedicine market. The healthcare cost is increasing across the world, which is a major concern among patients as well as healthcare providers. The expensive new technologies and drugs, high administrative costs, growing physician fees, and high cost of goods and services are some factors contributing to the rising healthcare expenditure. Telemedicine, on the other hand, offers services that are cost-efficient, in addition to maintaining and improving the quality of the care provided.

Thus, the increasing government grants and funds and rising healthcare cost are driving the growth of the market.

GLOBAL TELEMEDICINE MARKET SEGMENTATION
By Specialty

• Dermatology
• Neurology
• Gynecology
• Orthopedic
• Cardiology
• Others

By Service

• Tele-Consulting
• Tele-Monitoring
• Tele-Education
• Tele-Training
• Others

By End User

• Tele-Hospital and Clinic
• Tele-Home

By Geography

• North America
• U.S.
• Canada
• Rest of North America
• Europe
• U.K.
• Germany
• France
• Rest of Europe
• Asia
• Japan
• China
• India
• Rest of Asia
• Rest of the World (RoW)