The global Telemedicine market was estimated at $17.8 billion in 2014 and is poised to reach $28.9 billion in 2019, growing at a CAGR of 18.6% over the next five years. The largest segments of the telemedicine market are telepathology, teleradiology, teledermatology and telepsychology.
Technological innovations and advancements fuel the market growth. However, the major driving force for this market are the increasing aged population, rising cost of healthcare, rising prevalence of chronic diseases, lack of infrastructure in hospitals to accommodate large patients numbers.
Thanks to technology, hospitals and clinics can now exclusively cater to the critically ill, while extraneous patients can consult other doctors through a simple phone call or by videoconferencing. There are number of telemedicine start-ups that are investing in the telemedicine market. This ensures that everyone has equal access to special consultants (doctors) and healthcare information is shared.
The need for mental health treatment throughout the U.S. far surpasses the number of trained professionals available to provide it. But a host of technologies are helping to bridge that gap by connecting patients with mental health treatment and programs remotely.