As per the recent report, the telemedicine market is expected to grow at a massive CAGR during the forecast period under consideration. The rise in healthcare costs, technological advancements, increase in instances of remote patient monitoring and care and the growing burden of chronic illnesses are some of the factors contributing towards the rapid growth of the telemedicine market. Telemedicine has been responsible for reducing the cost of healthcare efficiently, all the while increasing the efficiency of services by way of improved management of chronic illnesses, reduction in travel time, sharing of professional healthcare staffing and shorter and fewer stays at the hospital. All of these factors are expected to drive the telemedicine market in the forecast period.
Telemedicine is simply the remote delivery of healthcare services to patients. Owing to the rise in chronic diseases and growing costs of healthcare, it seems wise to opt for means like telemedicine that allows consultations over telecommunication or teleconference, remote evaluation, diagnosis and treatment of patients, and so on.
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One of the applications of telemedicine is telehomecare services that allow patients and hospitals to save significantly on healthcare costs without compromising on the quality of service provided. Factors like these are expected to greatly boost the telemedicine market.
The adoption of telemedicine has helped in vastly improving healthcare management, patients’ quality of life and reducing healthcare spending. Along with this, the rising dependency on mobile technologies and internet, increase in cases of homecare adoption by patients and reduced hospital visits are likely to further propel the growth of the telemedicine market.
Based on end users, the telemedicine market is segmented as telehospitals/teleclinics and telehome.
Based on specialty, the telemedicine market is segmented as dermatology, gynecology, cardiology, neurology, orthopedics, oncology, mental health, internal medicine and emergency care.
Based on component, the telemedicine market is segmented as services, hardware and software.
Based on services types, the telemedicine market is segmented as tele-consulting, tele-monitoring, tele-education and tele-training.
On the basis of delivery mode, the telemedicine market is segmented as web/mobile and call centers.
On the basis of region, the telemedicine market is boradly segmented as North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The North American segment of the telemedicine market is further segmented as the US, Canada and Mexico.
The European segment of the telemedicine market is further segmented as Germany, UK, France, Italy, Spain and the rest of Europe.
The Asia Pacific segment of the telemedicine market is furtehr segmented as China, Japan, India, Australia, South Korea and the rest of Asia Pacific.
The Middle Eastern and African segment of the telemedicine market is further segmented as GCC, South Africa and the rest of Middle East and Africa.
The South American segment of the telemedicine market is further segmented as Brazil, Argentina and the rest of South America.
In 2019, Northwell Health, the largest health system in New York, extended its engagement with the comprehensive inpatients platform – Allscripts Sunrise by key telemedicine market player, Allscripts, through year 2027.
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