June 15, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Telemedicine Market.
It was estimated prior to this unanticipated outbreak that the Telemedicine Market is projected to grow from USD 47.2 billion in 2020 to USD 137.6 billion by 2026 at a CAGR of over 19.5% during the forecast period.
Telemedicine is a technology where electronic communication is used to provide medical services to patients located in remote locations. It overcomes the barrier of distance by offering clinical health care via telecommunication and information technology. It makes health services more accessible, primarily in isolated rural areas where medical care is not available consistently due to the location.
Market Dynamics
The increasing need for remote patient monitoring services in developing countries, growing patient pool in remote locations, rising medical tourism activities, and surging prevalence of chronic and lifestyle-associated diseases are some of the factors augmenting the market growth.
- Also, favorable government initiatives designed at increasing the implementation of telemedicine at a hospital and clinic level to optimize the healthcare facility further boosts the industry growth.
- However, a lack of knowledge and trust in the developing markets will further impede market expansion.
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Segment Analysis
Based on service, the global telemedicine market (tele-home and tele-hospital market) has been segmented into tele-consulting, telemonitoring, tele-education/training.
- Among these, the tele-consulting segment witnessed the largest market share of almost 40% in 2020 and is likely to register a healthy CAGR during the review period.
- This is mainly ascribed rising growth of tele-consulting service due to a large number of self-quarantined population at homes during the COVID-19 pandemic, thereby bolstering the segment growth.
By region, the North American market accounted for the largest market share in 2020 and is estimated to grow at a steady CAGR during the forecast timeline. This can be attributed to the rising prevalence of chronic and lifestyle-associated diseases, the growing geriatric population, and increasing government funding and grants for telemedicine thereby proliferates the industry growth in the region.
Key Players:
Key players operating in the global Telemedicine market are-
- Allscripts Healthcare Solutions Inc. (The U.S),
- AMD Global Telemedicine (The U.S),
- American Well (The U.S),
- BioTelemetry (The U.S),
- Blue Sky Telehealth (The U.S),
- Cerner Corporation (The U.S),
- Cisco Systems (The U.S),
- Eagle Telemedicine (The U.S),
- Honeywell International Inc. (The U.S), and
- InSight (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Telemedicine analysis report discusses the following heads in great detail:
· Market structure: Overview, industry life cycle analysis, supply chain analysis
· COVID-19 Impact Assessment
· Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
· Market trend and forecast analysis
· Market segment trend and forecast
· Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
· Attractive market segments and associated growth opportunities
· Emerging trends
· Strategic growth opportunities for the existing and new players
· Key success factors
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