Telemedicine Market Analysis
The global telemedicine market is predicted to touch USD 56,738.3 million at a whopping 16.8% CAGR between 2014- 2023, as per the recent report by Market Research Future (MRFR). Telemedicine helps health care experts in evaluating, diagnosing, and treating patients at a distance through telecommunications technology. It has wide applications in dermatology, cardiology, radiology, ophthalmology, psychiatry, and others.
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Various factors are adding to the telemedicine market growth. According to the new MRFR report, such factors include favorable government initiatives, need for cost-saving in the healthcare delivery, technological advances related to the internet and mobile phones, an increase in the number of smartphone users, rising cases of chronic respiratory diseases, and increase in COVID-19 virus-positive cases.
On the contrary, safety, and data privacy issues, resistance in acceptance of technology by patients and practitioners, and high implementation cost are factors that may limit the telemedicine market growth over the forecast period.
Telemedicine Market Segmentation
The MRFR report provides a complete segmental analysis of the global telemedicine market report based on end user, application, deployment, component, and service type.
By service type, the telemedicine market is segmented into tele-oncology, teledermatology, teleradiology, telepharmacy, telenursing, and others. Of these, teleradiology will lead the market over the forecast period.
By component, the telemedicine market is segmented into hardware & software. Software is again segmented into standalone software & integrated software. Hardware segment is again segmented into medical peripheral devices & monitors. Of these, software will dominate the market over the forecast period.
By deployment, the telemedicine market is segmented into on-premises and cloud-based.
By application, the telemedicine market is segmented into dermatology, cardiology, radiology, ophthalmology, psychiatry, and others.
By end user, the telemedicine market is segmented into clinics, hospitals, and home care.
Telemedicine Market Regional Analysis
Based on the region, the global telemedicine market report covers the growth opportunities and recent trends across Europe, the Americas, the Asia Pacific (APAC), and Middle East & Africa (MEA). Of these, the Americas is likely to spearhead the market over the forecast period. Rising adoption of healthcare and the presence of tele-health service & healthcare sector are adding to the market growth in the region. The US is a major contributor in the region for the presence of top key players, increasing healthcare expenditure, and increasing tele-health services.
The global telemedicine market in Europe is predicted to hold the second-largest share over the forecast period. Rising support from the government to address healthcare demands coupled with advanced technologies in the healthcare domain is adding to the growth of the market in the region. Europe is divided into Eastern and Western Europe. Of these, Western Europe has a larger market share for the presence of developed economies such as France, the UK, and others.
The global telemedicine market in the APAC region is predicted to grow at a fast pace over the forecast period. Growing telehealth service, huge patient pool, and the presence of constantly developing economies such as Australia, China, and India are adding to the growth of the market in the region.
The global telemedicine market in the MEA is predicted to have the smallest share over the forecast period for strict government policies in the African region, lack of healthcare services, and the presence of poor economies. The market in the Middle East will have a major share for the huge healthcare expenditure coupled with the presence of developing healthcare sector.
Telemedicine Market Key Players
Eminent players profiled in the global telemedicine market report include Medvivo Group Ltd., Iris Telehealth, Tunstall Healthcare, AMD Global Telemedicine, Inc., Koninklijke Philips N.V., Care Innovations, Allscripts Healthcare Solutions, TeleVital, Aerotel Medical Systems Ltd., Intel Corporation, Cerner Corporation, Aerotel Medical Systems, IBM Corporation, Cardiocom, Medtronic, Cisco, CardioNet, Honeywell Lifesciences, GENERAL ELECTRIC, CareClix, and SHL Telemedicine.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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