The global telemedicine market is prognosticated to grow in upcoming years owing to several factors. The market includes big and small players, which market the scenario highly competitive. The key players in the global telemedicine market include InTouch Technologies, Inc., Allscripts Healthcare Solutions, Inc., CISCO Systems, Inc., Siemens Healthcare, and Honeywell HomMed LLC,. The major players are likely to capitalize on the growing economies so as to benefit from the untapped market potential.
The global telemedicine market was expected to flourish at a robust CAGR of 14.5% within the forecast period from 2014 to 2020. In 2013, the market was evaluated to be of worth around US$14.3 bn. This value is expected to rise around worth of US$36.3 bn by the end of 2020.Thus, the market is expected to showcase a lucrative potential for the market players in the forthcoming years.
Based on specialty, dermatology segment is foreseen to excel among others in terms of revenue in the global telemedicine market. This is credited to the rising cases related to dermatology in the market and rise in number of people who are now more beauty conscious. On the basis of geography, North America region is anticipated to dominate the global telemedicine market trailed by Asia Pacific. The latter’s progress is attributed to supportive government policies and increase in population in urban and rural areas.
Rising Trend of Monitoring Remote Patients to Fuel Market Demand
Telemedicine market has gained a lot of traction in the remote management of the patients post treatment of chronic illnesses. Telemedicine the service where the healthcare related issues are dealt over teleconference or telecommunication, for example, consultation. This helps the medical practitioners to analyze, diagnose, treat the patients, and prescribe medicines. The global telemedicine market is stimulated by increase in trend of monitoring remote patients, healthcare expenses, advancement in technology, and increased cases of chronic illnesses. However, there are certain hindering factors as well in the market that are foreseen to slow down the growth in future, such as, requirement of high initial capital, poor cases of telemedicine implementation, inappropriate reimbursement policies, and lack of skilled labors.
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Risk of Violation of Privacy and Security Laws to Hinder Market Growth
Moreover, while the patient are communicated through telehealth, there is a high risk to violate the security and privacy laws. Since such interactions include communication with the patients that are not present physically, there is also a risk to disclose the unrequired information to the wrong person, which comes under the unauthorized disclosure of information as per HIPAA Privacy Rule. To reduce such incidences, the telehealth providers need to have a strong and reliable ways to authenticate and verify the doctor’s as well as patient’s identity at the time of every telehealth practice. In the present market scenario, there is a shortage of such ways for identity authentication. Telehealth encounters are as well estimated to be vulnerable to signal errors, third-party interference, and interrupted transmission. Such cases are expected to resultant in interrupted communication, loss of data, alteration of important medical instructions, which along with other risks are foreseen to lead to HIPAA security and privacy violations.
This analysis is based on a recent market research report by Transparency Market Research, titled, “Telemedicine Market (Specialty, Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”