According to the business intelligence report titled ‘Global Telemedicine Market: Analysis By Specialties, By Component, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global telemedicine market was worth USD 30.7 billion in 2019 and is predicted to amass lucrative gains during 2020-2025.
 

As per the report findings, growing geriatric population, rising prevalence of chronic diseases, and technological advancements with respect to digitalization are catalyzing global telemedicine market growth. Moreover, favorable government initiatives and lack of physicians in the healthcare sector are further boosting the popularity of telemedicine.
 

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Rapid development in medical digital technology, overhaul of IT infrastructure, increasing investments in the healthcare infrastructure, and introduction of power-efficient, portable X-Ray technologies are adding substantial traction to the market growth.
 

Furthermore, growing efforts of service providers towards increasing healthcare access, improving patient outcomes, and reducing medical costs are stimulating global telemedicine market outlook. Innovative product launches and strategic alliances such as mergers, partnerships, and acquisitions by industry moguls are furthering business development.
 

Based on specialties, worldwide telemedicine industry vertical is bifurcated into telepsychiatry, teleradiology, and tele dermatology among others. While various components involved are services, hardware, and software.
 

From a geographical perspective, Europe, North America, and Asia-Pacific are major revenue contributors for the global telemedicine industry, with nations like Canada, U.S., Japan, China, United Kingdom, and Germany being lucrative growth avenues.
 

The report cites that North America telemedicine market size is expected to grow tremendously over 2020-2025. Increasing internet penetration, along with rising adoption of smart devices and advanced technologies are spurring the usage of telemedicine services.
 

Doctor on Demand Inc., Teladoc Health Inc., AMD Global Telemedicine Inc., Amwell (American Well), MDLIVE Inc., and CloudMD Software & Services Inc. are the leading companies influencing worldwide telemedicine market trends.