Telemedicine Market Overview:
The global market report containing details of the telemedicine market reveals the possibility of reaching USD 56738.3 million by 2023 with a CAGR of 16.8% during the forecast period that includes years from 2018 to 2023. Market Research Future (MRFR) includes growing demand for its key benefits like remote clinical services, better infrastructure in the healthcare sector, hike in the inclusion of technical apps supporting IT incorporation, and investments from various emerging economies as major growth-propelling factors. The working of telemedicine includes a process that allows physicians to take a look at their patients from remote locations even at odd hours.
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Its initial installation cost may turn out to be a growth-restraining factor. Also, several other factors like inadequacy in technical setups and lack of proper operating hands can make the market hit some bumps.
Telemedicine Market Segmentation:
MRFR analyzed the telemedicine market on the basis of a segmentation that includes service type, component, deployment, application, and end-user.
By service type, the report on the telemedicine market includes discussions of telepharmacy, teleradiology, telenursing, tele-oncology, teledermatology, and others.
By component, the report containing details of the telemedicine market comprises software and hardware. The software segment includes integrated software and standalone software. The hardware segment comprises monitors and medical peripheral devices.
By deployment, the telemedicine market has been segmented on the basis of cloud-based and on-premises.
By application, the telemedicine market includes ophthalmology, psychiatry, cardiology, dermatology, radiology, and others. In cardiology, quick response is needed to save lives and in various cases operating from remote locations can be problematic. In such cases, telemedicine could help. In radiology, constant monitoring is needed to prevent quick deterioration in health conditions.
By end user, the telemedicine market discussion incorporates hospitals, clinics, and home care.
Telemedicine Market Regional Analysis:
North America would dominate the global revenue generation process for the telemedicine market. Various companies, both startups, and established ones are initiating processes to provide the market ample opportunities in the regional healthcare sector. These efforts are backed by ample investments, growth possibilities due to innovations, better healthcare, and IT structures, hike in the incorporation of latest technologies, and others. The US and Canada would benefit from their huge budgetary allocations. In South America, the market would witness growth in Brazil and Argentina, but the presence of poor countries like Bolivia, Peru, and others may hold back the growth rate.
In Europe, Russia, Germany, France, the UK, Italy, and others would dominate the telemedicine market as they would explore various possibilities using their healthcare structures. In the Asia Pacific market, the growth would be substantial due to the hike in investment plans for the healthcare sector in countries like China, India, Japan, Australia, and others. Better IT and improved healthcare sectors would provide this opportunity. In the Middle East & Africa, this growth will be thwarted by a lack of awareness, in IT infrastructure, and poor economies.
Telemedicine Market Studied Competitive Landscape:
The global telemedicine market is all set to make progress with the tactical helps from several companies like CardioNet, CareClix, Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., GENERAL ELECTRIC, IBM Corporation, Cerner Corporation, Cisco, Koninklijke Philips N.V., Intel Corporation, Iris Telehealth, TeleVital, Aerotel Medical Systems, Medtronic, SHL Telemedicine, Cardiocom, Honeywell Lifesciences, Allscripts Healthcare Solutions, Care Innovations, Medvivo Group Ltd., Tunstall Healthcare, and others. These companies are notable for their contributions in various mergers, innovations, joint ventures, acquisitions, technological upgradations, and others. MRFR listed these companies to assess the growth curve for the future.
The recent coronavirus scare is boosting the demand for telemedicine where various healthcare service providers are trying to distance themselves from the actual sites and direct contact with the patients. The high inclusion of various digital matrix would bolster this demand.
In March 2020, CloudMD announced that they are planning to launch telemedicine kiosk in various pharmacy consult rooms to make the healthcare service smoother and ensure growth for the telemedicine market.
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