Renub Research has recently released a report named “Telemedicine Market, Global Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” providing a detailed industry analysis that includes market share insights. In addition, the report covers research on competitors and regions and current advancements in the Global Telemedicine Market. The Telemedicine Market shall reach US$ 197.55 Billion by 2028. Telemedicine is remote healthcare provision through telecommunication and information technologies. It enables healthcare providers to connect with patients and other providers through video conferencing, messaging, mobile apps, and other digital tools. It can be used for consultations, diagnosis, treatment, chronic condition monitoring, and prescription management, providing a convenient and cost-effective option, particularly for individuals in underserved or remote areas.
Telemedicine allows patients to obtain medical care from anywhere, making it ideal for those facing geographical barriers, mobility issues, or busy schedules. It can save costs by eliminating in-person visits, reducing travel costs, and preventing hospital readmissions. As a result, healthcare providers can see more patients in less time, reducing wait times and increasing efficiency. In addition, Telemedicine improves patient outcomes by enabling frequent monitoring of chronic conditions, timely care access, and reducing the risk of infectious diseases. It is a versatile tool for healthcare delivery used for consultations, diagnosis, treatment, and prescription management.
Telemedicine is in growing demand, mainly due to COVID-19 concerns, and technological advancements have made virtual consultations and remote monitoring more accessible. Additionally, an aging population and increasing prevalence of chronic diseases require more convenient healthcare services, which Telemedicine can offer. The widespread availability of high-speed internet and digital devices has also contributed to Telemedicine’s growth.
A significant growth rate is projected for the Services Segment
The growth in the telemedicine services segment is driven by various factors, including rising demand for remote healthcare services and technological advancements, making virtual consultations and remote monitoring more efficient. Additionally, the growth in the number of cases of chronic diseases and the aging population has created a need for more accessible healthcare services, which Telemedicine provides. The increasing accessibility to high-speed internet and the widespread use of digital devices has also contributed to the growth of telemedicine services.
Factors contributing to the rise of the teleradiology division in the telemedicine market include the unequal distribution of radiologists and a shortage of radiologists in rural areas
Teleradiology is the transmission of medical images, like X-rays, CT scans, and MRI scans, from one location to another for interpretation and diagnosis, using telecommunication technology, allowing patients to receive remote diagnosis and treatment, and enabling healthcare providers to collaborate with other professionals across different locations. Advancements in technology, such as high-speed internet and cloud-based platforms, have made it easier and more efficient to transmit medical images remotely, making teleradiology a viable option for healthcare providers and patients. Furthermore, the shortage of radiologists in many regions has guided a rise in teleradiology services, particularly in rural and remote areas.
Real-time telemedicine segment has hegemony in the global telemedicine market
The real-time telemedicine segment dominates the telemedicine market as real-time. Telemedicine provides immediate access to medical care and timely diagnosis and treatment, which is particularly important in emergencies. Additionally, real-time Telemedicine allows for more personalized care, as patients can interact with healthcare providers in real-time and receive tailored treatment plans. It also permits remote monitoring of patients, which can improve patient results and minimize the risk of complications. Furthermore, technological advancements have made real-time Telemedicine more accessible and user-friendly, allowing for effortless integration into healthcare practices.
Compared to other categories, the hospital segment has the highest share in the telemedicine market
The supremacy of the hospital category in the global telemedicine market can be attributed to the increasing adoption of telemedicine services by doctors to consult various specialists, resulting in cost reduction for hospitals and patients alike. Additionally, the segment is expected to experience further growth due to increasing government funding and investments to stimulate the adoption of telemedicine services in hospitals.
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North America shall hold the lion’s share in the Global Telemedicine Market
The US rapidly embraces Telemedicine, driven by chronic disease cases and advanced healthcare technologies. Telemedicine has improved care management and outcomes and has cut costs. The market will grow due to rising demand for mobile tech, home care adoption, higher healthcare spending, and fewer hospital visits. The Centers for Medicare and Medicaid Services (CMS) reported that US healthcare expenses hit about USD 4.3 Trillion in 2022, up USD 173 billion Year on Year, creating opportunities for Telemedicine to drive the telemedicine market growth.
Competitive Landscape
This report highlights several key players in the telemedicine market, including Ceva, Inc., Eli Lilly and Company, Bayer AG, Merck & Co., and Teladoc Health, Inc.
Market Summary:
- Type – The Report covers Global Telemedicine Market, by type in 2 viewpoints (Products, and Services).
- Application – By Application, the Global Telemedicine Market, breakup in 8 viewpoints (Teleconsultation, Telepathology, Telecardiology, Telesurgery, Teleradiology, Tele dermatology, Telepsychiatry, and Others).
- Modality – By Modality, the Global Telemedicine Market is broken up into 2 viewpoints (Real Time Telemedicine, and Remote Patient Monitoring).
- End-User – Global Telemedicine Market breakup in 5 viewpoints (hospitals, diagnostic centre, ambulatory surgical centres, specialty centre, and others).
- Region – Renub Research report covers the global telemedicine market by region in 5 viewpoints (North America, Europe, Asia-Pacific, Latin America, and Middle-East and Africa).
- Key Players- All the major players have been covered from 4 Viewpoints (Overview, Strategy, Merger/Acquisition, and Financial Insight) Ceva, Inc., Eli Lilly and Company, Bayer AG, Merck & Co., and Teladoc Health, Inc.
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