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Telemedicine Market OverviewThe global telemedicine market is projected to exhibit a strong CAGR of 16.8% during the review timeframe to cross a market valuation of over USD 56,738.3 Million over the forecast period, says Market Research Future (MRFR).
Telemedicine refers to the use of electronic information by healthcare professionals to examine, diagnose, and treat patients at a distance. Telemedicine includes applying a range of visual, audio, and electronic means. The global telemedicine market has recorded massive growth in recent years, owing mainly to the growth in acceptance of electronic medical records (EMR)/ electronic health records (EHR). Furthermore, the rising incidence of chronic ailments is likely to catalyze the growth of the market over the assessment era. However, the lack of physicians in the presence of growing health care services is projected to impede the growth of the telemedicine market over the forecasted era.
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Telemedicine Market Segmentation
The telemedicine market has been fragmented into segments by end-user, component, deployment, service type, component, application, and region.
Based on application, the telemedicine market is split into radiology, dermatology, psychiatry, cardiology, ophthalmology, and others.
The telemedicine market, by component is divided into hardware and software.
Based on service type, the global telemedicine market is bifurcated into Tele oncology, telenursing, teleradiology, teledermatology, telepharmacy, and others.
Based on deployment, the telemedicine market is split into on-premises and cloud-based.
The global telemedicine market is bifurcated into home care, clinics, and hospitals based on end-user.
Telemedicine Market Regional Insights
The global telemedicine market is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.
The research report by MRFR suggests that the North American region is projected to lead the global telemedicine market over the forecasted era. The presence of advanced healthcare infrastructure is the primary aspect boosting the regional market's growth. Furthermore, the growing adoption of telemedicine and rising awareness regarding healthcare IT are also likely to impact the regional telemedicine market's growth positively. Moreover, the presence of active key players across the region is another crucial aspect catalyzing the growth of the regional telemedicine market.
The European region is projected to secure the second position in the global telemedicine market over the review timeframe. The regional market's growth is attributed to the factors such as the growing adoption of new technologies in the health care sector and the rising occurrence of chronic illness among the growing populace. In addition, the COVID-19 pandemic is anticipated to offer lucrative opportunities to the market players over the coming years.
The telemedicine market for the Asia-Pacific region is likely to record the highest growth over the review era. The factors such as the rising adoption of telehealth services and the swift expanding patient pool are likely to catalyze the regional market's growth over the review timeframe.
The Middle East & African region is projected to acquire the smallest market share over coming years because of the underdeveloped countries, lack of awareness, and lack of advanced healthcare infrastructure.
Telemedicine Market Competitive Outlook
The global telemedicine market has an intensely competitive landscape. The players in the global market are adopting several new strategies such as mergers, acquisitions, and partnerships to strengthen their global market position and launch innovative technologies to the market. The list of leading players in the global telemedicine market includes Intel Corporation, IBM Corporation, Cardiocom, TeleVital, Medtronic, Koninklijke Philips N.V., Aerotel Medical Systems Ltd., Medvivo Group Ltd., AMD Global Telemedicine Inc., Care Innovations, Honeywell Lifesciences, Allscripts Healthcare Solutions, Cisco, CareClix, Tunstall Healthcare, Cerner Corporation, GENERAL ELECTRIC, Iris Telehealth, Aerotel Medical Systems, SHL Telemedicine, CardioNet, and several others.
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Recent Developments
The premier organization working to accelerate the adoption of telehealth, The American Telemedicine Association (ATA), has introduced ATA Action, the latest affiliated trade organization centered on guaranteeing individuals have permanent access to telehealth services in the care continuum. ATA Action will operate to support the authorization of state and federal telehealth coverage and proper payment policies to secure telehealth access for all Americans, including those in underserved and rural communities.
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