Telemedicine is a rapidly growing field of healthcare that involves the use of technology to provide remote clinical services to patients. The Telemedicine market has experienced significant growth in recent years, driven by the increasing demand for accessible, convenient, and cost-effective healthcare services.
Telemedicine Market witnessed a CAGR of 15.1% between 2013 and 2021. The global Telemedicine Market is expected to have a staggering 17.2% CAGR between 2022 and 2028. In 2022, the global Telemedicine Market size was US$ 12,893.8 million, which is projected to reach US$ 33,373.8 million by the year 2028.
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The growth of the market is driven by factors such as the increasing adoption of telemedicine in rural areas, the shortage of healthcare professionals, and the rising incidence of chronic diseases.
One of the major benefits of telemedicine is its ability to reach patients in remote or underserved areas. With telemedicine, healthcare providers can offer services to patients who may not have access to a nearby hospital or clinic. This is especially important in rural areas where healthcare resources are often limited.
Companies
- Tele-Med International
- Babylon
- CareClix
- Global Telehealth Services
- AMD Global Telemedicine
- American Well
- Doctor on Demand
- MD INTERNATIONAL AB
- Encounter Telehealth
- MDLIVE Inc.
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Telemedicine also offers an efficient and cost-effective alternative to traditional in-person healthcare. Video consultations, for example, can save patients the time and expense of traveling to a healthcare facility. Remote monitoring allows healthcare providers to track patients’ vital signs and symptoms without the need for frequent in-person visits. This can help reduce healthcare costs and improve patient outcomes.
The telemedicine market is segmented into hardware, software, and services. Hardware includes equipment such as cameras, microphones, and monitors. Software includes telemedicine platforms and apps. Services include teleconsultation, telemonitoring, and tele-education. The services segment is expected to dominate the market during the forecast period.
The telemedicine market is also segmented by end-user, including hospitals and clinics, home healthcare, and others. The hospitals and clinics segment is expected to dominate the market during the forecast period. The growth of this segment is driven by the increasing adoption of telemedicine in hospitals and clinics for patient consultations and remote monitoring.
Competitive Landscape
The Telemedicine industry is moderately consolidated due to the presence of big companies. The market players are focusing on mergers and strategic alliances as the industry is in the growth phase. Companies are making strategic decisions to launch new platforms to capitalize and grow their market share.
Recent Developments:
- In May 2021, MediTelecare introduced “MediTely” in the market. It is a direct-to-consumer mobile health technology that focuses on the elderly population living outside long-term care facilities.
- In May 2021, Teladoc Health partnered with Vivo to improve access to quality healthcare in Brazil, specifically through the use of telemedicine.
- In March 2021, AMD Global announced its integration with PointClickCare Technologies, the leader in cloud-based software technology for the long-term and post-acute care (LTPAC) market.
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Telemedicine Market Categorization
Telemedicine Market by Mode of Delivery
- Cloud based delivery
- Premise based delivery
Telemedicine Market by End User
- Hospitals & Clinics
- Homecare Settings
Telemedicine Market by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa (MEA)
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