Telemedicine Market Definition
The global Telemedicine market is expected to witness high demand in the forecasted period due to the rising demand due to COVID 19 pandemic and increasing remote patient monitoring across the globe. Telemedicine is the use of electronic communication to offer healthcare services to patients located in remote locations. Telemedicine uses ICTs to overcome geographical barriers and increase access to health care services. This is particularly beneficial for rural and underserved communities in developing countries groups that traditionally suffer from lack of access to health care. Social distancing is one of the key trends in minimizing the spread of COVID-19 infection. Due to social distancing implemented by various countries across the world, virtual care delivery is stepping up as an effective solution for safe and better communication. The WHO mentioned telemedicine as one of the essential services in the policy to respond to the COVID-19 emergency. Many increasing numbers of corona virus-positive cases along with chronic respiratory diseases have increased the adoption of telemedicine services. Patients with suspected flu-like symptoms are accessing various telemedicine platforms to avail healthcare services remotely.
The market study is broken down by Type (Telehospitals, Telehomes and mHealth (mobile health)), by Application (Teleconsultation, Telecardiology, Teleradiology, Telepathology, Teledermatology, Tele Home health, Teleoncology and Emergency Medication) and major geographies with country level splits. According to AMA, the Global Telemedicine market is expected to see growth rate of 17.63%
The global Telemedicine market is moderately competitive due to the presence of many small and large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with fewer prices. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global Telemedicine market throughout the predicted period.
Aerotel Medical Systems (1998) Ltd (United States), Allscripts Healthcare Solutions Inc. (United States), AMD Global Telemedicine Inc. (United States), Resideo Technologies Inc. (Honeywell Life Care Solutions) (United States), InTouch Technologies Inc. (United States), Koninklijke Philips NV (Netherlands), Medtronic PLC (Ireland), IBM (United States), Doctor on Demand (United States) and McKesson Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are SHL Telemedicine (Isreal).
AdvanceMarketAnalytics has segmented the market of Global Telemedicine market by Type, Application and Region. On the basis of Type, Telehomes are dominating the market in the year 2019
On the basis of geography, the market of Telemedicine has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Delivery Model, the sub-segment i.e. Web/Mobile [Telephonic, Visualized] will boost the Telemedicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Store and Forward will boost the Telemedicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Product [Hardware, Software, Others] will boost the Telemedicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Providers will boost the Telemedicine market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 30th March 2020, Allscripts clients across the nation have signed up to deliver telehealth visit capabilities in a quick timeframe to their patients. The company has created a specialized plan for clients to swiftly implement telehealth at their organizations through its EHR-agnostic patient engagement platform, FollowMyHealth.
On 18th February 2020, Allscripts Healthcare Solutions has announced its strategic partnership with Manorama Infosolutions, a healthcare IT company located in India, to deliver an integrated Healthcare Management Information System and Health Information Exchange platform.
- Rising cases of COVID-19 infections across the globe
- High adoption due to Favorable government initiatives
- Rising prevalence of chronic conditions and cost-benefits of telehealth& telemedicine
- Increasing population as well as need to expand healthcare access
- High utility in combating infectious diseases and epidemics
- The rising concern of regulatory variations across regions
- The issues related to fraud in telemedicine and telehealth
- Behavioral barriers, healthcare affordability, and lack of awareness
Key Target AudienceTelemedicine Providers, Government Regulatory Bodies, Government Research Organization, Government Regulatory Bodies, Private Research Organizations and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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