Industry Background:
The global Telemedicine market is expected to witness high demand in the forecasted period due to the rising demand due to COVID 19 pandemic and increasing remote patient monitoring across the globe. Telemedicine is the use of electronic communication to offer healthcare services to patients located in remote locations. Telemedicine uses ICTs to overcome geographical barriers and increase access to health care services. This is particularly beneficial for rural and underserved communities in developing countries groups that traditionally suffer from lack of access to health care. Social distancing is one of the key trends in minimizing the spread of COVID-19 infection. Due to social distancing implemented by various countries across the world, virtual care delivery is stepping up as an effective solution for safe and better communication. The WHO mentioned telemedicine as one of the essential services in the policy to respond to the COVID-19 emergency. Many increasing numbers of corona virus-positive cases along with chronic respiratory diseases have increased the adoption of telemedicine services. Patients with suspected flu-like symptoms are accessing various telemedicine platforms to avail healthcare services remotely.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | Aerotel Medical Systems (1998) Ltd (United States), Allscripts Healthcare Solutions Inc. (United States), AMD Global Telemedicine Inc. (United States), Resideo Technologies Inc. (Honeywell Life Care Solutions) (United States), InTouch Technologies Inc. (United States), Koninklijke Philips NV (Netherlands), Medtronic PLC (Ireland), IBM (United States), Doctor on Demand (United States) and McKesson Corporation (United States) |
According to AMA, the market for Telemedicine is expected to register a CAGR of 17.63% during the forecast period to 2028. This growth is primarily driven by Rising prevalence of chronic conditions and cost-benefits of telehealth& telemedicine and Increasing population as well as need to expand healthcare access.
Globally, a noticeable market trend is evident Rising cases of COVID-19 infections across the globe
The Health Care Technology sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Aerotel Medical Systems (1998) Ltd (United States), Allscripts Healthcare Solutions Inc. (United States), AMD Global Telemedicine Inc. (United States), Resideo Technologies Inc. (Honeywell Life Care Solutions) (United States), InTouch Technologies Inc. (United States), Koninklijke Philips NV (Netherlands), Medtronic PLC (Ireland), IBM (United States), Doctor on Demand (United States) and McKesson Corporation (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The global Telemedicine market is moderately competitive due to the presence of many small and large market players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence, by introducing new products with fewer prices.
Key Developments in the Market:
On 30th March 2020, Allscripts clients across the nation have signed up to deliver telehealth visit capabilities in a quick timeframe to their patients. The company has created a specialized plan for clients to swiftly implement telehealth at their organizations through its EHR-agnostic patient engagement platform, FollowMyHealth.
On 18th February 2020, Allscripts Healthcare Solutions has announced its strategic partnership with Manorama Infosolutions, a healthcare IT company located in India, to deliver an integrated Healthcare Management Information System and Health Information Exchange platform.
Influencing Trend:
Rising cases of COVID-19 infections across the globe and High adoption due to Favorable government initiatives
Market Growth Drivers:
Rising prevalence of chronic conditions and cost-benefits of telehealth& telemedicine and Increasing population as well as need to expand healthcare access
Challenges:
Behavioral barriers, healthcare affordability, and lack of awareness
Restraints:
The rising concern of regulatory variations across regions and The issues related to fraud in telemedicine and telehealth
Opportunities:
High utility in combating infectious diseases and epidemics
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Telemedicine Market
- Analysis about New Entrants in Telemedicine Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Telemedicine Study Sheds Light on
The Telemedicine Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Telemedicine industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Telemedicine industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.