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    Telemedicine Market Report

    Telemedicine Market Report
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    Global Telemedicine Market (Tele-home and Tele-hospital Market), Dynamics, Market Analysis See more...

    Impact of COVID-19 on Telemedicine Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Telemedicine Market

    Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.

    Note: The summary below might not have included insights on covid impact since we have large number of reports.

    Market Insights

    The Global Telemedicine Market (Tele-home and Tele-hospital Market) is projected to grow from USD 47.2 billion in 2020 to USD 137.6 billion by 2026 at a CAGR of over 19.5% during the forecast period.

    Figure: Global Telemedicine Market (Tele-home and Tele-hospital Market) Size, 2020-2026 (USD Billion)

    Telemedicine-Market-Forecast

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    What is Telemedicine?

    Telemedicine is a technology where electronic communication is used to provide medical services to patients located in remote locations. It overcomes the barrier of distance by offering clinical health care via telecommunication and information technology. It makes health services more accessible, primarily in isolated rural areas where medical care is not available consistently due to the location.

    Key Players

    Key players operating in the global telemedicine market (tele-home and tele-hospital market) are-

    • Allscripts Healthcare Solutions Inc. (The U.S),
    • AMD Global Telemedicine (The U.S),
    • American Well (The U.S),
    • BioTelemetry (The U.S),
    • Blue Sky Telehealth (The U.S),
    • Cerner Corporation (The U.S),
    • Cisco Systems (The U.S),
    • Eagle Telemedicine (The U.S),
    • Honeywell International Inc. (The U.S), and
    • InSight (The U.S).

    Market Dynamics

    The increasing need for remote patient monitoring services in developing countries, growing patient pool in remote locations, rising medical tourism activities, and surging prevalence of chronic and lifestyle-associated diseases are some of the factors augmenting the market growth.

    • Also, favorable government initiatives designed at increasing the implementation of telemedicine at a hospital and clinic level to optimize the healthcare facility further boosts the industry growth.
    • However, a lack of knowledge and trust in the developing markets will further impede market expansion.

    Segment Analysis

    Service Trends

    Based on service, the global telemedicine market (tele-home and tele-hospital market) has been segmented into tele-consulting, telemonitoring, tele-education/training.

    • Among these, the tele-consulting segment witnessed the largest market share of almost 40% in 2020 and is likely to register a healthy CAGR during the review period.
    • This is mainly ascribed rising growth of tele-consulting service due to a large number of self-quarantined population at homes during the COVID-19 pandemic, thereby bolstering the segment growth.

    Regional Trends

    By region, the North American market accounted for the largest market share in 2020 and is estimated to grow at a steady CAGR during the forecast timeline. This can be attributed to the rising prevalence of chronic and lifestyle-associated diseases, the growing geriatric population, and increasing government funding and grants for telemedicine thereby proliferates the industry growth in the region.

    COVID-19 Impact on Global Telemedicine Market (Tele-home and Tele-hospital Market)

    The COVID-19 pandemic has positively influenced the digital pathology industry. Government bodies across the globe are focusing to curb the COVID-19 with important measures, such as social distancing, nationwide lockdowns, and large-scale quarantine to prevent the spread of the coronavirus. Social distancing is one of the key strategies to minimize the spread of COVID-19 infection. Telemedicine can be leveraged by healthcare professionals and physicians to provide healthcare facilities to the patients, thus promoting social distancing and lowering the risk of coronavirus infection.

    Critical Questions Answered in the Report

    • What are the key trends in the global telemedicine market (tele-home and tele-hospital market)?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global telemedicine market (tele-home and tele-hospital market)?
    • What are the key strategies adopted by the major vendors to lead in the global telemedicine market (tele-home and tele-hospital market)?
    • What is the market share of the top vendors?

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    Target Audience

    Here is the list of the group of customers that the Telemedicine market hopes to have the greatest opportunity to convert-

    • Telemedicine companies
    • Tele-consulting organizations
    • Tele-monitoring organizations
    • Hospitals
    • Biotech & pharma companies
    • Diagnostic Labs

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].

    Frequently Asked Questions (FAQs)

    The telemedicine market size is expected to reach USD 137.6 billion in the foreseeable future.

    Allscripts Healthcare Solutions Inc. (The U.S), AMD Global Telemedicine (The U.S), American Well (The U.S), BioTelemetry (The U.S), Blue Sky Telehealth (The U.S), Cerner Corporation (The U.S), Cisco Systems (The U.S), Eagle Telemedicine (The U.S), Honeywell International Inc. (The U.S) and InSight (The U.S) are among the key players in the telemedicine market.

    The telemedicine market is expected to witness an impressive growth of 19.5% CAGR in the coming years.

    North America accounted for the largest share in the telemedicine market in 2020.

    The tele-consulting segment is expected to register a healthy CAGR in the telemedicine market in the coming years.

    Increasing need for remote patient monitoring services in developing countries, growing patient pool in remote locations, rising medical tourism activities, and surging prevalence of chronic and lifestyle-associated diseases are the factors driving the growth of telemedicine market.

    Telemedicine companies, Tele-consulting organizations, Tele-monitoring organizations, Hospitals, Biotech & pharma companies, Diagnostic Labs are the target audience in the telemedicine market.

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