The research report “Global Telemedicine Market: By Type (Telehospitals, Telehomes and mHealth (mobile health)), By Product (Hardware, Software and Others), By Service (Telepathology, Telecardiology, Teleradiology, Teledermatology, Telepsychiatry and Others) and Geography Global/Region/Country Forecast to 2027″, The Global Telemedicine Market was valued at US$ 58 Billion in the year 2020 and is anticipated to grow US$ 202 Billion by 2027 at a CAGR of 20% during the forecast time span 2021-2027.
Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on ” Global Telemedicine Market: By Type (Telehospitals, Telehomes and mHealth (mobile health)), By Product (Hardware, Software and Others), By Service (Telepathology, Telecardiology, Teleradiology, Telepsychiatry and Others) and Geography Global/Region/Country Forecast to 2027″,
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Increase in remote patient monitoring will accelerate the Global Telemedicine Market
Telemedicine technology enables healthcare exerts to offer health-related services through telecommunication to patients live in remote areas. This technology is hugely utilized for managing chronic conditions, follow-up visits and medication management. Telemedicine allows providing these health related services remotely through safe audio and video connections. The healthcare sector went through several changes over the years due to the new technologies and developments. Several healthcare leaders come to know that telemedicine is the best solution to provide healthcare related services to patients who live at remote place. This technology also allows healthcare experts to diagnose, treat and assess patients at a distance.
There are a number of prominent factors that drive the market growth such as increasing cases of chronic illnesses, growing demand for tele-neurology services particularly amid the older patient populace, rising healthcare prices, extensive availability of the internet as well as high quality video, different technological developments in telecommunications and increase in remote patient monitoring. On the other hand, reimbursement problems, high initial capital needs and lack of physician support are the prominent factors hamper the growth of the market. Telehospitals sector is booming the telemedicine market and accounted huge market revenue share in the year 2018 and anticipated to obtain huge revenue share during the forecast period 2021-2027.
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Asia Pacific witnessed huge revenue share in Global Telemedicine Market
Asia Pacific witnessed huge revenue share in telemedicine market recording huge CAGR. This region is witnessing huge growth because of increasing interest about telemedicine among people, growing penetration rate of smart devices and emerging economy in the region like China. China became the huge market revenue share obtainer in the region. Furthermore, North America also witnessed significant market share during forecast assessment period 2021-2027 due to growing preference towards homecare by patients, rapidly increasing healthcare sector and huge inclination towards internet and mobile technologies
Competitive Analysis:
Global telemedicine market is witnessing huge growth due to the frequent acquisitions and launchings by the key players. For example, Allscripts acquired Health Grid Holding Company in May 2018. This attainment will contribute greatly in the expansion of FollowMyHealth platoform portfolio and spur revenue generation. There are a number of key players operating in the telemedicine market such as Aerotel Medical Systems (1998) Ltd, Allscripts Healthcare Solutions Inc., Biotelemetry, Resideo Technologies Inc. (Honeywell Life Care Solutions), InTouch Technologies Inc., Koninklijke Philips NV, Medtronic PLC, SHL Telemedicine and
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