Global Market for Telemedicine Technologies to Reach USD 72.5 Billion by 2023

The ability to improve quality of care, access patients within rural communities, reduce hospital admissions and re-admissions, enhance medical engagement, and convenience are all reasons that the global market for telemedicine technologies is seeing significant growth. The global market for telemedicine technologies was worth USD 26.7 billion during 2017. It is estimated to be valued at USD 72.5 billion by 2023, indicating a compound annual growth rate (CAGR) of 18.3 percent. Other drivers of the industry have been identified as the growing prevalence of chronic diseases, growing elderly population and increasing healthcare costs. However, the wide variety of mobile health apps are also helping patients monitor and track their well-being.

The Asia-Pacific region is anticipated to grow at the fastest CAGR, at 20.4 percent. North America dominates the market share due to telemedicine technologies being integrated into almost half of all US hospitals. Restraints facing the industry include the lack of reimbursement, regulatory issues, and a lack of physician knowledge and acceptance. Telemedicine technology potentially targets the underserved, the elderly and their caregivers, persons with chronic diseases, employees and dependents and fitness-oriented individuals. Telemedicine has been improving access to healthcare services and medical information and has innovatively changed the mode of communication between a healthcare provider and a patient. Patient consultations are done via videoconferencing, image transmission, e-health patient portals and remote monitoring of vital signs. – BCC Research