Over the forecast period, The Telemedicine Market is expected to reach USD 232.02 Billion by 2027, with a CAGR of 24.8%.
Telemedicine, often known as telehealth or e-medicine, is the remote delivery of healthcare services over telecommunications infrastructures, such as exams and consultations. Telemedicine has the potential to lower medical expenses, increase efficiency and profitability, and provide patients with improved access to medical services. This will have a favorable impact and propel the telemedicine market forward.
Global Telemedicine Market Key players:
• Venkys India.
• Phibro animal health corporation.
• Merk & Co., Inc.
• Boehringer Ingelheim.
• ROMVAC COMPANY S.A.
• Hester Biosciences Limited.
• Eli Lilly and Company.
• Bayer AG.
• Merial Animal Health. (Sanofi)
• AffiniTech, Ltd.
• Bimeda, Inc.
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Global Telemedicine Industry Segmentation:
By Product Type:
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Scope of Global Telemedicine Market Report:
Telemedicine is the modern technology in which physicians can care for patients remotely to the practice when the provider and the patients are not physically present for each other. The physician and patients can share information in real-time from one computer screen to another one. They can see the capture readings from medical devices at different locations. The benefit of telemedicine is that patients can see doctors for diagnosis and treatment without having to wait for an appointment. Patients can look up a physician at the ease of their home. Telemedicine is the remote delivery of healthcare services such as consultation over telecommunication or teleconference and it allows healthcare professionals to diagnose and treat patients.
Telemedicine electronic communications and software provide clinical services to patients without an in-person visit and offer remote delivery healthcare services. In telemedicine, the technology allows healthcare providers to diagnose patients using smartphones through video conferencing. This technology is used for medicine management, management of chronic conditions, and other clinical services.
Due to these advantages, physicians and hospitals are looking forward to adopting digital health technologies in their practice. The telemedicine creation was begun with the inception of the telecommunication infrastructure which included the radio, telephone, and telegraph. The earliest adoption of telemedicine technology was when injuries were reported by the use of the telegraph during the civil war for ordering medical supplies.
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MFine adds 70 new hospitals to fulfill the rising demand for telemedicine
On November 6th, 2020– Ashutosh Lawania, Co-Founder of Mfine announced that the 2020 year of Covid-19 cases was expected to rise and they partnered with more hospitals to fulfill the increasing demand for telemedicine. Mfine, a platform that enabled the virtual medical consultancy said that it had added 2 lacks new users from Delhi-NCR on its telemedicine platform and onboarded 70 new hospitals including Fortis Hospital, PSRI Hospital, and CK Birla Hospital, and increasing demand for remote consultation. Along with the tele consults, Mfine also allowed users to book radiology appointments as well as laboratory testing at home through six foremost lab partners and 60 radiology centers across Delhi NCR.
The increasing predominance of chronic diseases is the key factor in driving the Global Telemedicine Market.
Raising the prevalence of chronic diseases like heart diseases, cancer, diabetes, and lifestyle-associated diseases due to lack of physical activity, poor nutrition, including diets low in fruits, and tobacco & alcohol use. For instance, according to the Cancer Patients Aid Association (CPAA), on 18 January 2021, there are approximately 70% of cancer patients in India because of chewing tobacco, premature marriages, and multiple pregnancies. Hence the predominance of chronic diseases is the key factor for driving the Global Telemedicine Market.
In addition, an increase in corona cases also fuels the overall Global Telemedicine Market as in the COVID-19 pandemic when two or more people come in direct or indirect contact with an infected person, there is fear of getting infected. For instance, according to the report published by World Health Organization (WHO), on 7 February 2021, there have been 105,394,301 confirmed cases including 2,302,302 deaths globally. Thus the patients prefer to contact doctors without taking health risks which increases the safety as well as the growth of the Global Telemedicine Market.
North America is dominating the Global Telemedicine Market.
North America is the dominating regional market for telemedicine; this is because of increasing healthcare awareness along with cloud-based technology recognition and increasing awareness about telemedicine. For Example, according to the Amwell Physician and Consumer survey in 2020, in United State, 59% of the patients visited by video calling. The use of telehealth in 2015 was 57% which increased in 2019 to 69%. Telehealth adoption increased from 2015 to 2019 which fueled the Telemedicine market in the region.
On Special Requirement Global Telemedicine Market. The report is also available for the below Regions and Countries: –
- Rest of Europe
- South Korea
- Rest Of APAC
- Rest of South America
Middle East and Africa
- Saudi Arabia
- South Africa
- Rest Of MEA
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