ALBANY, N.Y., Dec. 10, 2020 /PRNewswire/ -- An array of telemedicine services are being integrated with clinical routines with the help of electronics means for remote health care delivery, with the key objective of reducing burgeoning patient burden. Some of the services are tele-monitoring, tele-consultation, tele-education, tele-care, tele-surgery, and tele-training. The burden is particularly due to outpatients. Telemedicine as other aspects of telehealth are becoming key enabler for long-term care in orthopedics and cardiology is a key trend boosting the telemedicine market.
A major pivot for expansion of avenues in the telemedicine market is rising popularity of personal healthcare.
Analysts at TMR project the telemedicine market to clock robust CAGR of 14.0 % from 2019 to 2027.
In 2018, the global worth of the telemedicine market was US$ 27.51 Bn
Of the various specialties, dermatology held the major share in 2018
Regionally, North America held the major market share in 2018
Asia Pacific market projected to expand at remarkably high CAGR during 2019 – 2027
By 2027-end, the valuation of the market is expected to reach US$ 109.43 Bn
Explore 100 pages of top-notch research, incisive insights, and detailed country-level projections on Telemedicine Market (Specialty, Cardiology, Dermatology, Neurology, Orthopedics, Emergency Care, Internal Medicine, Gynecology, and Others) and Services (Tele-Consultation, Tele-Monitoring, Tele-Education, Tele-Training, Tele-Care, and Tele-Surgery) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2019 – 2027 at https://www.transparencymarketresearch.com/report-toc/3032
TelemedicineMarket: Key Driving Factors and Promising Avenues
The drive for telemedicine stems from the growing outpatient burden in hospitals and clinics and numerous potential benefits that telemedicine impart to patient population.
Telemedicine services are becoming increasingly integrated into the clinical practice to increase access to care in developing regions, especially in rural regions.
The key benefits that attract patients to undertake various telemedicine services are the convenience of medical care without visiting hospitals, less risk of healthcare-associated infections, and privacy.
Growing prevalence of chronic diseases has also brought various services in the telemedicine market at the forefront.
Growing preference of at-home diagnostic services especially among elderly population is a key trend boosting the telemedicine market.
Growing popularity of personal care is a key factor boosting the demand for various healthcare delivery models in the telemedicine market.
The focus on improving access to outpatient specialty care is a key trend boosting the telemedicine market. A case in point is demand for telemedicine in dermatology. The growing worldwide prevalence of dermatological diseases has fueled the demand for these through telehealth, thus benefitting providers of telemedicine services.
A number of software developers and services providers in the IT healthcare have unveiled new products in the telemedicine market. This has bolstered the technology used as enablers for remote monitoring.
Over the years, striking strides have been made by information technology used in telehealth, thereby boosting the revenue potential of healthcare companies in the telemedicine market.
The growing demand for routine healthcare solutions in chronic diseases is boosting the prospect of telemedicine.
Of the various regions, North America held the major share in the global telemedicine market in 2018 and is anticipated to retain its lead throughout the forecast period. Advances made in healthcare IT used in telemedicine have fueled the opportunities in the region. Also, prominent presence of stakeholders in the region is a key factor continuously expanding the avenue of the North America telemedicine market.
On the other hand, Asia Pacific is emerging as a potentially lucrative region. A key driver for rapid growth of the opportunities in the regional market is the rising healthcare burden of lifestyle and communicable diseases. Strides made in medical tourism in various parts of the region also bolsters the prospects in the regional market. Growing access to telehealth in multispecialty hospitals has also boosted revenue generation in Asia Pacific market.
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Video Telemedicine Market: The video telemedicine market is estimated to cross the revenue ~US$ 4 Bn by the end of 2030. This is evident since hospitals are capitalizing on the trend of telehealth services to provide remote monitoring of the patient's heart. Currently, cardiology applications generate the third-highest revenue in the video telemedicine market.
Pediatric Telemedicine Market: Well-developed health care facilities and health care infrastructure for children, especially in rural areas, are some of the important factors responsible for driving the pediatric telemedicine market. Improving Internet connectivity and long distances in larger cities are other factors driving the global telemedicine market.
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