Telemedicine Market Research Report, By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) - Global Industry Size, Trends, Growth, Analysis, Share, Forecast till 2023
Market Highlights
Increasing adoption of Electronic Health Record (EHR)/ Electronic Medical Record (EMR), rising prevalence of chronic diseases like diabetes, cancer, besides others followed by a dearth of physicians in the presence of increasing healthcare services demands drives the global telemedicine market. However, the high cost of implementing telemedicine systems and the need for training along with stringent government regulations is estimated to restraint the market growth during the projected period.
Global Telemedicine Market is expected to grow at a CAGR of 16.8% and reach USD 56,738.3 by 2023.
Segmentation
The global telemedicine market is segmented on the basis of service type, component, deployment, application, and end user.
On the basis of the service type, the market is segmented into telenursing, telepharmacy, teleradiology, teledermatology, teleoncology, others. On the basis of the component, the market is categorized into software and hardware. The software segment is sub-segmented into integrated software and standalone software. The hardware segment is sub-segmented into monitors and medical peripheral devices. On the basis of the deployment, the market is segmented into cloud based and on premises. On the basis of the application, the market is segmented into cardiology, ophthalmology, psychiatry, radiology, dermatology, and others. On the basis of the end user, the market is segmented into hospitals, clinics, home care.
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Regional Analysis
The Americas dominates the global telemedicine market. Factors such as the presence of a well-developed healthcare sector and the increasing adoption of healthcare IT drives the market growth within the region. Moreover, rising healthcare expenditure and presence of major players within the region provides favorable backgrounds for market growth. Europe stands second in the global telemedicine market due to increasing adoption of new technologies in the healthcare sector and increasing government support. Moreover, rising burden of diseases like cancer, diabetes, and others within the region fuels the market growth. On regional basis, the Europe is divided into Western Europe and Eastern Europe. Western Europe leads the market in the developed economies like Italy, U.K, France, and others. Asia Pacific is estimated to be the fastest growing region. Huge patient population and the growing telemedicine sector drives the market growth within the region. Moreover, the presence of developing economies like India, China, and Australia within the region boosts the market growth. The Middle East & Africa has the least share in the global telemedicine market due to the presence of poor economies, lack of healthcare services and stringent government policies, especially within the African region.
Key Players
The key players for the global telemedicine market are AMD Global Telemedicine, Inc., CardioNet, CareClix, Cerner Corporation, Cisco, GENERAL ELECTRIC, IBM Corporation, Intel Corporation, Iris Telehealth, Koninklijke Philips N.V., Medtronic, SHL Telemedicine, TeleVital, Aerotel Medical Systems, Allscripts Healthcare Solutions, Cardiocom, Honeywell Lifesciences, Tunstall Healthcare, Care Innovations, Medvivo Group Ltd., Aerotel Medical Systems Ltd., and others.
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Telemedicine Services Market:WiseGuyReports.com adds “Global Telemedicine Services Market Size, Status and Forecast 2020-2030” reports to its database.Executive SummaryThe global telemedicine services market is expected grow from $39.3 billion in 2019 to $48.3 billion in 2020 at a compound annual growth rate (CAGR) of 23.0%.
The growth is mainly due to the lockdown across countries owing to the COVID-19 outbreak and the preference for contactless medical services.
The market is then expected to stabilize and reach $78.3 billion in 2023 at CAGR of 17.4%.The telemedicine services market consists of sale of telemedicine services and related products.
Telemedicine services are health care services provided via video chat, phone calls, text messages.
Patients can use telemedicine for physical examination as well as to ask questions regarding health concerns.North America was the largest region in telemedicine services market in 2019.Request Free Sample Report @ https://www.wiseguyreports.com/sample-request/5358007-telemedicine-services-global-market-report-2020-30-covidTelemedicine is increasingly being accepted and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans.
For instance, in March 2020, in response to the corona virus outbreak, the USA government announced that private insurers will be covering the cost of coronavirus testing and telemedicine services for patients.The telemedicine services market covered in this report is segmented by technology outlook into store and forward; real time and by application into teleradiology; telepsychiatry; telepathology; teledermatalogy; telecardiology.Breach in the data makes the patients uncomfortable on sharing personal information that would help the physicians to diagnose the patients' health, affecting the telemedicines market negatively.
