Telemedicine Market Overview
An overview of conceptual frameworks, analytical approaches of the Telemedicine market is the main objective of the report, which further consists of the market opportunity and insights of the data involved in the making of the respective market. The Telemedicine market is expected to grow at a significant rate in the near future.
The global telemedicine market is estimated to reach at a value of US$ xx Mn by the end of 2020 and expected to reach at a value of US$ xx Mn by 2028 with a significant CAGR of xx%
Telemedicine Market Definition
There are numerous developed and developing countries across the world who are still deprived of the cost-effective, high-quality, and accessible healthcare services. Fortunately, information and communication technologies (ICTs), in the present-day world, comprises great potential to acknowledge some of the major challenges witnessed by both emerging and established nations in providing appropriate healthcare services.
Basically, Telemedicine is the delivery of healthcare services and the sharing of healthcare information across distances for diagnosis, treatment and prevention of disease and injuries, research and evaluation, and for the invariable education of healthcare providers.
Telemedicine should not be misunderstood with a new technology or a novel branch of medicine, as it is just the way medical practitioners adopted ICTs to overcome geographical barriers as well as elevate access to healthcare services. Telemedicine is most useful for underserved or rural regions, groups and communities across the world which majorly suffer from shortage of access to healthcare. Telemedicine could also be perceived as an upfront and continually evolving science, as it embodies latest modifications in technology and retorts and alters with the dynamic health needs and contexts of societies.
Telemedicine Market Dynamics
The revolutionizing healthcare industry, worldwide, as well as adoption of advanced technologies to deliver superior quality healthcare services all across the world is majorly driving the growth of the global telemedicine market. Initially, a series of basic electronic inventions made the emergence of telemedicine possible, such as the telephone that have created communication and technology a crucial part of our day to day lives.
Attributing to which, the modified technique of telehealth or telemedicine is established which allows medical practitioners and patients to get connected electronically and share medical services directly that may be thousands of miles away. Such beneficial factors further promote the growth of the global telemedicine market in the near future. In addition, there is a rising need to expand healthcare access across the globe, owing to the increasing prevalence of chronic ailments and medical conditions among the masses, which further acts as a positive factor for the growth of the global telemedicine market in the forthcoming years.
Moreover, the continuously surging population, globally, as well as lack of medical professionals and physicians also stimulate the demand of telehealth or telemedicine so that health providers can deliver their services from a faraway distance too over an electronic network. In addition to that, in the wake of the global pandemic of COVID-19, the need for healthcare access has increased exponentially, which massively compelled the healthcare industry to adopt advanced technologies to provide their services all across the world, and it is expected to continue providing their services electronically. Owing to which, the global telemedicine market is projected to rise higher over the forecast period. Furthermore, there has been constant support from the government for R&D and further advancements in telecommunications, which is also anticipated to positively fuel the growth of the global telemedicine market in the given timeframe.
Apart from that, telemedicine also creates value for patients by cutting off patient’s wait and travel time, escalating the reach of healthcare services, and encouraging the capacity for 24/7 coverage. This makes telemedicine and its potential an appealing outlook for consumers who care about those values and is likely to elevate customer satisfaction. Therefore, the global telemedicine market is estimated to grow rapidly in the coming years.
Telemedicine Market Segmentation
The global telemedicine market is segmented on the basis of component, mode of delivery, application, end-user and regions. On the basis of the component, the telemedicine market is segmented into Software & services and Hardware. On the basis of mode of delivery, the market is segmented into Cloud-based and On-Premise. Further, the telemedicine market is segmented on the basis of application into Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke, Tele-psychiatry, Tele-dermatology, and Other Applications. Furthermore, the market is segmented on the basis of end-user into Providers, Payers, Patients, and Other End Users.
Software & services
Other End Users
Telemedicine Market Key Players
The global telemedicine market is dominated by Koninklijke Philips N.V., Medtronic, GE Healthcare. Other prominent players in this market include Cerner Corporation, Siemens Healthineers, Cisco Systems, Inc., Teladoc Health Inc., American Well, AMC Health, MDLive, Doctor on Demand, Medvivo Group Ltd, Asahi Kasei Corporation, Iron Bow Technologies, Telespecialists Llc, GlobalMed, MedWeb, IMediplus Inc., Vsee, Chiron Health, Zipnosis, among others.
MMC Overview on Telemedicine Market Report
The non-identical approach of Meridian Market Consultants stands with conceptual methods backed up with the data analysis. The novel market understanding approach makes up the standard of the assessment results that give a better opportunity for the customers to put their effort.
A research report on the telemedicine market by Meridian Market Consultants is an in-depth and extensive study of the market based on the necessary data crunching and statistical analysis. It provides a brief view of the dynamics flowing through the market, which includes the factors that support the market and the factors that are acting as impedance for the growth of the market.
Furthermore, the report includes the various trends and opportunities in the respective market in different regions for a better understanding of readers that helps to analyze the potential of the market. The report is titled as ‘Telemedicine Market: Opportunity Analysis and Future Assessment 2020-2028’.
Factors that are benchmarked while estimating the market
Various factors that are benchmarked while estimating the market growth includes (but not restricted to):
New product designs and launches
Current product compliance
Concerns for use of Telemedicine
Advantages of Telemedicine
Actions taken by the manufacturer and respective regulatory authorities also impact the market growth of the segment. These factors are understood at regional level and in major countries globally for providing regional insights of the product segment in the report. This helps our clients to make informed decisions.
A mix of top-down and bottom-up approach is followed to arrive and validate our market value estimations. For a product segment like wherein one/two manufacturer(s) dominates the market, it’s products sales, previous growth rates and market expansion plans are considered to generate market share in the global market.