The telemedicine market was valued at US$ 51,094.75 million in 2020 and is projected to reach US$ 199,544.64 million by 2028; it is expected to grow at a CAGR of 18.6% during 2021–2028.
The rising incidence of chronic diseases is a global concern, and these diseases cause extra financial burden on healthcare sectors. Telehomecare is a pioneering way to provide care, monitor patients, and transmit information by using latest telecommunication technologies. Monitoring allows early-stage identification of disease, thus preventing chronic disease conditions. Telehome systems can be used to track and support patients with a variety of respiratory and chronic conditions that can be treated without the need of hospital visits. Furthermore, telehome services could also help reduce communications in person and lower the spread of communicable diseases.
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Some of the companies competing in the Telemedicine market are
Allscripts Healthcare Solutions, Inc.
Amd Global Telemedicine, Inc.
American Well Corporation
Biotelemetry, Inc. (Philips)
Cisco Systems, Inc.
Eagle Telemedicine Solutions Llc
Koninklijke Philips N.V
Honeywell International, Inc.
By Product and Services
Software and Hardware
The implementation of telehome services also benefits patients economically and lowers the burden on physicians. According to the World Health Organization (WHO), chronic diseases are the leading causes of death worldwide, accounting for 60% of total deaths. Among all chronic diseases, cardiovascular diseases (CVDs) are the leading cause of deaths. The prevalence of chronic diseases such as cancer, CVDs, stroke, respiratory diseases, and diabetes is increasing due to alterations in lifestyle and lack of access to preventive care. The causes of chronic diseases may vary from genetic disposition to environmental factors and oxidative stress. The rising incidence of these chronic diseases is propelling the demand and adoption of telemedicine platforms.
Regional / Country Telemedicine Market: North America, Europe, Asia Pacific, Middle East and Africa, Latin America
The research provides answers to the following key questions:
1. What is the estimated growth rate of the market for the forecast period 2021–2028? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Telemedicine market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Telemedicine market?
4. What are the prominent market trends influencing the development of the Telemedicine market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Telemedicine market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?
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