June 30, 2020
As per the 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 LLC, global telemedicine market was worth USD 30.7 billion in 2019 and is expected to record considerable growth through 2025.
Rising geriatric population, increased pervasiveness of chronic diseases such as congestive heart failure, and orthopedic injuries, and shifting focus towards new ways of improving patient outcomes to enhance accessibility and reduce medical costs are fueling the global telemedicine market growth.
Increasing awareness and acceptance of remote monitoring solutions, along with several technological advancements in telecommunication field is further adding momentum to industry growth. Additionally, social distancing norms due to the COVID-19 pandemic has augmented the industry growth with telehealth replacing healthcare visit, cites the report.
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Apart from this, favorable government initiatives, lack of physicians, upgradation of IT infrastructure, and increase in healthcare spending are also supporting the industry growth. Moreover, incorporation of advanced digital technology in medical sector enables quick analysis of images in an emergency remotely. Emergence of wireless, portable, and low energy consuming x-ray technologies is expected to provide lucrative growth opportunities for telemedicine market over the forecast duration.
Based on the specialties, global telemedicine market is categorized into teledermatology, teleradiology, telepsychiatry, and others. While, speaking of the component terrain, the industry is classified into services, software and hardware.
Considering the regional outlook, North America accounted for majority share of global telemedicine market in 2019 and will continue to display strong growth through 2027, primarily driven by extensive adoption of smart devices in the region.
Prominent players in global telemedicine market are CloudMD, Amwell, MDLIVE, AMD Global Telemedicine, Inc., Doctor on Demand, and Teladoc Health, Inc.