February 18, 2021
According to the research report titled ‘Global Telemedicine Market Analysis, 2020’, available with Market Study Report LLC, global telemedicine market size is projected to expand at 18% CAGR during 2020-2025.
Technological revolution and digitalization in the healthcare vertical is stimulating the growth of worldwide telemedicine market. Moreover, increasing acceptance of mega institutions like The UN Office on Drugs and Crime in association with blockchain-based telemedicine and telepsychology firm for expansion of free basic healthcare services is stimulating the overall market outlook.
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The research report on global telemedicine market entails all important aspects such as driving forces, challenges, and opportunities that will govern the industry dynamics over the forecast period. It also includes an analysis of the competitive landscape of the domain, covering the product portfolio, business overview, and strategies adopted by these firms to sustain the rivalry.
The document evaluates different market segmentations like component type, services, application reach, end user scope, and geographical terrain. It unveils the contribution of each regional market to the overall business growth.
The world's healthcare system has been observing a constant evolution, in addition to rising recognition among people and widespread usage of technology such as the internet, cell phones, and computers, etc., which is further the global telemedicine business. Further, the exponential rise in the threat of COVID-19 worldwide, and the rising healthcare expenditure are adding to patients’ inclination towards telemedicine.
Based on component type, global telemedicine market is split into software (standalone software, and integrated software), and hardware (medical peripheral devices (digital stethoscope, digital ECG) and monitors). Hardware segment is gaining traction owing to growing usage of monitors and peripheral devices.
While, software segment witnessed massive growth in the recent past and is expected to hold major market share, attributable to employment of latest software across healthcare institutions for promoting telemedicine. Moreover, telemedicine firms are introducing the application and incorporating Bluetooth connectivity for offering better services.
As per services, the industry is segmented into asynchronous (store-and-forward), tele-surgery, tele-monitoring, tele-consultation, and tele-training.
With respect to application spectrum, worldwide telemedicine industry is categorized into emergency care, tele-pathology, tele-neurology, tele-dermatology, tele-cardiology, tele-psychiatry, tele-radiology, and others (tele-obstetrics, tele-nephrology, etc.). Considering deployment type, the industry is classified into cloud-based, and on-premise.
Elaborating on end user scope, the market is bifurcated into clinics & specialty centers, homecare, hospitals, others (medical labs, etc.).
Established firms in global telemedicine market sphere are Medtronic plc, InTouch Holdings plc, Polycom Inc., SHL Telemedicine Ltd., McKesson Corp., Koninklijke Philips N.V., Aerotel Medical Systems, AMD (Advanced Micro Devices) Inc., and GE (General Electric).