LONDON, April 06, 2022 (GLOBE NEWSWIRE) -- Telemedicine that has been around for more than two decades experienced an overnight push with the arrival of COVID-19 pandemic. Surpassing the global valuation of US$82.7 Bn by 2020 end, the telemedicine market will exhibit impressive expansion at a whopping 19% CAGR by the end of 2025, as projected by a new Fairfield Market Research study.
Key Highlights
- Teleradiology to remain top revenue generating segment
- Banking on favourable reimbursement scenario, North America continues to lead the pack
- Besides strategic acquisitions, and collaborations, key companies are prioritising integration of telemedicine services into patient care models for a better outcome
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Rising Integration into Health Systems Shapes up Market for Telemedicine
Increasing telemedicine integration into the existing health systems, and growing connectivity with electronic health records (EHRs) are pushing market prospects. Artificial Intelligence (AI) integration into telemedicine technology has been on the rise to deliver an influx of health apps. Rising popularity of automatic insulin pumps, digital heart rate monitors, and digital blood pressure cuffs is promoting remote patient monitoring, thereby supporting expanse of telemedicine. Adoption will remain on an uptrend as demand grows for better remote care access along with expert assistance in follow-up treatment plans.
Teleradiology Highly Sought-after
Attributing to ascending rate of adoption of picture archiving and communication systems (PACS), teleradiology will continue to witness maximum demand throughout the forecast period. R&D activities around it are also expected to contribute toward the growth of this segment of telemedicine.
North America Spearheads Global Market
North America will remain the leading regional market. In contrary to lesser than 1% total physician visits, telehealth consultations recorded over 40% growth in the US alone, by April 2020. While this steep rise slowed down through the end of 2020 and beyond, considerably growing preference is recorded for telemedicine, driving the market growth. With increasing agility of vendors, and growing acceptance among patients, telemedicine is expected to receive a strong impetus. On the other hand, Asia Pacific is likely to exhibit notable growth potential on the back of technological advances in digital imaging, supportive government initiatives, and constantly improving Internet access and connectivity.
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Key Players
Allscripts Healthcare Solutions Inc., 2nd.MD, Cisco Systems, Eagle Telemedicine, Koninklijke Philips N.V., Honeywell International Inc., MDLive, AMD Global Telemedicine, BioTelemetry, American Well, Polycom Inc., Cerner Corporation, Blue Sky Telehealth, Doctolib, iCLiniq, InSight, McKesson Corporation, and InTouch Technologies
REPORT SCOPE & SEGMENTATION:
| REPORT FEATURES | DETAILS |
| Component | • Hardware • Software • Services |
| Specialty | • Teleradiology • Telepathology • Teledermatology • Telepsychiatry • Telecardiology • Others |
| Modality | • Store & forward • Real-time Interaction • Remote patient monitoring • Others |
| End User | • Hospitals • Home Care Settings |
| Geographical Coverage | • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Leading Companies | • 2nd.MD • Allscripts Healthcare Solutions Inc. • AMD Global Telemedicine • American Well • BioTelemetry • Cerner Corporation • Cisco Systems • Doxy.me • Honeywell International Inc. • Koninklijke Philips N.V. • McKesson Corporation • MDLive • Polycom Inc. • Teladoc Health • Vidyo • VirTrial, LLC • vRad (MEDNAX) |
| Report Highlights | Key Market Indicators, Market Estimates and Forecast, Market Dynamics, Key Industry Trends, Reimbursement Scenario, COVID-19 Impact Analysis, SWOT Analysis, Competition Landscape, Category, Region, Country-wise Trends |
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