The global telemedicine market size was valued at USD 38,288 Million in 2020 and is projected to expand at a CAGR of 27% during the forecast period, 2021 – 2028. The growth of the market is attributed to the rising healthcare costs and increased utilization of healthcare services.
Telemedicine helps healthcare professionals to analyze, diagnose, and treat the patient from the remote location with the help of telecommunication. Remote patient monitoring is a key parameter of telemedicine, which provides healthcare professionals an advantage of monitoring patients from a distance. Telemedicine requires the usage of electronic communication and software that helps in providing clinical services to patients without visits. It provides convenient and affordable access to healthcare. Telemedicine uses information and telecommunications technology to provide remote clinical services to patients.
Telemedicine confers a cost-effective platform for the diagnosis and treatment of patients, as it eliminates the requirement for visiting hospital or clinics. The cost-effectiveness of telemedicine is attributed to the presence of an adequate number of patients, sharing the same telemedicine infrastructure.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising healthcare cost is anticipated to drive the growth of the telemedicine market.
- Increasing adoption of telemedicine among the geriatric population is expected to boost the market growth during the forecast period.
- Growing consumer demand for innovative and new techniques is speculated to positively impact the telemedicine market growth.
- Increasing remote patient monitoring is expected to propel the market growth during the forecast period.
- Growing burden of chronic diseases had led to significant growth in the market.
- Rising healthcare fraud can hinder the telemedicine market growth.
- Ongoing technological advancements is expected to create lucrative opportunities for the industry players during the forecast period.
- Allscripts Healthcare Solutions Inc.
- Koninklijke Philips NV
- AMD Global Telemedicine Inc.
- Resideo Technologies Inc.
- Aerotel Medical System
Key players operating in the market includes Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, Koninklijke Philips NV, AMD Global Telemedicine Inc., Resideo Technologies Inc. and Aerotel Medical System.
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