The global telemedicine market was valued at $21.5 billion in 2017 and is projected to reach $48.8 billion by 2023, progressing at a CAGR of 14.8% during the forecast period (2018–2023).

The geriatric population is increasing across the world. As per the World Population Aging report by the United Nations Department of Economics and Social Affairs, the number of people aged 60 years and over rose from 382 million in 1980 to 962 million in 2017. This number is further projected to increase to 2.1 billion by 2050. Aged people are more susceptible to diseases and need regular care in order to maintain their conditions. However, it’s hard for older people to go to medical facilities again and again for check-ups, which is why, the requirement for remote healthcare facilities is growing rapidly.

Tele home and tele-hospital & clinic are the two types of telemedicine solutions, between which, the demand for tele-hospital & clinic was higher in the past. This is particularly because of the surging burden of health conditions associated with changes in lifestyles. Apart from this, the demand for tele home is also predicted to rise in the near future, owing to the facility of monitoring patient health remotely. Different kinds of telemedicine services are tele-training, tele-consulting, tele-education, and tele-monitoring. Among these, the adoption if tele-consulting services was highest in the past.

Moreover, the demand of telemedicine services is also expected to rise for neurology specialties in the coming years, owing to the fact that these services have the potential to offer management of strokes and seizures. Geographically, North America has been the user of telemedicine services up till now, which is ascribed to the enhanced healthcare infrastructure and presence of major companies in the region. This being said, the Asia-Pacific region is projected to emerge as the fastest-growing telemedicine market in years to come due to the improving healthcare infrastructure and growing adoption of technologically innovative products.

Hence, the demand for telemedicine services is rising because of the growing geriatric population and need for remote patient monitoring. 

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