Telemedicine Market Landscape
The new report by Market Research Future (MRFR) asserts that the global telemedicine market 2020 is slated to acquire a substantial market valuation of USD 56.7 billion at a moderate 16.8% CAGR over the review period.
Drivers and Restraints
the escalating prevalence of chronic diseases like cancer, diabetes, besides others and a dearth of physicians in the presence of growing health care services demands boosts telemedicine market growth.
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the high cost of employing telemedicine systems, i.e., EMR & EHR and the need for telemedicine training followed by stringent government regulations relating to telemedicine, are estimated to hinder the market growth during the forecast period.
Segmental Analysis
The global telemedicine market is analyzed based on the component, service type, application, deployment, and end-user.
Based on the service type, the global telemedicine market is segmented into telepharmacy, telenursing, teleradiology, tele-oncology, teledermatology, others. Based on the component, the telemedicine market is bifurcated into software and hardware. The software segment is sub-divided into integrated software and standalone software. The hardware segment is sub-divided into monitors and peripheral medical devices. On the basis of the deployment, the telemedicine market is bifurcated into cloud-based and on-premises. Based on the application, the telemedicine market is segmented into ophthalmology, cardiology, psychiatry, dermatology, radiology, and others. Based on the end-user, the market is segmented into clinics, hospitals, home care.
Regional Analysis
The geographic analysis of the global market has been analyzed in four major regions, namely the Asia Pacific, North America, Europe, and the Middle East.
The Americas dominate the global telemedicine market owing to the presence of a well-developed healthcare sector, telehealth service, increasing adoption of healthcare IT.
Moreover, healthcare expenditure, rising telehealth service, and the presence of significant players within the region influence the telemedicine industry growth in the US.
Europe acquires the second place in the global Telehealth Market owing to the increasing adoption of new technologies in the healthcare sector and growing government support to address healthcare demands. On a regional basis, Europe is segmented into Western Europe and Eastern Europe. Western Europe dominates the market in developed economies like Italy, U.K, France, and others.
The Asia Pacific is estimated to be the fastest-growing region due to a large patient pool and growing telehealth service. Additionally, the presence of continuously developing economies like India, China, and Australia in the region fuels market growth. The telemedicine sector was estimated to be a fast emerging sector in India.
The Middle East & Africa has the lowest share in the global market due to the presence of weak economies, lack of healthcare services, and strict government policies, especially within the Africa region. It is projected that a majority of the market of the Middle East & Africa is held by the Middle East. This can be attributed to the existence of a developed healthcare sector and huge healthcare expenditure within the region.
Competitive Landscape
The major market players identified by MRFR in the global market are AMD Global Telemedicine, Inc., CardioNet, CareClix, Cerner Corporation, Cisco, GENERAL ELECTRIC, Intel Corporation, IBM Corporation, Iris Telehealth, Koninklijke Philips N.V., Medtronic, SHL Telemedicine, TeleVital, Medvivo Group Ltd., Aerotel Medical Systems, Cardiocom, Honeywell Lifesciences, Allscripts Healthcare Solutions, Tunstall Healthcare, Care Innovations, Aerotel Medical Systems Ltd., and others.
To view the full report, visit at https://www.marketresearchfuture.com/reports/telemedicine-market-2216
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