Research Nester published a report titled “Telemedicine Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global telemedicine market in terms of market segmentation by type, delivery type, modality, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.
The global telemedicine market is projected to grow at a CAGR of ~30% by acquiring substantial revenue during the forecast period, i.e., 2022 – 2031. Factors such as,the rising prevalence of chronic diseases globally, shortage of physicians, up surged telecommunication technology, growing geriatric population, and agreeable access to telehealth and telemedicine. Telemedicine is considered to be a process in which electronic technology and information is utilized to facilitate required healthcare support. Telecommunication services are estimated to receive approximately USD 1 trillion from the IT sector during 2024.Furthermore, growing cases of chronic diseases are also anticipated to boost the growth of the market over the forecast period.
Additionally, the global telemedicine market, by delivery type, is segmented into cloud-based and on-premise. Out of these sub-segments, the cloud-based segment is anticipated to attain a notable share in the market during the forecast period. The growth of the segment is attributed to factors, such as, the on-demand facility to provide healthcare services, and growing penetration of cloud-based services.
Furthermore, by region, the global telemedicine market is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market is estimated to grow at a noteworthy pace in the North America region over the forecast period. The market is projected to grow on the back of growing cases of chronic diseases, a requirement to reduce the healthcare expenditure, andan increasing patient pool in the hospitals owing to the rising awareness of the health, and up surged geriatric population in the region. A report published by National Health Council stated that approximately 133 million Americans suffer from some sort of chronic disease summing up to 40% of the total population.
The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.
Rising Telecommunication Technology to Foster the Growth of the Market
The IT sector is estimated to spend more than USD 1 trillion on telecommunication services over the forecast period.
The whole procedure of telemedicine depends on the telecommunication services. Therefore, many major developers are constantly trying to enhance the requisite technology. Such factors are anticipated to hike the growth of the market over the forecast period.
However, the possibility of healthcare fraud isexpected to operate as a key restraint to the growth of the global telemedicine market over the forecast period.
This report also provides the existing competitive scenario of some of the key players in the global telemedicine market which includes company profiling ofClearArch, Inc., Koninklijke Philips N.V., Medtronic plc, Cerner Corporation, Teladoc Health, Inc., Cisco Systems, Inc., American Well Corporation, Medvivo Group Limited, Advanced Monitored Caregiving, Inc., and Asahi Kasei Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global telemedicine market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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