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Telemedicine Market Growth, Latest Trends, Size Value, Industry Dynamics and Outlook by 2027

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Telemedicine Market Growth, Latest Trends, Size Value, Industry Dynamics and Outlook by 2027

April 21
13:21 2022
Telemedicine Market Growth, Latest Trends, Size Value, Industry Dynamics and Outlook by 2027
Telemedicine Market
Telemedicine Market Size, Trends and Growth Analysis By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) – Global Industry Size, Trends, Growth, Analysis, Share, Forecast till 2027

Telemedicine Market Overview

As per the reports by MRFR, the global telemedicine market is projected to exhibit a strong CAGR of over 16.8% during the review timeframe to cross a market valuation of over USD 56,738.3 over the forecast period.

Telemedicine refers to the use of electronic information by healthcare professionals to examine, diagnose, and treat patients at a distance. Telemedicine includes applying a range of visual, audio, and electronic means. The global telemedicine market has recorded massive growth in recent years, owing mainly to the growth in acceptance of electronic medical records (EMR)/ electronic health records (EHR). Furthermore, the rising incidence of chronic ailments is likely to catalyze the growth of the market over the assessment era. However, the lack of physicians in the presence of growing health care services is projected to impede the growth of the telemedicine market over the forecasted era.

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Telemedicine Market Segmentation

The global telemedicine market has been fragmented into various segments based on deployment, service type, component, application, and region.

Based on application, the global telemedicine market is split into radiology, psychiatry, ophthalmology, dermatology, cardiology, and others.

The global telemedicine market is bifurcated into hardware and software based on components.

Based on service type, the global telemedicine market is split into Tele oncology, teleradiology, telenursing, teledermatology, telepharmacy, and others.

The global telemedicine market is divided into on-premises and cloud-based based on deployment.

The telemedicine market is categorized into home care, clinics, and hospitals by end-user.

Telemedicine Market Regional Insights

The global telemedicine market is studied across five major regions: North America, South America, Europe, Asia-Pacific, and the Middle East & Africa.

The research report by MRFR suggests that the North American region is projected to lead the global telemedicine market over the forecasted era. The presence of advanced healthcare infrastructure is the primary aspect boosting the regional market’s growth. Furthermore, the growing adoption of telemedicine and rising awareness regarding healthcare IT are also likely to impact the regional telemedicine market’s growth positively. Moreover, the presence of active key players across the region is another crucial aspect catalyzing the growth of the regional telemedicine market.

The European region is projected to secure the second position in the global telemedicine market over the review timeframe. The regional market’s growth is attributed to the factors such as the growing adoption of new technologies in the health care sector and the rising occurrence of chronic illness among the growing populace. In addition, the COVID-19 pandemic is anticipated to offer lucrative opportunities to the market players over the coming years.

The telemedicine market for the Asia-Pacific region is likely to record the highest growth over the review era. The factors such as the rising adoption of telehealth services and the swift expanding patient pool are likely to catalyze the regional market’s growth over the review timeframe.

The Middle East & African region is projected to acquire the smallest market share over coming years because of the underdeveloped countries, lack of awareness, and lack of advanced healthcare infrastructure.

Telemedicine Market Competitive Analysis

The global telemedicine market is known for a wide number of players spread worldwide. The global telemedicine market has prominent leaders such as Medvivo Group Ltd., AMD Global Telemedicine Inc., Care Innovations, Honeywell Lifesciences, Iris Telehealth, Allscripts Healthcare Solutions, Aerotel Medical Systems, Cisco, SHL Telemedicine, CareClix, CardioNet, Tunstall Healthcare, Aerotel Medical Systems Ltd., Koninklijke Philips N.V., Medtronic, TeleVital, Cardiocom, IBM Corporation, Intel Corporation, GENERAL ELECTRIC, Cerner Corporation, and several others.

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Recent Developments

August 2021 – CVS Health has announced the launch of a new payer-backed telehealth platform that blends virtual and in-person care for self-funded businesses.

December 2021- Hy-Vee, a Midwestern chain of supermarkets, has announced a new subsidiary to offer online pharmacy and low-cost telehealth services.

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

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