Albany NY, United States, May 25, 2022 (GLOBE NEWSWIRE) -- An assessment by Transparency Market Research (TMR) expects the global telemedicine market to expand at a CAGR of 14% during the forecast period of 2019 to 2027.
During the COVID-19 pandemic, a huge population base from across the globe was benefited by physician virtual consultation services, as these services were able to help patients while obeying all social distancing norms. The trend of opting physician virtual consultation services is projected to continue in the forthcoming years, which in turn, is expected to help in the expansion of the global telemedicine market.
Players are increasing investments R&Ds in order to develop innovative digital diagnostic techniques. Such trends in telemedicine market are projected to help players in expanding their businesses. Moreover, companies are focusing on improving marketing strategy for the telemedicine market, notes a TMR study.
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Telemedicine Market: Key Findings
- Telemedicine solutions are being increasingly adopted across the globe owing to their different advantages such as their ability to offer patients access to advanced medical care and healthcare professionals, help in reducing the medical costs, and advance efficiency and profitability for the healthcare practitioners. These advantages are prognosticated to result into revenue-generation opportunities in the global telemedicine market during the forecast period, states analysts at TMR.
- Over the period of past few years, there has been increase in the number of people suffering from chronic and acute health disorders. This factor is creating prominent business opportunities for vendors in the telemedicine market. Moreover, the market is being driven by factors such as increase in older as well as baby boomers population and rise in the healthcare expenditure globally.
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Telemedicine Market: Growth Boosters
- The government authorities of several developing and developed nations globally are increasing their investments in the healthcare information sector. This factor is fueling the growth in the global telemedicine market.
- Rise in understanding on availability of different telemedicine services and their effectiveness is creating business opportunities in the market
- Increase in older population and surge in the prevalence of varied disease conditions globally is propelling the market
- Technological developments in the medical diagnostic methods are likely to lead to profitable prospects in the global telemedicine market in coming years
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Telemedicine Market: Regional Analysis
- The telemedicine market in North America is expected to maintain its leading position during the forecast period due to factors such as existence of many telemedicine service providers in many regional nations including Canada and the United States, states assessment by TMR. This aside, the North America telemedicine market is projected to expand on the back of supportive government regulations, presence of attractive reimbursement policies and health insurances, and technological advancements in the region.
- The telemedicine market in Asia Pacific is prognosticated to observe rapid growth in the forthcoming years owing to advancing healthcare infrastructure and facilities in many emerging economies such as India and China together with existence of low-cost manufacturers in the region. Moreover, the regional market is being driven by increase in the regional population and surge in the cases of communicable, non-communicable, and lifestyle-associated health issues.
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Telemedicine Market: Key Players
Some of the key players profiled in the report are:
- Allscripts Healthcare
- Agfa-Gevaert Group
- AMD Global Telemedicine
- F. Hoffmann-La Roche Ltd.
- CISCO Systems Inc
- InTouch Technologies, Inc.
- Honeywell HomMed LLC
- Medtronic
- BioTelemetry, Inc
- Siemens Healthcare Private Limited
- OBS Medical Ltd.
- McKesson Corporation
Telemedicine Market Segmentation
Speciality
- Cardiology
- Dermatology
- Neurology
- Orthopedics
- Emergency Care
- Internal Medicine
- Gynecology
- Others
Process
- Tele-consultation
- Tele-surgery
- Tele-monitoring
- Tele-education
- Tele-training
- Tele-care
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Video Telemedicine Market: Increase in developments in the healthcare industry, rise in prevalence of chronic disorders, and surge in geriatric population are projected to augment the global video telemedicine market. Additionally, initiatives to provide healthcare services in remote areas is a critical factor anticipated to propel the global telemedicine market during the forecast period.
Telemedicine Equipment Market: Hospitals across North America and Europe employ telemedicine as a standard assistive service and as an alternative to traditional medical services that they continue offering. Rapid development of technology and its rapid adoption has boosted innovation, thereby driving the telemedicine equipment market.
Telehealth Market: The telehealth market is riding on the wave of growth, as telehealth has become a necessity due to the increasing dangers of COVID-19 and other diseases. However, the pandemic is serving as an opportunity for stakeholders in the telehealth market to grow at a rapid pace.
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