PUBLISHER: Mind Commerce | PRODUCT CODE: 1277032
PUBLISHER: Mind Commerce | PRODUCT CODE: 1277032
This report evaluates the telemedicine market including technologies, solutions, applications, and services. This includes analysis of major players, strategies, and solutions. The report assesses the means of deployment, device, and therapeutic types by solution. The report also analyzes market opportunities by hardware, software, and services by region. This includes forecasts for each major component from 2023 to 2028.
Telemedicine involves the fulfillment of healthcare services to people from a distance using software solutions and telecommunication technology. It connects patients with doctors or physicians or other healthcare providers commonly used by hospitals, clinics, and telemedicine service providers. Advanced wireless and networking technologies, coupled with recent advances in biotechnology, biosensors, and software engineering, have enabled promising growth in telemedicine healthcare ecosystems.
Expert medical care delivered via telemedicine can significantly improve healthcare services for rural areas, remote locations, and underdeveloped nations. For the developed nations, telemedicine is increasingly gaining popularity due to its high potential for cost savings, healthcare availability, and increased efficiency in healthcare service delivery. As the recent pandemic has made abundantly clear, uninterrupted access to healthcare services is a critical need for society.
There is also a crucial need to reduce ever-expanding societal healthcare costs. This is particularly the case for the aging population in developed countries. For example, a couple in the United States that plans to retire in 10 years can expect to pay over $330,000 during retirement on healthcare (an amount equaling about 92% of their lifetime Social Security benefits and growing).
By 2050, the global population is anticipated to reach nearly 10 billion. One in six of those people will be over age 65 with 426 million aged 80 years or over. The 65+ year old age bracket is the fastest-growing segment, which correlates with steady growth in life expectancy worldwide. In 1960, the average UK citizen would live until about 70, but now 80 years old is the expected age of death. The United States has similar numbers. However, life expectancy in China has dramatically increased from the mid-forties in 1960 to the mid-seventies today.
Accordingly, the growing elderly population in many countries is a major growth segment for the telemedicine market. For example, up to 25% of physician office visits in the United States involve geriatric patients who often have multiple morbidities and disabilities. While there remains some hesitancy for some seniors (such as difficulty seeing, hearing or communicating via telehealth sessions), we are confident that emerging technologies will make accommodations possible for improved market adoption.
While there are many technological factors driving the market, such as more ubiquitous broadband communications and machine-to-machine communications, there are a few fundamental market drivers that ensure ongoing growth for the telemedicine market. The following factors apply to the general population as a whole, but particularly to senior citizens:
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