Telemedicine Market Overview
The global telemedicine market is projected to acquire USD 56,738.3 at a healthy CAGR of over 16.8% during the forecast period. Telemedicine refers to using electronic information by healthcare professionals to examine, diagnose, and treat patients remotely. This includes applying a range of visual, audio, and electronic means. The global telemedicine market has registered rapid growth in the last few years. The market’s growth is mainly credited to the increasing adoption of electronic health records (EHR)/ electronic medical records (EMR) across the globe.
Furthermore, the factors such as rising incidence of chronic ailments, lack of physicians in the presence of growing health care services, and rising efforts to reduce the mounting pressure are also projected to boost the market’s growth over the coming years. on the other hand, expenses associated with telemedicine systems may impede the market’s growth.
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Telemedicine Market Segmentation
The global telemedicine market has been fragmented into various segments based on deployment, service type, component, application, and region.
Based on application, the global telemedicine market is split into radiology, psychiatry, ophthalmology, dermatology, cardiology, and others.
The global telemedicine market is bifurcated into hardware and software based on components.
Based on service type, the global telemedicine market is split into Tele oncology, teleradiology, telenursing, teledermatology, telepharmacy, and others.
The global telemedicine market is divided into on-premises and cloud-based based on deployment.
The telemedicine market is categorized into home care, clinics, and hospitals by end-user.
Telemedicine Market Regional Analysis
The global telemedicine market is analyzed across several major regions such as North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa.
The MRFR analysis states that the North American region is anticipated to dominate the global telemedicine market over the assessment era. The major factor causing an upsurge in the regional market’s growth is the existence of well-developed healthcare infrastructure across the region. In addition, factors such as the growing awareness about healthcare IT & its growing adoption and active key players established in the region are also projected to influence the market’s growth over the coming years positively.
The telemedicine market for the European region is likely to hold the second rank across the globe over the forecasted timeframe. The growing adoption of new technologies in the health care sector is the primary aspect boosting the regional market’s growth. Furthermore, the factors such as the growing prevalence of chronic illness and the occurrence of the COVID-19 pandemic have influenced the market’s growth in recent times.
The telemedicine market for the Asia-Pacific region is anticipated to register the highest growth over the coming years. the primary aspect boosting the regional market’s growth is the swift expanding patient pool. Moreover, factors such as the rising adoption of telehealth services and supportive initiatives by the developing countries are also likely to boost the regional market’s growth over the assessment era.
In the Middle East & African regional markets, telemedicine is projected to exhibit the least growth over the assessment timeframe. This is mainly due to the underdeveloped countries across the region. The MRFR report states that the regional market’s growth is credited to advanced healthcare infrastructure across the region.
Telemedicine Market Competitive Analysis
The global telemedicine market is known for a wide number of players spread worldwide. The global telemedicine market has prominent leaders such as Medvivo Group Ltd., AMD Global Telemedicine Inc., Care Innovations, Honeywell Lifesciences, Iris Telehealth, Allscripts Healthcare Solutions, Aerotel Medical Systems, Cisco, SHL Telemedicine, CareClix, CardioNet, Tunstall Healthcare, Aerotel Medical Systems Ltd., Koninklijke Philips N.V., Medtronic, TeleVital, Cardiocom, IBM Corporation, Intel Corporation, GENERAL ELECTRIC, Cerner Corporation, and several others.
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August 2021 – CVS Health has announced the launch of a new payer-backed telehealth platform that blends virtual and in-person care for self-funded businesses.
December 2021- Hy-Vee, a Midwestern chain of supermarkets, has announced a new subsidiary to offer online pharmacy and low-cost telehealth services.
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