Market Insights
“The Telemedicine Market is expected to grow from USD 71.2 billion in 2021 to USD 242.02 billion by 2028 at a CAGR of 19.1% during the forecast period”.
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Market Dynamics
Introduction
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.
Market Drivers
The increasing need for remote patient monitoring services in developing countries, the growing patient pool in remote locations, rising medical tourism activities, and the surging prevalence of chronic and lifestyle-associated diseases are some of the factors augmenting the market growth. Also, favorable government initiatives designed to increase telemedicine implementation at the hospital and clinic level to optimize the healthcare facility further boost the industry growth.
Covid-19 Impact
The COVID-19 pandemic has positively influenced the digital pathology industry. Government bodies across the globe are focusing on curbing 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 patients, thus promoting social distancing and lowering the risk of coronavirus infection.
Segment Analysis
Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Type Analysis
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Tele-home and Tele-hospital
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Tele-Hospital is projected to lead the market in the coming years.
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Service-Type Analysis
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Tele-consulting, Telemonitoring, and Tele-education
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Tele-consulting is expected to be the key demand generator during the forecast period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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North America is expected to be the dominant market in the coming years.
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By Service Type
“The Tele-Consulting segment witnessed the largest market share of almost 40% in 2021 and is likely to register a healthy CAGR during the forecast period”.
The telemedicine market has been segmented into tele-consulting, telemonitoring, and tele-education/training. The Tele-Consulting segment witnessed the largest market share in 2021 and is likely to register a healthy CAGR during the forecast period. This is mainly ascribed rising growth of tele-consulting services due to a large number of self-quarantined populations at home during the COVID-19 pandemic, thereby bolstering the segment growth.
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By Type
“The Tele-Hospital segment witnessed the largest market share of >50% in 2021 and is likely to register a healthy CAGR during the forecast period”.
The telemedicine market has been segmented into Tele-home and Tele-hospital. The Tele-Hospital segment witnessed the largest market share in 2021 and is likely to register a healthy CAGR during the forecast period. Due to the reduction in healthcare costs and time, the adoption of telemedicine services in hospitals will increase demand because of government funding and grants.
Regional Analysis
“The North American market accounted for the largest market share of >30% in 2021 and is estimated to grow at a steady CAGR during the forecast period”.
The North American market accounted for the largest market share in 2021 and is estimated to grow at a steady CAGR during the forecast period. 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 proliferating the industry growth in the region.
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Key Players
The following are the key players in the Telemedicine Market (arranged alphabetically)
Note: The above list does not necessarily include all the top players in the market.
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Report Features
This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
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Relevant contents in the report
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How big is the sales opportunity?
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in-depth analysis of the Telemedicine Market
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How lucrative is the future?
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The market forecast and trend data and emerging trends
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts
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Which are the most attractive market segments?
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Market segment analysis and Forecast
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Which are the top players and their market positioning?
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Competitive landscape analysis, Market share analysis
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How complex is the business environment?
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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What are the factors affecting the market?
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Drivers & challenges
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Will I get the information on my specific requirement?
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10% free customization
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Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
Report Customization
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
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 to sales@stratviewresearch.com.