Telemedicine market is expected to be worth over $34 billion globally by the end of 2020, with the United States, accounting for more than 40% of the global market, according to the new market research report published by Mordor Intelligence. However, such predictions did not account for the large telehealth market expected in the next five years.
There are currently over 200 telemedicine networks, with close to 4000 service sites in the united states, according to the American Telemedicine Association. Approximately two million Americans are using a remote cardiac monitor, and over five million do remote consultations, using telemedicine. More than half of the United State’s hospitals now use some form of telemedicine, while millions of patients across the world use telemedicine to monitor their vital symptoms.
Why Telemedicine is on the Rise
The key driving for telemedicine market is the rising cost of health care, increasing aged population, lack of appropriate infrastructure in hospitals to contain a large number of patients and rising prevalence of chronic diseases. The telemedicine is the solution that we can apply for various health care sectors to help meet the demand. Addressing rural healthcare issues, bringing on site healthcare to schools, or monitoring the in-home health of the elderly, it surely eliminates the barrier of the traditional health care across the globe.
Telemedicine Changing the Healthcare Sector
Currently, the healthcare sector is in the midst of health professional shortage in various parts of the world. This is because of the ageing and growing population, the increased incidents of chronic diseases and lack of appropriate infrastructure in most private practices, universities, clinics and hospitals, making it difficult for patients to access quality health care services. Fortunately, telemedicine is the right solution that can be used across health sectors to control these barriers. It enables specialists and primary care providers to monitor patients remotely, offering the best solution for their problems.
Ultimately, telemedicine is an exponentially growing medical niche with no signs of slowing down. It improves overall health quality for patients in need!