Global Telemedicine Market was valued US$ XX Bn in 2019 and the total revenue is expected to grow at CAGR of 37.7% from 2019 to 2027, reaching US$ XX Bn.
Global Telemedicine Market
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The report study has analyzed the revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Global Telemedicine Market Overview:
Telemedicine is a medical facility provided directly via telecommunication or video conferencing tools to patients. This is referred to as medical practice for patients with nonphysical presence and healthcare providers. In both developed and emerging countries with a significant rural population, Telemedicine services constitute an expansion of the medical practice. The presence of telemedicine for their regular healthcare solutions has significantly benefited those remotely placed individuals. Rising life expectancy and reduced death rates have proven that overall healthcare outcomes have increased.
Global Telemedicine Market – Dynamics
The requirement for healthcare services and technologies reached an all-time peak during the pandemic. Reassure the public, treat patients, make a diagnosis, and also plan potential vaccinations, innovations such as chatbots and telemedicine are deployed. With the global scarcity of hospital beds and healthcare staff, the potential of Telemedicine has been enhanced to help to collect information. Telehealth industry leaders are focused on offering innovative COVID-19 technologies to help hospitals and healthcare providers.
In the field of Telehealth and telemedicine practices, health care deception is an important concern. For example, the identity of the doctor and accounts used to collect payments from the insurance firm, or non-eligible or non-listed institutional providers may conduct improper marking and billing with false claims. There are several ways in which a patient or a doctor is victimized.
The most noticeable stumbling factor may not be behavioral obstacles, but they do pose huge barriers to the implementation of telehealth and telemedicine. Doctors and patients also face a lack of understanding of new practices and do not quickly abandon current conventional practices. Older persons often refuse to use telehealth and telemedicine facilities, leading to unfamiliarity with technology.
Based on the component, the telehealth and telemedicine market is segmented into software & services, and hardware. The software & services segment accounted for the largest share of xx% in 2019 and is estimated to grow at a CAGR of xx% during the forecast period. This segment's high share is mostly attributed to the rising adoption of Telehealth and telemedicine. But, the hardware segment is expected to report the highest CAGR of xx% over the forecast period.
Global Telemedicine Market Regional Analysis
By region, North America held a prominent market share of xx% in 2019 and is expected to maintain its prominence in the market during the forecast period. Factors such as the growing incidence of chronic diseases, the need to reduce healthcare spending, and the growth in the general and geriatric population are fueling the global telemedicine market growth in North America. Also, the rising need to minimize cases of COVID-19, federal requirements to increase healthcare services, and rising emphasis on improving the standard of care offered to COVID-19 patients are some of the main factors driving the development of the US telemedicine market in the wake of COVID-19. In terms of value and volume, the Asia Pacific market is projected to grow at a CAGR of xx% over the forecast period owing to the prevalence of chronic diseases and the overcrowding of hospitals in the region.
Global Telemedicine Market Share, By Application
Global Telemedicine Market1
The objective of the report is to present a comprehensive analysis of the Global Telemedicine Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Telemedicine Market dynamics, structure by analyzing the market segments and project of the Global Telemedicine Market size. Clear representation of competitive analysis of key players By Component, Price, Financial position, Product portfolio, Growth strategies, and Regional Presence in the Global Telemedicine Market make the report investor’s guide.
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Global Telemedicine Market, By Component
• Software & services
• Hardware
Global Telemedicine Market, By Mode of Delivery
• Cloud-based
• On-Premise
Global Telemedicine Market, By Application
• Tele-radiology
• Tele-consultation
• Tele-ICU
• Tele-Stoke
• Tele-psychiatry
• Tele-Dermatology
• Other Applications
Global Telemedicine Market, By End User
• Providers
• Payers
• Providers
Global Telemedicine Market, By Region
• North America
• Europe
• Asia-Pacific
• MEA & Africa
• Latin America
Global Telemedicine Market Key Players
• Koninklijke Philips N.V. (Netherlands)
• Medtronic (Ireland)
• GE Healthcare (US)
• Cerner Corporation (US)
• Siemens Healthineers (Germany)
• Cisco Systems, Inc. (US)
• Teladoc Health Inc. (US)
• American Well (US)
• AMC Health (US)
• MDLive (US)
• Doctor on Demand (US)
• Medvivo Group Ltd (UK)
• Asahi Kasie Corporation (Japan)
• Iron Bow Technologies (US)
• Telespecialists Llc (US)
• GlobalMed (US)
• MedWeb (US)
• IMediplus Inc. (China)
• Vsee (US)
• Chiron Health (US)
• Zipnosis (US)
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