Overview

Telemedicine Market Introduction:

Telemedicine market is poised to exceed the total market value of $190 billion by 2027 end and register an exuberant CAGR at over 23% during the forecast period of 2020-2027.

Telemedicine system is a process of diagnosis and treatment of medical indication remotely by means of telecom nations. Telemedicine system consisting of the system with necessary telecommunication for medical imaging as well as information can be sent to the consultant doctors with satellite link in the form of digital data packs. With this data, telemedicine doctors can review the patient data and prescribes the necessary medicines in real time. Telemedicine can be advantageous for people living in isolated communities and remote areas and also reduces the cost of health care. It increases efficiency through better supervision of diseases with shared health professional staffing.

The increasing demand for telemedicine in better management of disease indication through shared information fuelled the growth of Telemedicine. Telemedicine has gained traction over the past decade due to the increasing importance of real-time monitoring of the patient population. Telemedicine is the process of sharing studies and can improvise the treatment guidelines for better disease management. Additionally, growing awareness of teleradiology among the developed economies is expected to boost the growth of Telemedicine market over the forecast period. Along with this, technology have integrated telemedicine into healthcare settings and increased the efficiency of services. Further, increasing healthcare burden on government bodies led to the reformulation of existing healthcare policies to support the smart technologies to contain the burden of healthcare. It led to rapid evolution of global telemedicine market during the forecast period.

North America and Europe Telemedicine markets account major share in the global market due to the increasing importance of telemedicine in disease management. Asia Pacific region represented as the most lucrative market for telemedicine provides due to increasing adoption of technological services in a healthcare setting. Latin America and Rest of the world are highly untapped markets for Telemedicine and they are expected to witness significant growth during the forecast period due to growing importance.

Telemedicine players include TeleVital, AMD Global Telemedicine, Inc. HealthTap, American Well, Maven, InTouch Health, Spruce Health, HealthSpot and others

Impact of COVID-19 on Telemedicine Market:

The necessity for telemedicine has increased with the COVID-19 pandemic as healthcare professionals need to stay disease-free and healthy. The WHO and CDC are promoting telemedicine technology for remote patient monitoring, thereby reducing the risk of virus transmission. The Bergen New Bridge Medical Center, New Jersey, has extended their telehealth services for screening patients for COVID-19. Bergen New Bridge Cares have partnered with Air Visits are now capable of providing patient assessment and urgent care screening of symptomatic patients with the help of a licensed physician. These telehealth screenings are based in the latest evaluation and reporting Persons Under Investigation (PUI) guidelines set up by CDC.
Many telemedicine companies are advancing with times. Companies like Everlywell and PlushCare are planning to release testing kits for COVID-19 that can be used at home and with the rising demand for remote consultation services, these companies are bound to exhibit significant growth over the forecasted timeframe. Other companies like HeyDoctor and Doctor on Demand provide coronavirus risk assessments free of cost. These initiatives can positively impact the growth of the market.

Telemedicine Market

Telemedicine Market Segmentation:

By Service Type

Telepathology
Teleradiology
Teledermatology
Teleconsultation
Others

By End User

Hospitals
Diagnostics Laboratories
Clinics
Outpatient Centres

By Region

Europe
North America
APAC
Latin America
Rest of World

Competitive Landscape:

Tier 1 players- established companies in the market with a major market share
Tier 2 players
Emerging players which are growing rapidly
New Entrants

FutureWise Takeaways:

Growth prospects
SWOT analysis
Key trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on global telemedicine market by service type, end-user and region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
Profiling of companies to evaluate their market shares, strategies, financials and core competencies

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