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Key Highlights
- Telemedicine is widely being adopted as social distancing and quarantine has become the new normal
- Telecardiology and telepsychiatry will provide significant incremental market opportunities in the near future
- Remote patient monitoring will register the highest growth among the modality segment
- North America is expected to dominate the global market as it is technologically advanced
- Key players are investing in research and development activities to stay ahead in the competition
The global telemedicine market is expected to flourish during the forecast period as the pandemic provides great opportunities. With solutions such as improved clinical management, effective care delivery and reduced variations in diagnosis by improving access and quality to healthcare services, the telemedicine solutions could be the best way of handling remote healthcare.
The global outbreak of Coronavirus has boosted the market as these solutions help patients to communicate effectively to their caregivers. Virtual care delivery is a massive step up during the times of social distancing.
The global telemedicine market is anticipated to reach US$ 152.1 billion by 2025 from US$ 82.7 billion in 2020, surging at a CAGR of 19% from 2021 to 2025.
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WHO has declared telemedicine as one of the essential services during COVID-19 emergency, offering the best possible way out for healthcare care providers. Reduced stress on medical professionals has been the key driving factor for the global telemedicine market during the pandemic. Telemedicine is one of the most versatile technologies that provides healthcare, health information and health education. It has aided in reducing the frequency of hospitalization and emergency room visits, thus reducing the chances of cross-contamination and hospital-acquired infections.
However, the market is expected to face certain restraints during the forecast period. The market might be affected due to lesser acceptance of technology by numerous patients and practitioners. The high cost of implementation is another factor affecting the growth of the factor. Practitioners and patients are also skeptical about safety issues and data privacy. Furthermore, poor access to the internet in rural parts of the world and technological ineptness are expected to tug the market in the opposite direction.
Mobile or web-based model is expected to flourish in the global market as it provides direct access to care delivery solutions. This segment will witness significant growth as it allows delivers ease of operation and cost-effectiveness. Technological advancements and wide acceptance of cloud-based solutions are expected to boost the demand for this segment.
North America is expected to dominate the global market as this region has a developed healthcare facility along with consumer awareness. Asia Pacific is also expected to witness positive growth due to developing economies such as China and India. Development and innovation in telecommunication will boost the demand for telemedicine in this region.
Key players are focusing on research and development activities to generate technologically advanced systems that allow timely follow-ups, reminders and predictive analysis. This will provide them with a competitive advantage in the coming years. The market is expected to witness high competition due to the entrance of new startups that are actively seeking opportunities in this sector.
The key players operating in the global telemedicine market are 2nd.MD, Allscripts Healthcare Solutions Inc, AMD Global Telemedicine, American Well, BioTelemetry, Blue Sky Telehealth, Cerner Corporation, Cisco Systems, Doctolib, Eagle Telemedicine, Honeywell International Inc, iCLiniq, InSight, InTouch Technologies, Koninklijke Philips N.V., McKesson Corporation, MDLive, MeMD, OBS Medical, Polycom Inc., SOC Telemed and Specialist Telemed.
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