Post Date: August 9, 2016

Global Telemedicine Market

Telemedicine means using telecommunications technology to deliver medical services or information to patients among other users far from the provider. The telemedicine market is divided into; telehome and telehospital/clinic markets. Telemedicine is experiencing a significant boost in the vast healthcare industry as a result of a dire need for improved clinical outcomes and better quality treatment. Increased awareness of patients’ readings has led to better clinical outcomes as monitored under telemedicine.

The primary trend is to move towards an integrated telemedicine to attain the highest reliability. Many organizations are working to capture all clinical signals. Data transfer speed has by far improved with the aid of IP-based acceleration and transmission control protocol (TCP). More organizations are adopting Web-based interfaces which provide global reach and high levels of interoperability.

The global telemedicine market is expected to reach $23.8 billion in 2016 and $55.1 billion in 2021 which reflects a compound annual growth rate of 18.3% spanning five years. Telehospital/clinic grossed an estimated $11.1 billion in 2015 as a segment while the telehome market division totaled almost $9 billion that same year. The telehome segment is expected to grow at a projected compound annual growth rate (CAGR) of 24% thus increasing its total market share by 15% from 45% in 2015 to 60% in 2021.

During the forecast period, the telehome technology market whose value was estimated to be over $5.3 billion in 2015 should dominate over the telemedicine technology. Telehome technology is expected to grow significantly by over 5% in the telemedicine technology market from 63.5% in 2015 to 68.7% by 2021.Telehospital/clinic technology is projected to reach $7.5 billion by 2021 which is 31.3% of the market representing CAGR of 17.3%.

While telemedicine is recommended as a pivotal technology to back up e-healthcare and significantly reduce costs, it’s absurd to learn that health insurance is increasing in many different markets. For instance, a business owner recently dumbfounded Hillary Clinton when she told her that the cost of health insurance had doubled as the premiums for her family increased by $500 monthly. This would mean trouble for her employees too and other business owners. Clinton alluded that insurance companies should explain their rising costs and that income cut-offs should be more lenient.