Telemedicine allows healthcare professionals to evaluate, diagnose and treat patients in remote locations by using telecommunications and information technology as medium of communication between patients and doctors. Telemedicine is also referred to as telehealth or e-health. Telemedicine enables patients in remote locations to access medical expertise easily, efficiently and without travel. Telemedicine provides more efficient use of limited expert resources to monitor patients in remote locations whenever it is required without leaving their facility. In addition, this technology helps local practitioners to consult with their peers and with other clinical experts when it is required.
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Telehealth Industry Statistics
The global market for telemedicine technology is expected to grow at a CAGR of around 20% for the forecast period 2017 – 2021. This high growth can be attributed to market factors such as continuously aging population, shortage of physicians and specialist healthcare professionals, ubiquity of mobile technologies, and other such factors mentioned in the report.
Most of the companies operating in the North American market are headquartered in the United States, where a rising number of patients suffering with chronic diseases due to the rapidly growing aging population, shortage of healthcare professionals, growing requirement of healthcare facilities in remote area, changing life style habits of the population, and lack of proper disease management are expected to increase the demand for remote patient monitoring. This will boost the market for telemedicine applications.
Early adoption of telemedicine applications in hospitals owing to the increasing cost of healthcare treatments helps the North American gain a leading position in the market and this is expected to continue to 2022. The shortage of healthcare professionals in clinics and hospitals in this region is providing technology companies with an opportunity to create applications for healthcare treatment. In addition to these factors, technological advances and favorable reimbursement policies are also favoring the growth of this market.
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The Future Of Telemedicine
The North American telemedicine technologies market was valued at about $15 billion in 2016 and is expected to reach nearly $45 billion by 2022.
There are, however, certain restraining factors in the market which could hinder its growth. These include the high cost of telemedicine technologies, and a lack of professionals with the required expertise.
Key players operating in this region include Polycom, Baxter International, Cisco, Gentiva Health Service, McKesson Corporation, Cerner Corporation, AMD Telemedicine, Honeywell Life Care Solutions, etc.
Companies included in the report are Aerotel Medical Systems Limited, AMD Telemedicine, Inc., Apollo PACS Inc., GE Healthcare Ltd. and Polycom. Geographies in which these companies are dominant along with future trends are also mentioned in the report.
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