Telemedicine Market to achieve CAGR of 13.3% by 2032, owing to the growing need for patient management | insightSLICE
The estimated size of the global Telemedicine market in 2021 was $40.9 billion, and it is anticipated to expand at a healthy rate of 13.3% through 2032.
When medical professionals or a provider of medical treatment are not present physically with one another, they practice telemedicine providing services for the patient. The usage of telemedicine is being aided by the rise in Covid-19 infections around the world as well as mobility issues.
People are being forced to stay inside and avoid personal contact by any means due to the widespread pandemic diseases. In such a situation, elderly patients or persons with chronic illnesses can contact doctors online, fueling the telemedicine sector.
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The older population will be comforted by the increased demand for telemedicine in the future because virtual consultations are convenient and affordable without the need for travel.
Market participants are enticing many customers to use virtual treatment facilities by offering membership packages with discounts or coupons. The telemedicine market will develop due to the use of cutting-edge technologies, such as the creation of a cloud-based platform for teleconsulting.
The leading businesses in the sector are focusing on corporate growth through strategic partnerships in the form of mergers and acquisitions which itself is forecasted to speed up market competitiveness.
The key players of the Global Telemedicine Market are:
Major players present in the Global Telemedicine Market include Asahi Kasie Corporation, American Well, AMC Health, Chiron Health, Cerner Corporation, Cisco Systems, Inc., Doctor on Demand, GE Healthcare, GlobalMed, IMediplus Inc., Iron Bow Technologies, Koninklijke Philips N.V., Medtronic, MDLive, Medvivo Group Ltd, MedWeb, Siemens Healthineers, Teladoc Health Inc., Telespecialists Llc, Vsee, Zipnosis, and others.
Development of better technologies will help the market growth:
The teleconsultation technology for telemedicine is predicted to expand the fastest during the forecast period. The users of telemedicine among potential users made a substantial contribution to the global telemedicine market in 2019 and are expected to increase significantly over the coming years.
The telemedicine market is also being driven by an increase in demand for mental health consulting.
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Global Telemedicine Market Key Segments:
By Component:
- Software & services
- Hardware
By Deployment:
- Cloud based
- On-premise
By Application:
- Teleradiology
- Tele-consultation
- Tele-ICU
- Tele-stroke
- Tele-psychiatry
- Tele-dermatology
- Others
By End Users:
- Providers
- Payers
- Patients
- Others
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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The leading market segments of Global Telemedicine Market
Increased use of specialist videoconferencing technology and specially designed diagnostic accessories like EKG monitors would enable the telemedicine market:
In terms of components, telemedicine software held the greatest market share globally in 2019 and is predicted to continue to hold this position during the projected period. In emergencies where the patient’s life can be secured by online assistance, telemedicine has also been very beneficial. The desire for regular medical consultations for physical and mental health is also driving market growth and propelling the expansion of the global telemedicine industry.
Regional performance of Telemedicine Market
In terms of sales, North America accounted for the largest portion of the worldwide telemedicine market in 2019. The region’s rising incidence of chronic and viral diseases is driving the telemedicine market. The huge market of modern hospitals and ambulatory clinics throughout Asia is anticipated in the Asia Pacific region.
The requirement for telemedicine from the Asia Pacific telemedicine sector is predicted to expand significantly during the forecast period due to positive development in smartphone usage and higher consumer spending.
In the upcoming years, it is projected that greater spending in telecom infrastructure transformation throughout important countries, particularly Brazil and Argentina, will propel the expansion of the South American telemedicine industry.
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