OREANDA-NEWS. September 12, 2016. The demand for telemedicine has grown in recent years due to the steady advancement in telecommunications technology and the growing realization of its utility in the healthcare sector. Telemedicine refers to a group of technologies and devices enabling the adoption of a number of telecommunication solutions in the healthcare sector to allow physicians to carry out patient examinations remotely and prescribe medicine accordingly.

According to Transparency Market Research, the valuation of the global telemedicine market was US\\$14.3 bn in 2014. Exhibiting a sturdy 14.30% CAGR between 2014 and 2020, the market’s overall valuation is expected to rise to US\\$36.3 bn.

Rising Preference for Home Care to Drive Adoption of Telemedicine Solutions

The growth of the global telemedicine market has been helped by the massive unmet need in developing regions, where the healthcare infrastructure is not as widespread as in developed regions. At the other end of the spectrum, the rising demand for home care from urban patients in developed countries has also been instrumental in driving the demand for telemedicine solutions. Home care has become the preferred mode of care due to the rising prevalence of conditions that require long-term monitoring rather than urgent care, and the growth of the geriatric demographic, which is likely to prefer receiving medical care at home rather than hospitalization.

Lack of Latest Telecommunication Technology Restricts Adoption of Telemedicine in Emerging Regions

Despite the growing adoption of telemedicine in developed countries, the lack of advanced telecommunication solutions in remote areas of developing regions has held back the incorporation of telemedicine solutions. The sustained government efforts in numerous developing countries to upgrade their telecommunication networks will thus be crucial for the global telemedicine market in the coming years.

Asia Pacific to Overtake North America by 2020

Geographically, North America is the leading contributor to the global telemedicine market due to the presence of many of the world’s leading telecommunication companies as well as medical devices manufacturers. This has resulted in easy availability of advanced telemedicine solutions across North America.

However, the Asia Pacific market for telemedicine is likely to exhibit smooth growth in the coming years, and is expected to emerge as the dominant regional market for telemedicine by the end of the decade. Countries such as China, Japan, India, and South Korea are likely to be the vanguard of the Asia Pacific telemedicine market in the coming years, as these countries have exhibited solid support for development of their healthcare sectors in recent years.