The global telemedicine market size reached $21.5 billon in 2017 and is expected to witness a CAGR of 14.8% during the forecast period (2018–2023). The reasons for this growth are the increasing healthcare cost, geriatric population, government funding and grants for telemedicine, medical tourism, prevalence of chronic and lifestyle-associated diseases, medical requirement in remote areas, and need for remote patient monitoring services in developing countries. Telemedicine enables healthcare professionals to diagnose, evaluate, and treat patients from a distance through the use of telecommunication equipment, including video and audio devices.
On the basis of specialty, the telemedicine market is categorized into gynecology, cardiology, orthopedics, neurology, dermatology, and others. The category of dermatology contributed the most revenue to the market (32.7%) in 2017 and is predicted to retain its position during the forecast period. This is because telemedicine is used in dermatology to transmit medical information related to skin conditions, such as rashes, tumors, moles, psoriasis, and acne, for the purpose of consultation and interpretation. Through this method, it becomes easy for patients to receive consultation for their skin conditions.
Pre-Purchase Inquiry at: https://www.psmarketresearch.com/send-enquiry?enquiry-url=telemedicine-market
The increasing healthcare cost is among the major factors that are driving the growth of the telemedicine market. The healthcare cost is increasing across the world, which is a major concern among patients as well as healthcare providers. The expensive new technologies and drugs, high administrative costs, growing physician fees, and high cost of goods and services are some factors contributing to the rising healthcare expenditure. Telemedicine, on the other hand, offers services that are cost-efficient, in addition to maintaining and improving the quality of the care provided.
Another major factor driving the telemedicine market is the increasing government funding and grants. Several government organizations are supporting the implementation of telemedicine facilities by providing funding. For example, the U.S. Department of Agriculture granted $23.0 million to 36 telemedicine projects and 44 distance learning projects in 2016. Projects like this in the country will help connect rural communities with educational and medical experts and improve their access to healthcare services, which will result in the growth of the market.
Thus, the increasing government grants and funds and rising healthcare cost are driving the growth of the market.
This post was originally published on Kentucky Reports