Market Overview
As per the assessment conducted by Market Research Future (MRFR), the Global Telemedicine Market is expected to acquire a market value of USD 56,738.3 while expanding at a CAGR of 16.8% by 2023.
Market Dynamics
During the evaluation period, the increasing adoption of electronic health records (EHR) and electronic medical records (EMR) is projected to be a significant catalyst for the growth of the telemedicine industry. The demand is expected to grow during the measurement period with the growing prevalence of chronic diseases such as cancer and diabetes. The absence of doctors in the face of growing criteria for health care facilities also raises the market share of telemedicine. Telemedicine is expected to offer the most flexible technology for the remote delivery of reliable health care. The increasing demand for healthcare practitioners to increase the quality of healthcare services is projected to be a major trigger during the forecast period for the growth of the global industry. In addition, the growing attempts to reduce the increasing burden on healthcare workers are another factor that is expected to expand the scale of the telemedicine industry.
Danger prediction and management are enabled through the implementation of AI & analytics in telehealth services. In the coming era, the increasing effectiveness offered by AI is likely to provide different opportunities for market expansion. The epidemic of COVID-19 is also expected to be another critical factor that could fuel the growth of the market. Thanks to increasing online consulting, the telemedicine industry is expected to see positive growth during the pandemic period. Telemedicine became, as the lockout was enforced, the fundamental requirement of the general public. During the pandemic, which is forecast to popularize the telehealth sector, numerous countries took measures to popularize the operation.
Over the measurement timeframe, costs associated with telemedicine programs, i.e. EMR & EHR and stringent government restrictions on telemedicine, are expected to hinder business development. Owing to a lack of knowledge, patients and health providers typically focus on the traditional practice of consultation, which may serve as a major obstacle.
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Segmental Analysis
As per the analysis, the Telemedicine Market segmentation is done on the Basis of Application, Component, Service Type, Deployment, and End-User.
Based on the application, the global market for telemedicine is segmented into ophthalmology, cardiology, psychiatry, dermatology, radiology, and others.
Based on the component, the global market for telemedicine software and hardware. The software segment is sub-segmented into integrated software and standalone software. The hardware segment is sub-segmented into monitors and medical peripheral devices.
Based on the service-type, the global market for telemedicine telenursing, telepharmacy, teleradiology, teledermatology, Tele oncology, and others.
Based on the deployment, the global market for telemedicine cloud-based and on-premises.
Based on the end-user, the global market for telemedicine hospitals, clinics, home care
Regional Analysis
As per the evaluation, because of the availability of well-developed healthcare systems, North America is expected to dominate the global industry. The rising understanding of healthcare IT and its growing acceptance is likely to increase demand for it and thereby increase the market for telemedicine in North America. Furthermore, it is predicted that the successful main players developed in the area will be another big trigger that will push the region's demand.
Due to the introduction of emerging technology in the health care industry, Europe is expected to gain a second position in the global market for telemedicine. The rising incidence of chronic disease in the growing population is expected to be another key cause during the prediction period that can guide the market. COVID-19 is also projected to represent a major potential for services to be popularized, further expanding the European telemedicine industry.
Because of the steadily rising consumer pool and the increasing acceptance of telehealth facilities, APAC is projected to be the fastest-growing sector to satisfy the need for it. It is predicted that emerging countries such as India, China, and Japan will play a crucial role in growing the regional market. Different programs have been initiated by developed nations, which have given great priority to facilities. Furthermore, the COVID-19 epidemic is expected to further push the region's market.
MEA is expected to gain the smallest market share of underdeveloped countries during the evaluation period. According to the evaluation, the largest contribution that can be attributed to the existence of advanced health facilities comes from the Middle East region within the MEA. It is predicted that the African region will lag due to a lack of understanding. However, it is estimated that the existence of untapped business resources would present growth opportunities.
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Competitive Analysis
In order to achieve a strategic edge over the other players, the existing core players of the global telemedicine industry are making tremendous investments in developing advanced healthcare systems. When several new entrants enter the industry, develop and implement the latest technology, the market is projected to become very competitive.
The major players are CardioNet, Aerotel Medical Systems Ltd., CareClix, Koninklijke Philips N.V., SHL Telemedicine, Medtronic, Cisco, TeleVital, Aerotel Medical Systems, Cardiocom, Allscripts Healthcare Solutions, IBM Corporation, Iris Telehealth, Intel Corporation, Honeywell Lifesciences, GENERAL ELECTRIC, Care Innovations, Cerner Corporation, AMD Global Telemedicine Inc., Tunstall Healthcare, and Medvivo Group Ltd.
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