A recent report by Transparency Market Research states that global telemedicine market is projected to witness a substantial growth from 2014 to 2020. The growth of the market is the result of growing developments in healthcare industry. These developments include incorporation of technologies such as IoT, artificial intelligence, and machine learning. Moreover, the induction of seamless communication technology is also a major factor that is boosting the growth of global telemedicine market during the projected duration of 2014 to 2020. Furthermore, the initiatives to provide healthcare services in remote areas, is also a critical factor that is propelling the growth of global telemedicine market in the estimated time period.
Market to Exhibit 14.3% CAGR during the Time-Frame
According to the experts at Transparency Market Research, the global telemedicine market is shall witness a massive 14.3% CAGR during the tenure. This robust growth rate of the market is attributed to the lucrative opportunities leveraged by the players of the global telemedicine market. Opportunities such as demand for better communication devices, remote controlled drone development, healthcare service providing to the remote and untapped locations, are propelling the players to invest and develop new solutions. These opportunities are supporting the global telemedicine market to reach to the value of US$ 36.30 bn by the end of 2024.
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As per the analysis in the report, the global telemedicine market stood strong at US$ 14.30 bn during 2013. This indicates that the market has high growth potential during the projected time frame. It is because of this potential the market observes the entry of new players in to the dynamics. However, establishing themselves in the telemedicine market is not going to be easy for the players. Since, the market is highly fragmented as there are numerous players that dominate and control the dynamics of the global telemedicine market.
To overcome this challenge, the new players are either merging or collaborating with the players that are already established in the global telemedicine market. These strategies allow the new players to accommodate essential resources that can help them acquire sustainability in the global telemedicine market.
Technology Plays a Crucial Role in the Development of the Market
Technology plays an important role in the growth of global telemedicine market. The name of the market itself states that how crucial technology is for the development of the global telemedicine market. The players are incorporating technologies like AI and ML into their solutions so as to capture a larger share of the global telemedicine market during the tenure of 2014 to 2020.
North America Drives Maximum Revenue for the Players
North America is growing tremendously in terms of healthcare industry. The region has become the hub for the technological development and transformation of the industry. Due to presence of several technological and pharmaceutical players in countries like the U.S. and Canada, North America is projected to dominate the global telemedicine market on geographical front.
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