The latest research study released by Transparency Market Research on “Telemedicine Market Forecast to 2022-2031 ″ research provides accurate economic, global, and country-level predictions and analyses. It provides a comprehensive perspective of the competitive market as well as an in-depth supply chain analysis to assist businesses in identifying major changes in industry practices. The market report also examines the current state of the Telemedicine industry, as well as predicted future growth, technological advancements, investment prospects, market economics, and financial data.
Telemedicine market is estimated to attain a valuation of US$ 526.7 billion by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 13.4% during the forecast period, 2022-2031
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Organizations are entering into partnerships to expand telemedicine solutions, which is expected to propel the market during the forecast period. Furthermore, increase in usage of emergency telemedicine services, online telemedicine services, and various types of telemedicine solutions and telemedicine technology are expected to drive the global market during the forecast period.
Increase in Government Spending and Reimbursement Policies to Propel Preference for Telemedicine
Governments across the world have increased spending on healthcare and related services due to growing health concerns and rise in non-infectious diseases. According to the American Medical Association, health care expenditure in the U.S. increased by 9.7% in 2020 to US$ 4.1 Trn, or about US$ 12,530 per capita. This growth rate is significantly higher than in 2019. This is attributed to increase in government spending to manage the COVID-19 pandemic. It includes expenditure to disseminate vaccines and public health information, and for federal relief programs for health care organizations and providers. Health care spending in the country stood at 19.7% of the GDP in 2020, as against 17.6% in 2019.
According to the Institute for Fiscal Studies 2022, the U.K. Government spends nearly US$ 1001.34 Bn, or around US$ 14,851.32 per person, on healthcare. In March 2022, the Government of Australia announced a US$ 2.4 Bn health package to protect citizens with chronic conditions. This included assistance for health care practitioners to provide telehealth services, such as video conferencing software.
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The report covers extensive competitive intelligence which includes the following data points:
– Business Overview
– Business Model
– Financial Data
– Financial – Existing
– Financial – Funding
– Product/Service Segment Analysis and specification
– Recent Development and Company Strategy Analysis
– SWOT Analysis
Competitor Analysis:
The significant players operating in the global Telemedicine market are
Agfa-Gevaert Group, Allscripts Healthcare, LLC and/or its affiliates, AMD Global Telemedicine, CISCO Systems, Inc., F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, InTouch Technologies, Inc., BioTelemetry, Inc., Medtronic, OBS Medical Ltd., Siemens Healthcare Private Limited, and McKesson Corporation
Market Segmentation –
- Component Type
- Hardware
- Software
- Services
- Specialty Type
- Dermatology
- Gynecology
- Neurology
- Cardiology
- Orthopedics
- Emergency Care
- Internal Medicine
- Others
- Service Type
- Tele-consultation
- Tele-monitoring
- Tele-education
- Tele-training
- Tele-care
- Tele-surgery
- Others
This Report lets you identify the opportunities in Telemedicine Market by means of a region:
- North America (the United States, Canada, and Mexico)
- Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
- South America (Brazil etc.) The Middle East and Africa (North Africa and GCC Countries)
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Key Features of the Telemedicine Market Report: –
➤ Analyze competitive developments such as expansions, deployments, new product launches, and market acquisitions.
➤ Examine the market opportunities for stakeholders by identifying higher growth sections.
➤ To study and analyze the global Telemedicine industry status and forecast including key regions.
➤ An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.
➤ It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter’s Five Forces analysis to provide a deeper understanding of the market.
➤ It helps you make strategic business decisions and investment plans.
Research Methodology
The report has its roots definitely set in thorough strategies provided by proficient data analysts. The research methodology involves the collection of information by analysts only to have them studied and filtered thoroughly in an attempt to provide significant predictions about the market over the review period. The research process further includes interviews with leading market influencers, which makes the primary research relevant and practical. The secondary method gives a direct peek into the demand and supply connection. The market methodologies adopted in the report offer precise data analysis and provide a tour of the entire market. Both primary and secondary approaches to data collection have been used. In addition to these, publicly available sources such as annual reports, and white papers have been used by data analysts for an insightful understanding of the market.
Key Developments in Global Telemedicine Market
In July 2020, AMD Global Telemedicine launched a virtual portal to streamline information about COVID-19 test results. ‘Direct Health’ is its new virtual database and patient portal, which helps healthcare organizations to automate the delivery of the tests.
In May 2020, Cisco Canada and the Centre for Addiction and Mental Health (CAMH), Canada’s largest mental health teaching hospital, announced the expansion of its telemedicine offerings to meet the demand for mental health services
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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