Transparency Market Research

Telemedicine Industry: Rising Demand for Personal Healthcare to Promote Telemedicine

Transparency Market Research Report Added "Telemedicine Market" to its database.

 

Albany, NY -- (SBWIRE) -- 05/04/2015 -- Transparency Market Research (TMR) has announced the addition of a new market study based on the telemedicine market across the world. According to the report, the global telemedicine market had reached a value of US$14.3 billion in 2013.The title of the report is "Telemedicine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020" and states that this market will rise at a CAGR of 14.3% during the period of 2014 to 2020, to attain an estimated value of US$36.3 billion by the end of the forecast period.

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In telemedicine system, the telecommunication and information technology are utilized to provide clinical solutions to patients. Many applications and services such as emails, two-way videos, smart phones, and wireless devices are used to deliver effective results in this process. This system assists in improving the health of patients using electronic media. It also increases the percentage of availability by decreasing the distance between patients and medical service providers. The telemedicine system is cost and time effective and thus favored by both, urban and rural medical and healthcare institutions. Apart from this, the rise in the demand for personal healthcare and privacy is promoting the usage of telemedicine. The increase in the number of techno-savvy individuals coupled with government spending and reimbursement policies is also shifting the consumer preference from conventional medicine to telemedicine.

Shortage of dedicated medical and healthcare staff exclusively for telemedicine, late response time showed by some types of telemedicine, and inadequate estimation are some of the challenges faced by the global telemedicine industry.On the basis of medical specialty, the dermatology segment dominated the global telemedicine industry in terms of market revenue, with a market value of US$2.0 billion in 2013. However, the neurology segment exhibited the highest growth rate in this market displaying a CAGR of 15.9% during the period of 2014 to 2020, mainly due to the large number of strokes and cases of Parkinsons and Alzheimer diseases.

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Based on the service type, the tele-consultation category generated the highest revenue from the in 2013. Globally, medical consultation services are the most common form of telemedicine utilized for differential diagnosis consultation by physicians. The highest growth rate was exhibited by the tele-monitoring segment in the global telemedicine market at a CAGR of more than15%. The huge number of diabetic and disability patients across the globe that is increasing with each passing year is the main reason behind this growth.

In terms of the region, North America qualified for the biggest share of the global market for telemedicine in the year 2013, while the telemedicine market in Asia Pacific exhibited the fastest growth rate in the global telemedicine market, which is likely to rise with a CAGR of over 16%.

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About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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