ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research has announced the release of a report titled “Telemedicine Market (Specialty, Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”. The report states that the global telemedicine market will grow at a healthy CAGR of 14.3% between 2014 and 2020, and acquire net worth of nearly US$36.3 billion by 2020. This market had an estimated net worth of US$14.3 billion in 2013.
The report states that a decrease in risk of acquiring hospital infection, and an increased sense of safety and convenience with home based telemedicine treatments are the primary factors driving market of telemedicine across the globe.
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The report segments the global telemedicine market broadly into medical specialty, services offered by the market, and chief regional markets across the globe. The market segment medical specialty is further categorized into neurology, cardiology, dermatology, internal medicine, orthopedics, gynecology, emergency care, and other specialty segments with nominal applications for telemedicine, such as pediatric care, dentistry, gastroenterology, and ophthalmology.
Amongst these, dermatology emerged as the biggest revenue contributor to the overall market in 2013, and was worth nearly US$2.0 billion. However, during the forecast period the market segment neurology is expected to grow at the highest pace – an estimated CAGR of 15.9%, owing to global rise in cases of Alzheimer’s, Parkinson’s and strokes.
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Based on the types of services, the market segment tele-consultation emerged as the lead revenue generator in 2013. Over the period of forecast, the market segment tele-monitoring is expected to grow at a CAGR of nearly 15%, owing to the large patient-base of diabetic and disabled people globally.
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