Global Telemedicine Market to be Driven by Rising Awareness of Virtual Medical Assistance and Reduction in Healthcare Spending During the Forecast Period 2021-2026
Expert Market Research’s new report titled, ‘Global Telemedicine Market Report and Forecast 2021-2026’, gives an in-depth analysis of the global telemedicine market, assessing the market based on its segments such as type , technology, service, delivery method, application, end user and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2016-2026):-
- Historical market size (2020): 55 billion USD
- Forecast CAGR (2021-2026): 24%
- Forecasted market size (2026): 173 billion USD
All over the world, health care costs are rising. Increased utilization of healthcare services is the major driver for rising healthcare prices, leading to increased customer demand for innovative and modern techniques, lifestyle factors, etc. The ability to improve patient outcomes and minimize costs has been demonstrated by telehealth solutions. Unlike conventional methods, telemedicine saves resources for patients, manufacturers and payers. Telemedicine has reduced healthcare costs, thereby increasing productivity through better chronic disease management, reduced travel times and fewer hospital stays. Hence, the market is expected to witness high growth over the forecast period owing to all the above-mentioned factors.
Industry definition and major segments
Telemedicine is the patient support technique where there is no direct contact between the healthcare team and the patient. Using videoconferencing software or other device/technology, the practice helps physicians consult with patients. The adoption of telemedicine enables long-distance communication, treatment, education, intervention and monitoring of patients and clinicians, among others.
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On the basis of type, the industry is divided into:
- mHealth (mobile health)
On the basis of technology, the industry is divided into:
- Store and transfer
- Real time
On the basis of service, the industry is divided into:
- Remote monitoring
On the basis of mode of delivery, the industry is divided into:
Based on application, the industry is divided into:
On the basis of end users, the industry is split into:
- The patients
Based on region, the industry is divided into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
A global problem that weighs on health infrastructures is the emergence of chronic diseases. Telehomecare, using the latest telecommunications technology, is an innovative way to deliver care, track a patient and provide information. Surveillance can detect diseases at an early stage and thus prevent chronic problems. In countries including the Whole Device Demonstrator (WSD) project in the UK and the Veterans Health Segmentation (VHA) project in the US, telehomecare projects are also being introduced. Via telemonitoring of patients, these home care teleservices control, eliminate and prevent chronic diseases. For patients and hospitals, telehome systems offer an opportunity for substantial savings. The increasing rate of adoption of telehomecare services therefore has a direct effect on the growth of the telemedicine industry. In the United States, telemedicine is becoming increasingly important in healthcare. With the advent of telemedicine apps that help Americans get involved in managing their personal health, healthcare in the United States is seeing some positive trends.
Main market players
Major Market Players Koninklijke Philips NV, Honeywell International Inc., Medtronic plc, Cerner Corporation, Cisco Systems Inc., McKesson Corporation, Teladoc Health Inc., Aerotel Medical Systems Ltd., OBS Medical Ltd., Care Innovations LLC, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine Inc., BioTelemetry Inc., Polycom Inc., GlobalMedia Group LLC and others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
Note 1: As the novel coronavirus (COVID-19) continues to spread across the globe, our analysts are continuously monitoring the impact of this rapidly evolving situation on markets and consumer buying behaviors. Thus, our latest estimates and analysis on current market trends and forecasts will comprehensively reflect the effects of this emerging pandemic.
Note 2: For an overview of primary and secondary market data (2016-2026), along with business strategies and detailed market segmentation, please click request a sample report. The sample report will be delivered to you within 24 hours.
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