Telemedicine Market Size, Trends and Growth Analysis By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) – Global Industry Size, Trends, Growth, Analysis, Share, Forecast till 2023
Telemedicine Market Overview
The telemedicine market is anticipated to note a CAGR of 16.8% by 2023. The prevalence of the COVID-19 pandemic has created a dire need for medical expertise through a source that reduces transmission rates of the virus, benefitting the telemedicine market share. The market’s report is efficiently analyzed as per MRFR, which provides outlooks for the global markets.
The consolidation and classification of data related to patient records are predicted to stimulate the advancement of the telemedicine market. The presence of personal smart devices such as laptops and smartphones in households is predicted to further propagate the development of the market in the near future. The support being extended by governments around the world to bolster telemedicine practices further is estimated to motivate the telemedicine market in the course of the forecast period.
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Segmental Analysis
The segmental scrutiny of the telemedicine market is conducted on the basis of component, deployment, region, application, service type, and end-user. The region segment of the telemedicine market consists of Europe, Africa, Asia Pacific, the Americas, and the Middle East. The end-user segment of the market consists of home care, hospitals, and clinics. The service type segment of the telemedicine market comprises of tele-oncology, teledermatology, telenursing, telepharmacy, and teleradiology. The deployment segment of the market comprises on-premises and of cloud-based. The application segment of the telemedicine market consists of radiology, ophthalmology, dermatology, cardiology, and psychiatry.
Regional Overview
The regional assessment of the telemedicine market includes Europe, Africa, Asia Pacific, the Americas, and the Middle East. The Americas regional telemedicine market is a key supplier due to a hi-tech telehealth service and mounting application of healthcare IT in the region. Moreover, the increasing telehealth facility, healthcare expenses, and the development of the prime companies within the region are enhancing the telemedicine industry growth in the US. The European regional telemedicine market stands subsequent in the global standing owing to the swelling endorsement of new novel knowledge in the healthcare sector and mounting government support to tackle the healthcare requirements. The Asia Pacific region’s telemedicine market is anticipated to be the most rapidly increasing region owing to a huge patient segment and escalating telehealth capability in the region as associated with the earlier years. Moreover, the commonness of constantly advancing economies like China, Australia, India, and the region are fueling the telemedicine market development.
Competitive Analysis
The favorable influence of global administration is estimated to promote global trade in the market. The activation of different avenues for development is estimated to kickstart the market development. The investment by market players towards developing the future potential for progress is likely to open up market potential. The competition in the market is estimated to spur innovation in the market leading to the introduction of new products in the market. The swift changes in consumer preferences are predicted to motivate global market advancement. The discovery of new markets is likely further to enhance the chances for success in the forthcoming period. The upgrades in delivery strategies are anticipated to further boost the market progress in the near future. The foray of digitization-based strategies into operation management and forecasting is predicted to transform the global market in the forecast duration. The establishment of strong research and development protocols is estimated to benefit the market in multiple ways in the future. The focus on sustainability is also assessed to influence the long-term expansion of the market significantly.
The essential companies in the telemedicine market are CareClix, Aerotel Medical Systems, Care Innovations, Cardiocom, Medvivo Group Ltd., Allscripts Healthcare Solutions, Medtronic, CardioNet, GENERAL ELECTRIC, IBM Corporation, AMD Global Telemedicine, Inc., Aerotel Medical Systems Ltd., Cerner Corporation, Koninklijke Philips N.V., SHL Telemedicine, Cisco, Tunstall Healthcare, Intel Corporation, Iris Telehealth, TeleVital, Honeywell Lifesciences, and others.
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Industry Updates:
May 2021 Walmart has reinforced its position as a healthcare supplier with the declaration of its plans to get telehealth company MeMD. The marketing giant’s healthcare branch, Walmart Health, will bring MeMD’s multi-specialty virtual care possibilities into its fold later this year. The deal is anticipated to conclude in the approaching months, subsequent regulatory sanctions, as per the announcement. The financial conditions of the deal were not revealed. With this purchase, Walmart Health will add nationwide virtual care selections across urgent care, primary care, and behavioral health to its clinics’ service collection.
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