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The global telemedicine market is anticipated to grow at 37.9% CAGR owing to the rising population, expansion on healthcare facilities, rising incidences of chronic diseases, lack of physicians, development in telecommunication, support from the government, raising awareness, rising remote patient monitoring, and mounting technological development during COVID-19 pandemic will fuel the growth of the global telemedicine market.
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Global Telemedicine Market The global telemedicine market is anticipated to grow at 37.9% CAGR owing to the rising population, expansion on healthcare facilities, rising incidences of chronic diseases, lack of physicians, development in telecommunication, support from the government, raising awareness, rising remote patient monitoring, and mounting technological development during COVID-19 pandemic will fuel the growth of the global telemedicine market. Thus, telemedicine has reduced the cost of healthcare and increased efficiency via enhanced management of chronic diseases, decreasing travel times, shared health professional staffing and few and short hospital stays., resulting in the growth of the global telemedicine market. The COVID-19 outbreak has provided massive opportunities for telehealth solutions owing to social distancing that reduces the exposure and is crucial to protect the healthcare providers. Telehealth thus provides an attractive, efficient, and cost-effective option in the growth of the market.
Global Telemedicine Market Based on end-user, the telephones segment is anticipated to be the fastest-growing segment owing to the rising cases of chronic diseases. The telephone is an effective way as it provides care, monitors a patient, and provides information by using the latest technology in telecommunication. The COVID-19 outbreak has led to optimizing the use of telemedicine to provide comfort at patients’ homes. According to a research article published in JMIR Pediatrics and Parenting, 2020, The COVID-19 outbreak has transformed healthcare systems globally by leveraging and optimizing digital approaches to healthcare services especially integrated telemedicine and virtual health.
Global Telemedicine Market North America dominates the telemedicine market as it rapidly growing market and has reduced the burden of chronic diseases. Moreover, the increased adoption of developed healthcare technologies enhances patients’ quality of life, decreased healthcare expenditure, and improves care management. Smartphones and the penetration of mobile technology will improve the clinical and lifestyle applications to aid, educate, and change health patterns. Teladoc Health, Inc. has entered into an agreement to acquire InTouch Health, and will provide a single solution for their complete virtual care strategy, and is the only virtual care provider having a full range of acuity — from critical to chronic to everyday care, thereby providing a single solution across all sites of care globally. The prominent players in the telemedicine industry include Koninklijke Philips N.V., Aerotel Medical Systems Ltd., Cerner Corporation, McKesson Corporation, InTouch Technologies Inc., Cisco Systems Inc., Allscripts Healthcare Solutions Inc., BioTelemetry Inc., and Honeywell International Inc.
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