Telemedicine Market Research Report, By Key Players, Applications (Radiology, Cardiology) By Service (Telenursing), Region , Segmentation, Deployment (Cloud-Based, On-Premises), End Users (Hospitals, Clinics) – Global Market Analysis Till 2023
The global Telemedicine Market size can reach USD 56,738.3, demonstrating a significant CAGR of 16.8% over the forecast period of 2014-2023, According to Market Research Future (MRFR). Telemedicine facilitates provision of medical help through the use of telecommunications technologies such as email, video conferencing. The market has grown considerably over the recent years on account of increasing prevalence of chronic diseases such as diabetes, cancer, and others.
Easier-to-use applications and growing acceptance of patients to seek medical help through smartphones and computers is aiding the growth of the telemedicine market. Rise in geriatric population who are more prone to diseases and are unable to reach out to healthcare providers have induced the demand for telemedicine. Telemedicine also facilitates patient monitoring and medical aid provision in remote and in areas flood and tsunami affected areas. Growth in number of smartphone users and increasing adoption of electronic health record (EHR) are also fundamental drivers of the market.
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The increasing adoption of electronic health records is poised to be a major market driver during the forecast period due to its capability to allow physicians to communicate with their patients securely and effectively. The prevalence of diseases such as cancer where patients could benefit from telemedicine treatment is likely to provide avenues for growth of the market. Additionally, rising demand for self-care options, the advent of virtual medicine and the ability of the technology to reduce emergency hospital visits is expected to encourage robust growth during the forecast period.
Extensive required training, high cost associated with deployment and stringent regulations regarding the same are expected to hinder market growth. However, the market and relevant technology are still in its Indian stages, and government-sponsored telemedicine programs provide high potential for growth in the future.
Main Key players who have been profiled in MRFR’s research of competitive landscape include Aerotel Medical Systems Ltd., Allscripts Healthcare Solutions, Cardiocom, AMD Global Telemedicine, Inc., CardioNet, CareClix, Cerner Corporation, Intel Corporation, Iris Telehealth, Koninklijke Philips N.V., Medtronic, GENERAL ELECTRIC, IBM Corporation, SHL Telemedicine, TeleVital, Honeywell Lifesciences, Tunstall Healthcare, Care Innovations, Medvivo Group Ltd, and others.
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The global telemedicine market has been broadly categorized by service type, component, deployment, application, end-user, and region. By application, the market has been divided by cardiology, ophthalmology, psychiatry, radiology, dermatology, and others.
By service type, the market has been segregated into telenursing, telepharmacy, teleradiology, teledermatology, teleoncology and others. By deployment, the market is divided into cloud-based and on premises.
By component, the market has been divided into hardware and software. Further sub-segmentation is as follows
• Hardware – monitors and peripheral medical devices.
• Software – integrated software and standalone software
By end users, the market is segmented into hospitals, clinics, and home care.
The Americas possess the most significant market share due to the existence of a well funded and established healthcare sector. However, region is often swift in its adoption of Technological advancement. The research and development of this technology in the Americas, specifically the U.S and Canada is expected to motivate market growth.There is a strong presence of major market players who contribute significantly toward the market position of this region.
Developed economies in this region have an established healthcare sector and a growth pattern similar to that of the Americas. Government support and pressing healthcare needs have boosted Europe to the second largest regional market segment.
Rapidly emerging economies of the fastest growing Asia Pacific region such as India, China, and Australia are driving growth for the global telemedicine market. The growing expenditure on healthcare and the considerable potential of this technology for the vast patient population that exists in this region is expected to motivate growth.
Meanwhile, the Middle East & Africa is expected to grow moderately during the forecast period due to the presence of impoverished countries in the African continent. However, developing countries of the Middle East are expected to facilitate growth, albeit limited.
Latest Industry News
A Pennsylvania hospital has seen benefits from deploying telemedicine. Abington Hospital – Jefferson Health has been using a virtual visit platform in it’s OR so that clinician can connect with specialists during intensive operations. Physicians are also using the tool to communicate with a patient’s family after surgery.
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