Telemedicine Market Should Grow to US$152.1 Bn by the End of 2025

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The adoption of telemedicine services in developing countries is expected to drive the growth of the market.

London, UK, April 12, 2023 - This news highlights the projected growth of the global telemedicine market in the coming years. Telemedicine, which involves the use of technology to provide healthcare services remotely, is expected to surge in demand due to increasing awareness and adoption of telehealth services, particularly in remote areas. The report by Fairfield Market Research suggests that the global telemedicine market is expected to register a compound annual growth rate (CAGR) of 19% between the years 2021 and 2025, with an estimated valuation of US$152.1 billion by 2025. The adoption of telemedicine services in developing countries is expected to drive the growth of the market.

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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

Teleradiology Emerges as Leading Segment in Global Telemedicine Market

Teleradiology is expected to dominate the global telemedicine market in the coming years. The technology is expected to hold lion’s share due to its high adoption of picture archiving and communication systems (PACS). The segment is also expected to move ahead as research and development activities gain momentum. Growing need for transmission of radiological images and its related data for consulting purposes as healthcare reaches rural areas is expected to give the teleradiology segment a boost.

Access to Technology to Improve Scope for Global Telemedicine Market

Advancements in remote patient monitoring technology is expected to bode well for the global telemedicine market in the coming years. Connected medical devices such as automatic insulin pumps, digital blood pressure monitors, and heart rate monitors are all expected to have a positive impact on the global market. Integration of telehealth services in the existing healthcare system is anticipated to create myriad opportunities. Healthcare applications, smartphones, access to the internet, and artificial intelligence will collectively be an excellent scope for the global telemedicine market during the forecast period.

U.S. to Pave the Way for Global Telemedicine Market

The research report predicts that North America will lead the global telemedicine market. Growing consumer preference, improved reimbursement policies, and the strong presence of key players will ensure the market finds lucrative opportunities. The demand for telemedicine will also be driven by the higher adoption of technology by end users.

The American Telemedicine Association (ATA) reports that there are 200 networked telemedicine programs across U.S. This is boosting access to telemedicine in 3000 and more rural areas. Furthermore, Medicaid programs in about 46 states cover live videos while facility and transmission fee is covered in 26 states through Medicaid programs. 

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The report also states that Asia Pacific holds tremendous potential for telemedicine solutions to pace ahead as rural areas are gaining access to the internet, education, and improvement in the adoption of technology via smartphones.

Some of the leading players operating in the global telemedicine market are AMD Global Telemedicine, Allscripts Healthcare Solutions Inc, Specialist Telemed, BioTelemetry, American Well, Blue Sky Telehealth, Cerner Corporation, Cisco Systems, McKesson Corporation, Honeywell International Inc, iCLiniq, InSight, Koninklijke Philips N.V., MDLive, MeMD, InTouch Technologies, OBS Medical, Polycom Inc., SOC Telemed, Teladoc Health, Doctolib, Eagle Telemedicine, and VirTrial, LLC. 

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.

REPORT FEATURES

DETAILS

Component

·         Hardware

·         Software

·         Services

Specialty

·         Teleradiology

·         Telepathology

·         Teledermatology

·         Telepsychiatry

·         Telecardiology

·         Others

Modality

·         Store forward

·         Real-time Interaction

·         Remote patient monitoring

·         Others

End User

·         Hospitals

·         Home Care Settings

Geographical Coverage

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East Africa

Leading Companies

·         2nd.MD

·         Allscripts Healthcare Solutions Inc.

·         AMD Global Telemedicine

·         American Well

·         BioTelemetry

·         Cerner Corporation

·         Cisco Systems

·         Doxy.me

·         Honeywell International Inc.

·         Koninklijke Philips N.V.

·         McKesson Corporation

·         MDLive

·         Polycom Inc.

·         Teladoc Health

·         Vidyo

·         VirTrial, LLC

·         vRad (MEDNAX)

Report Highlights

Key Market Indicators, Market Estimates and Forecast, Market Dynamics, Key Industry Trends, Reimbursement Scenario, COVID-19 Impact Analysis, SWOT Analysis, Competition Landscape, Category, Region, Country-wise Trends 

For More Insights: https://www.fairfieldmarketresearch.com/report/telemedicine-market

About Us

Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values ​​an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published updated to ensure the ever-changing needs of customers are met with absolute promptness.

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