Telemedicine market to reach $2.5B by 2018
The thriving telemedicine market hasn't shown signs of abating any time soon, according to a new report by Companies & Markets. The report shows that in 2011, the global telemedicine monitoring market reached a value of $736 million and, according to officials, is poised to increase to $2.5 billion by 2018.
This significant growth in the global market can be attributed to numerous factors as telemedicine monitoring provides ways to improve clinical care delivery to patients while also reducing the need for hospitalizations and visits to the emergency room.
[See also: Telemedicine burgeoning in BRIC countries.]
Telemedicine is the use of telecommunication and information technologies in order to provide clinical healthcare at a distance. It helps to eliminate barriers and improve access to medical services that would often not be readily available in rural communities. The technology can also be utilized in critical care and emergency environments.
Having the ability to accurately access patient condition via a combination of advanced testing and telemonitoring creates the opportunity to intervene during a clinical emergency and permits education provisions regarding healthy living in a way that is likely to create compliance with clinician recommendations.
[See also: Telehealth boosts ICU for rural hospitals.]
Telemedicine table devices typically cost $350 in 2011, with the average price of the software at $75 per unit. Officials say this indicates a growing services business that will pay for the devices over time.
Moreover, telemedicine has been seen to be beneficial for individuals living in isolated communities and rural regions. Telemedicine technology allows patients who live in these rural areas to be seen by a doctor or specialist, who can provide an accurate and complete examination, without the patient to traveling away from their families to far-off medical centers.
To access the Companies & Markets telemedicine report, click here.