Telemedicine Market Overview
Market Overview
Back in 2021, the global market value of telemedicine was estimated at 67.3 billion. Within 2013, the telemedicine market will surpass USD 423 billion – a huge success for the telemedicine market. The CAGR of 22.1% will be registered during the forecast period of 2022 to 2030.
For any medical emergency, we have to depend on doctors. Along with the advancement of technology, the gap has been mitigated with the help of online consultation. As the world is moving towards an era of the digital realm, it is obvious that telemedicine will get popular globally. The beneficiaries not only use this, but the service providers like doctors and other medical staff also use the same method to reach patients at the time of need.
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The increasing rate of chronic illness and medical emergencies has also played a vital role in increasing the market value of telemedicine. Patients prefer this entire process because it provides primary treatment during an emergency. There are lots of benefits of telemedicine.
Unlike the industrial or commercial sector, the telemedicine market has grown significantly during pandemics. It was a period of tension, where social distance was one of the major criteria. At that time, telemedicine helped cope with primary health issues and COVID treatment.
Market Segments
There are six different market segments in the telemedicine industry. The mark segments are component, delivery, application, end-user, service and specialty.
Based on the components segment, the telemedicine market is categorized among software services, RPM, real-time, hardware and monitors.
The delivery segment of the telemedicine market is spread across the web, telephone visualizes and calls centers. With these opportunities, the telemedicine industry provides services at the right time; thus, its demand is high.
Tele radiology, Tele stroke, and Tele ICU – are the three applications of telemedicine. These streams categorize the application segment.
The end-user segment of the telemedicine market depends on the provider and the payer. The ones who provide the services and the one who pays for the services.
Telly consulting, tele monitoring and tele education training are services of the telemedicine market.
The specialty segment of the telemedicine market is divided among gynecology, cardiology, neurology, orthopedics, dermatology and mental health.
Regional Analysis
North America has the highest medicine market and shares the maximum value globally. We should also consider the economic condition of this region, because of which the telemedicine market is growing rapidly daily. Because of technological advancement and increasing emergencies, the significance of telemedicine has increased.
According to the reports, the developed countries have a well-established market for telemedicine. Another example is the Asia Pacific region, which has a dense population. Thus, the telemedicine market has increased in the past year. The medical faculty has adopted telemedicine because it’s easy to simultaneously provide services to many people.
Telemedicine Market Competitive landscape:
Industry News
In the year 2021, Medtronic collaborated with Static labs to expand the parameters of telemedicine across India. It tried to emphasize monitoring this service system across the country.
In 2020, Philips introduced Avalon CL for monitoring pregnant women in remote areas during the pandemic.
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