Telemedicine Market Synopsis
According to Market Research Future (MRFR), the global market for telemedicine is expected to acquire a market value of USD 56,738.3 million while thriving at a CAGR of 16.8% by 2023.
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The need for telemedicine and real-time communication has reached its peak during the pandemic that can drive the eHealth services significantly during the forecast period. The growing need to reduce the burden on medical professionals is expected to grow demand for advanced telecommunication technologies that can augment the telemedicine market during the forecast period. Furthermore, the integration of AI and analytics is anticipated to enhance the efficiency of the telemedicine service, which is expected to drive the global market during the assessment tenure.
On the flip side, the expenses associated with the implementation of telemedicine systems can hinder market expansion during the forecast period. However, the rising prevalence of chronic illness is expected to counter the impeding cause that can grow the demand for telemedicine to monitor patients, which is likely to boost the market.
Telemedicine Market Segmentation
The segmental analysis of the global market for telemedicine is done by deployment, service type, component, end-user, and application.
The deployment-based segments of the global market for telemedicine are cloud-based and on-premises.
The service-type based segments of the global market for telemedicine are telepharmacy, telenursing, teleradiology, teleoncology, teledermatology, and others.
The component-based segments of the global market for telemedicine are software and hardware.
The end-user based segments of the global market for telemedicine are clinics, hospitals, and home care.
The application-based segments of the global market for telemedicine are ophthalmology, cardiology, psychiatry, dermatology, radiology, and others.
Telemedicine Market Regional Analysis
Based on the region, the global market for telemedicine is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
As per the analysis, North America is anticipated to lead the global market for telemedicine during the forecast period owing to the presence of advanced healthcare infrastructure. The outbreak of COVID-19 has offered various opportunities for expansion. For example, AMD global telemedicine launched a virtual portal to streamline COVID-19 test results, which is likely to augment the regional market.
APAC is projected to propel at the highest rate during the assessment period owing to the rising need to curb the growing COVID-19 cases. Besides the increasing instances of coronavirus, the region is also witnessing a surging incidence of chronic illness among the expanding populace, which is anticipated to grow the demand for telemedicine. Furthermore, the presence of emerging economies such as; India and China are expected to play a salient role in developing the regional market. For example, eSanjeevani, India’s initiative to popularize eHealth service, has crossed more than 1 million teleconsultations. Such initiatives are predicted to strengthen the regional market in the coming period.
Europe is expected to amass significant market value owing to the increasing government support. The rising initiatives of acquisition are likely to drive the regional market in the assessment period. HealthHero, a London-based startup, has acquired Doctorlink, another renowned name, headquartered in the UK and has become the largest telemedicine provider in Europe, which can propel the regional market relentlessly.
MEA is expected to acquire a smaller market share during the forecast period owing to the lack of awareness and hesitance to adopt the latest technologies in the healthcare sector.
Telemedicine Market Key Players
Renowned players of the global market for telemedicine are CardioNet, AMD Global Telemedicine, Inc., CareClix, Cisco, Cerner Corporation, GENERAL ELECTRIC, Intel Corporation, IBM Corporation, Iris Telehealth, Medtronic, Koninklijke Philips N.V., and SHL Telemedicine.
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