New York, NY -- (SBWire) -- 12/12/2016 --The global telemedicine market is growing at a significant rate, due to growing geriatric population, increasing healthcare cost, increasing government funding and grants for telemedicine, and increasing prevalence of chronic and lifestyle associated diseases. In addition, the increasing medical tourism, increasing medical requirement in remote location, increasing number of smart phone users, and consistent need for improved healthcare quality services is also driving the growth of the global telemedicine market.
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Telemedicine is a telecommunication technology for providing remote healthcare services through real-time two-way communication between the healthcare provider and patient, by using electronic audio and visual means. Telemedicine is categorised as store-and-forward, remote monitoring and interactive services.
Telemedicine services are used in several medical areas, such as pathology, cardiology, radiology, genetics, diabetes control, psychiatry, and primary healthcare. The deployment of telemedicine services has significantly changed the healthcare services, due to various technological innovation in the field of medical device and services.
Factors, such as high technological cost and lack of trained professionals, and inadequate healthcare infrastructure in developing economies are inhibiting the growth of the global market. The increasing number of collaborations and partnerships is the key trend observed in the global telemedicine market.
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Geographically, North America dominated the global market of telemedicine in 2015; whereas the Asian market is expected to witness the fastest growth at a CAGR of 25.7%, during the forecast period.
Some of the key companies operating in the global medication management market include LifeWatch AG, Aerotel Medical Systems Ltd., InTouch Technologies Inc., AMD Global Telemedicine Inc., OBS Medical Ltd., Cisco Systems Inc., Cerner Corporation, Allscripts Healthcare Solutions Inc., McKesson Corporation, Honeywell Life Care Solutions, Koninklijke Philips N.V., BioTelemetry Inc., Medtronic PLC, Polycom Inc., and General Electric Company.
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Asia Telemedicine Market Expected to Witness the Fastest Growth (25.7% CAGR) Globally, During 2016 – 2022
The global telemedicine market was valued at $17,878.7 million in 2015, and it is expected to grow at a CAGR of 18.7% during 2016 - 2022. Among the various services, the tele-monitoring segment is expected to witness the fastest growth during the forecast period, at a CAGR of 21.8%.