Telemedicine Market Estimated to be US$ 40 billion in 2019 and Expected to Grow of 13.5% through 2030
Telemedicine is the exchange of medical information through telecommunication technology that aid healthcare professionals to evaluate, diagnose, and treat patients in remote locations. Telemedicine provides clinical support to patients residing in different locations. Introduction of telemedicine is overcoming the geographical barriers and connecting users related to different geographical locations improving the health outcomes. The Global Telemedicine Market size was estimated to be US$ 40 billion in 2019 and is expected to grow at a healthy rate of 13.5% through 2030. Rising number of chronic patients across remote areas in underprivileged countries is driving the telemedicine market. The application of telemedicine across low-income countries has proven the solution to be feasible, sustainable, and clinically useful. A growing number of pandemic cases are restricting the movement of people owing to the rise in social distancing driving the demand for virtual care facilities across the globe. Telemedicine is aiding patients to get medical assistance over virtual conversation keeping them safe and secure at homes in this quarantine phase.
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Rising demand for lowering medical costs and minimizing hospital visits is strengthening the telemedicine market. Diagnosis and treatment costs are expensive in regions such as North America and Europe. Furthermore, frequent doctor visits and hospitalization are unaffordable for the economical population. The global pandemic parameters have offered new opportunities to the market players to expand their business operations through mergers and acquisitions across the globe. This has intensified the competition in the market and is expected to contribute towards the growth of the global Telemedicine market during the forecast period.
North America contributed a dominating share to the global telemedicine market in terms of revenue in 2019 and is expected to be dominating geography throughout the forecast period. Increasing the geriatric population coupled with a rise in the number of chronic patients across the region is driving the telemedicine market. Increasing the spread of lethal coronavirus is affecting the geriatric population and these populations are seeking virtual help to strengthen their immunity. Additionally, the old aged patients with respiratory problems are taking special precautions suggested by doctors through video, email, or phone calls. Asia Pacific region is expected to gain a higher market share in the forecast timeline owing to the transformation of healthcare infrastructure, increasing population, and limited medical staff. Countries such as China, Japan, and South Korea are investing in R&D activities to drive the adoption of telemedicine market across the region. Rising overcrowded hospitals and clinics in these regions coupled with a large number of the rural population are creating new market opportunities for the telemedicine market.
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The global telemedicine market is segmented on the basis of component, mode of delivery, application, end-user and geography. Based on component, the global telemedicine market is segmented intosoftware & services and hardware. Based on deployment, the global telemedicine market is segmented into cloud based and on premise platform. Based on application, the global telemedicine market is segmented into teleradiology, tele-consultation, tele-ICU, tele-stroke, tele-psychiatry, tele-dermatology and others. Based on end-user, the global telemedicine market is segmented into providers, payers, patients and others. Based on geography, the global telemedicine market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is sub-segmented into the United States, Canada and Rest of North America. Europe is sub-segmented into Germany, United Kingdom, Belgium, Spain, and Rest of Europe. Asia Pacific is sub-segmented into China, Japan, India, Indonesia, Australia, South Korea, Taiwan, and Rest of Asia Pacific. Middle East & Africa is sub-segmented into Saudi Arabia, the UAE, and Rest of Middle East & Africa. South America is sub-segmented into Brazil and Rest of South America.
The research provides in-depth analysis of prominent players holding majority share of the global market with a focus on all operating business segment and would identify the segment of the company focusing on telemedicine. Further, market share of prominent companies in the global Telemedicine market would also be estimated.