As technological advances increase daily, telemedicine is a sector of the healthcare industry that is expected to see rapid growth within the coming years.
According to the “Global Telemedicine Market – Growth, Trends and Forecasts (2015-2020)” report by Modor Intelligence telemedicine is expected to be worth more than $34 billion by the end of 2020.
As the largest global market, claiming over 40% of its entirety, North America will see the highest rate of expansion within the telemedicine sector.
So what’s causing this dramatic growth rate?
Experts say that the aging population (expected to double by 2050), rise in the diagnosis of chronic diseases and the increase in the software market are all coming together to propel this industry forward into the future of healthcare as we know it. Allowing doctors and practitioners to evaluate, diagnosis and treat patients remotely using the latest telecommunication technology, telemedicine allows patients to receive medical care from the comfort of their own homes – ideal for the growing senior population as well as those feeling the effects of chronic diseases.
As healthcare systems attempt to reduce both the number of hospital visits as well as the length of time the average patient stays in the hospital, home monitoring is a piece of telemedicine that is seeing a lot of attention.
The global telemedicine market can be segmented based on:
Due to the growing population and rise in diagnosed medical conditions, after the immediate cost of an increase healthcare premium, telemedicine can save money for both patients and the health care industry as a whole in the long term – making it a win/win.
And doctors are enjoying this rising healthcare sector as well, as telemedicine is said to boost practice revenue while also making it more cost-effective.