Telemedicine/Virtual Medicine is defined as the use of medical data switched from one source to other via electronic communication means in order to improve clinical health position. Telemedicine comprises a budding variety of application and services by means of two- way video, e-mail, smart phone’s usage, other wireless tools and various forms of telecommunication technology. More than 50.0% of the hospitals based in the U.S. use telemedicine services. Virtual medicine aids in addressing issues such as readmissions, cost efficiency, patient outcomes, and emergency situations.
The global telemedicine market is anticipated to reach over USD 110.0 billion by 2025 growing at a lucrative CAGR of over 18.0%. The market is segmented on the basis of the products into hardware, connectivity & network and other products. The market is analyzed on both regional and global level.
Even though it is a relatively new notion to many in the international healthcare space, telemedicine (telehealth, e-health) is becoming progressively significant as it can improve diagnosis, provide speed treatment options, and still be cost efficient. High-tech advancements in a complete system of telemedicine technology mark these enhancements possible.
From live video-conferencing to store and forward audio and image seizure, from collection of patient’s information which may be fused into a record or may be printed for storage in patient medical record, telemedicine can now provide both the patient and the physician a new type of service.
Large employers, are specially approving virtual medicine as a healthcare cost saving method. A global health welfares advising company, Towers Watson, specified that the U.S. firms may save USD 6.0 billion on healthcare expenditure per year, by using telemedicine services.
The aspiration to overcome the tasks facing all medical systems, comprising pressure to enhance value of care while reducing overall healthcare cost, is anticipated to lead to an upward interest in the application of virtual medicine enhancing the market. Additionally, bandwidth and telecom system prices have reduced drastically over the last decade.
Representatives from the International Organization for Migration (IOM), 2003 & 2005, union in Kenya, Uganda, Tanzania, and Pakistan, are involved in conducting physical screening for migrant workforces that travel from one country to other in order to find work. Using tele medical radiological scanning equipment, the IOM personnel refer migrant’s X-rays to healthcare professionals in other sites. After the doctors sign off the X-rays, the IOM confirms if the labors suffer from tuberculosis or any other communicable conditions and then allow them access to any new country (International Organization for Migration, 2003 & 2005).
In-depth report on global telemedicine market by Grand View Research: