Telemedicine Market Size, Share & Global Industry Report

ReportCrux Market Research has published a new report titled “Telemedicine Market by Type (Product [Hardware, Software, and Others], and Services [Tele-Consulting, Tele-Monitoring, Tele-Education/ Training, and Others]); by Application (Teleradiology, Telepsychiatry, Telecardiology, Telepathology, Teledermatology, and Others); by Delivery Mode (Call Centers, and Web/ Mobile [Telephonic, and Visualized]); by End User (Payers, Providers, Patients, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

Telemedicine Market size

According to the report, global demand for telemedicine market was valued at approximately USD 134.40 Billion in 2019 and is expected to generate revenue of around USD 131.06 Billion by end of 2027, growing at a CAGR of around 18.2% between 2020 and 2027.

Market Overview:

Telemedicine is the use of electronic communication to provide healthcare services to remote patients. Social distancing is one of the main strategies to mitigate the spread of infection with COVID-19. Physicians need to exploit telemedicine technology to provide patients with healthcare services, thus encouraging social distancing and reducing the risk of corona virus infection. Growing number of positive cases of corona virus along with chronic respiratory diseases have raised the adoption of telemedicine facility.

Patients with suspected flu like symptoms access various telemedicine systems for get direct access to healthcare facilities. Besides, in the midst of the COVID-19 pandemic, numerous telemedicine companies are experiencing increase in virtual visits. These firms are now increasing their ability to manage several thousand virtual visits a day to meet the rising need, thereby propelling the growth of telemedicine sector globally.

The primary driver of increasing healthcare costs is expanded use of healthcare facilities, which has lead to increased customer demand for innovative and modern technologies. This can also be attributed to the transfer of expenses, from government services to private payers. Low rates of reimbursement have increased the cost shifting pressure on hospitals and physicians who, in effect, charge private payers much higher prices for the same services, which eventually impact the health insurance rates.

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Top Key Players Analysis:

Major players in telemedicine market are Honeywell HomMed (U.S.), Allscripts Healthcare Solutions, Inc, (U.S.), Telemedicine, Inc. (U.S.), LifeWatch AG (Switzerland), Aerotel Medical Systems Ltd. (Israel), McKesson Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), AMD Global (U.S.), CISCO Systems (U.S.), and Cardiocom, LLC, (U.S.) among others.

Regional Analysis:

By region, the market is divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. North America held almost 41% share of the overall market followed by which is the Europe market. Such regional markets are projected to display a similar pattern over the forecast period due to growing understanding of healthcare, combined with acceptance of cloud-based technologies.

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Telemedicine Market Segmentation:

By Type

Product

Hardware

Software

Services

Tele-Consulting

Tele-Monitoring

Tele-Education/Training

By Application

Teleradiology

Telepathology

Teledermatology

Telecardiology

Telepsychiatry

Others

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