Worldwide telemedicine market size to exhibit 18% CAGR through 2025
The research report on ‘global telemedicine market’ delivers vital data associated with key development trends, restraining factors and other expansion prospects that are expected to derive the growth rate of this business domain over the period of 2020-2027. It also offers a comparative analysis of the past records and the current market trends.
According to reliable predictions, global telemedicine market is projected to witness a y-o-y growth rate of 18% between 2020 and 2025. This rapid expansion can be credited to rising adoption of advanced technologies, growing pressure on physicians, and ever-increasing number of COVID-19 cases.
The research document evaluates the different segmentations of global telemedicine market. Moreover, it not only provides critical information regarding the regional outlook as well as the leading companies, but also analyzes the impact of COVID-19 pandemic on the growth rate and the remuneration scale of this business space in the upcoming years.
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For those uninitiated, telemedicine is referred to the use of electronic information systems by healthcare professionals and clinicians in order to analyze, diagnose and treat patients remotely. This involves the use of several types of audio, electronic and visual mediums. Thus, widespread adoption of EHR (electronic health records) and EMR (electric medical records) is further stimulating global telemedicine industry outlook.
It is also worth mentioning that telemedicine has been gaining fair amount of recognition owing to its ability to provide care remotely. Increased pervasiveness of chronic conditions such as diabetes and cancer have impelled the adoption of remote health services across the globe. In addition, growing demand for improved healthcare services and lack of physicians are complementing global telemedicine market dynamics.
Technological advancements in this business domain have resulted in the development of telehealth services which are integrated with AI (artificial intelligence) and analytics, further allowing for risk prediction and management processes, which in turn is adding traction to the overall market size.
However, factors such as high costs associated with telehealth systems and strict regulatory outlook may potentially hamper the remuneration scale of global telemedicine market in the upcoming years. Lack of awareness regarding telemedicine services could also act as a bottleneck to the overall market expansion.
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Impact of COVID-19 outbreak
The advent of Coronavirus pandemic has augmented the demand for telemedicine services across the globe, with collective inclination towards using online consultation services being one of the major factors propelling the product demand. Apart from this, supportive regulations which promote the use of such services amidst the COVID-19 pandemic is also contributing towards global telemedicine market outlook.
An overview of the regional scope
As per authentic estimates, North America is expected to account for the largest share in global telemedicine market by the year 2025. Availability of advanced healthcare infrastructure, high concentration of leading companies and increasing utilization of telehealth services is favoring the regional market outlook.
Meanwhile, Europe is slated to capture second largest market share in the upcoming years, owing to high occurrence of chronic diseases, growing demand for advanced healthcare technologies, and rising number of COVID-19 cases.
Global Telemedicine Market by Component Type (Revenue, USD Million, 2015-2025)
- Medical Peripheral Devices (Digital ECG, Digital Stethoscope)
- Standalone Software
- Integrated Software
Global Telemedicine Market by Service Type (Revenue, USD Million, 2015-2025)
- Asynchronous (Store-and-Forward)
Global Telemedicine Market by Application Reach (Revenue, USD Million, 2015-2025)
- Emergency Care
Global Telemedicine Market by Deployment Type (Revenue, USD Million, 2015-2025)
Global Telemedicine Market End-user Analysis (Revenue, USD Million, 2015-2025)
- Clinics & Specialty Centers
Global Telemedicine Market by Regional Scope (Revenue, USD Million, 2015-2025)
- United States
- United Kingdom
- South Korea
- South East Asia
Middle East & Africa
- South Africa
- Saudi Arabia
Global Telemedicine Market Competitive Terrain (Revenue, USD Million, 2015-2025)
- Medtronic plc
- InTouch Technologies Inc.
- Polycom Inc.
- SHL Telemedicine
- McKesson Corporation
- Koninklijke Philips N.V.
- Aerotel Medical Systems Ltd.
- AMD Global Telemedicine Inc.
- GE Healthcare
Telemedicine Equipment Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
The telemedicine equipment market is projected to witness immense growth in the coming years owing to the technological advancements and growing need for providing patients with best possible care remotely. Telemedicine is the use of telecommunications technology in order to provide healthcare from a distance. People generally have access to basic telemedicine or telecommunications technology, such as computers, telephones, and internet. On the geographical front, the telemedicine equipment market in Latin America was estimated at more than $50 million in 2019 and is likely to grow at a CAGR of more than 19% during the projected time period. Middle East & Africa telemedicine equipment market was valued at more than $35 million 2019 and projected to expand at a CAGR of more than 17.5% in the coming years.
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