Telemedicine is a technology that provides telemedicine care and treatment, essentially allowing physicians to use a computer or smartphone at any time and place. Initially, telemedicine was formed by telephone calls between physicians and patients, but due to the advancement of communication technologies, telemedicine has changed to video calls. One of the problems in the telemedicine market is the lack of awareness and acceptance of the health insurance industry regarding telemedicine prescriptions. If these problems are addressed, we can expect significant growth in this market size with the coordination of insurance industry.
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Market / Industry segment of telemedicine market
| Base Year | Market size(B$) | Duration(YEAR) | CAGR(%) | Source Name |
| 2018 | 34.28 | 8 | 23.50% | Fortune business insights |
| 2020 | 35.46 | 5 | 17.85% | Market data forcast |
| 2019 | 45 | 7 | 19.30% | GMInsight |
| 2019 | 41.4 | 8 | 15.10% | Grand view research |
| 2019 | 31.46 | 6 | 19.28 | Yahoo Finance |
Influencing factors that changes market size of telemedicine
The size of the market value changes under the influence of many factors; the increase and decrease in the rate of these influential factors leads to changes in the value of the market size, which is provided by direct and reverse drivers in the market of telemedicine.
Direct drivers:
- Increasing health care costs
- Technology innovation
- Increase use of patient health monitoring devices
Reverse drivers:
- Problems with electronic prescriptions
- Lack of support for health insurance
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The market of telemedicine may also be threatened by following risks:
In all different markets and industries, risk is always one of the factors that business founders should be sufficiently aware of. The first step is risk assessment is identification of risks in the market in order to perform risk management. The market of patient remote monitoring may also be threatened by the following risks:
- Technology risk
- Legislation risk
- Competition risk
- Sales and marketing risk
