Dublin, March 08, 2021 (GLOBE NEWSWIRE) -- The "Global Telemedicine Market (2020-2025) by Type, Component, Mode of Delivery, Geography, Competitive Analysis and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Telemedicine Market is estimated to be USD 48.5 Bn in 2020 and is expected to reach USD 120.7 Bn by 2025, growing at a CAGR of 20%.
Various factors such as the low accessibility to healthcare, Increasing adoption of electronic health record (EHR)/ electronic medical record (EMR), and rising chronic diseases have led to telemedicine adoption. The market is witnessing growth due to the increasing geriatric population, rising healthcare expenditure, growing need for remote patient monitoring services, expanding medical tourism industry, and increasing Government grants.
Factors such as data privacy issues restrict the growth of this market. The high cost of implementing telemedicine systems, the need for telemedicine training, and stringent government regulations about telemedicine are estimated to limit market growth during the forecast period.
Market Dynamics
Drivers
- Low Accessibility to Healthcare Facilities
- Enabling Remote Patient Monitoring
- Increasing Use of Smartphones
- Growing Burden of Chronic Diseases
- The Ability of Telemedicine to Reduce Healthcare Cost
Restraints
- Legal and Reimbursement Issues
- High Initial Capital Requirements and Lack of Physician Support
- Lack of Healthcare Infrastructure and Value Evidence
- Resistance to Technology Acceptance due to Data Privacy and Safety Issues
Opportunities
- Increase in Covid-19 Cases
- Increasing Technological Innovations
- The Rise in Personal Emergency Response Systems (Pers)
Trends
- Increasing Number of Retail Clinics and Employer Onsite Health Centers
- The Emergence of Remote Clinical Enterprises
Segments Covered
By Type, the Tele-home segment is estimated as the fastest-growing segment during the forecast period. Various telehomecare projects are initiated such as the whole system demonstrator (WSD) in the UK or the Veterans Health segmentation (VHS) in the US. Alternatively, telehomecare also helps in managing chronic diseases through shorter hospital stays, accessibility to healthcare professionals, and faster and frequent check-ups.
By Component, the Services segment is estimated as the fastest-growing segment during the forecast period. The factors attributed to the growth of the market is the rapid adoption of real-time communication devices through the entry of new service providers. The products are cost-effective compared to on-premise consultation and can prove to be beneficial while providing service in remote areas. Also, (teleconsultation) services provide access to specialists at any time, without any waiting period, thus boosting the growth of the segment.
By Mode of Delivery, the Cloud-based delivery system is estimated to be the fastest-growing segment during the forecasted period. Cloud-based systems are known to enhance the performance of the system, which widens the scope of the market. Hence in the light of the recent advancements in technology, substantial progress shall be made in the cloud-based segment necessitating a strong demand. Besides, it is a preferred choice of health care providers.
By Geography, North America is expected to lead the market. The factors attributed to the growth of the market include an established healthcare network with a more preference for e-visits, government support, and the increasing demand for mobile technologies.
The Global Telemedicine market is further segmented on the basis of Type, Component, Mode of Delivery, and Geography.
Company Profiles
Some of the companies covered in this report are Honeywell Lifecare Solutions, Philips Healthcare, McKesson Corporation, AMD Telemedicine, GE Healthcare, Cerner Corporation, Medtronic Inc., and Intouch Technologies.
Competitive Quadrant
The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
Lions: Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, new products.
Bulls: Companies that are medium in size competing with their USPs, growing companies with proven market share.
Rabbits: Small companies but growing rapidly, constantly improving their offerings in the market.
Tortoise: Companies that are slow in growth, having a long legacy, and stable or negative in performance.
Why buy this report?
- The report offers a comprehensive evaluation of the Global Telemedicine Market.
- The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
- The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
- The report includes in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of Covid-19 on the market is also featured in the report.
- The report also contains a competitive analysis using Positioning Quadrants, a Proprietary competitive positioning tool.
Report Highlights:
- A complete analysis of the market including parent industry
- Important market dynamics and trends
- Market segmentation
- Historical, current, and projected size of the market based on value and volume
- Market shares and strategies of key players
- Recommendations to companies for strengthening their foothold in the market
Key Topics Covered:
1 Report Description
1.1 Study Objectives
1.2 Market Definition
1.3 Currency
1.4 Years Considered
1.5 Language
1.6 Key Shareholders
2 Research Methodology
2.1 Research Process
2.2 Data Collection and Validation
2.2.1 Secondary Research
2.2.2 Primary Research
2.3 Market Size Estimation
2.4 Assumptions of the Study
2.5 Limitations of the Study
3 Executive Summary
4 Market Overview
4.1 Introduction
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Trends
5 Market Analysis
5.1 Porter's Five Forces Analysis
5.2 Impact of COVID-19
5.3 Ansoff Matrix Analysis
6 Global Telemedicine Market, By Type
6.1 Introduction
6.2 Telehospitals
6.3 Telehomes
6.4 mHealth (mobile health)
7 Global Telemedicine Market, By Component
7.1 Introduction
7.2 Products
7.2.1 Hardware
7.2.2 Software
7.2.3 Other Components
7.3 Services
7.3.1 Telepathology
7.3.2 Telecardiology
7.3.3 Teleradiology
7.3.4 Teledermatology
7.3.5 Telepsychiatry
7.3.6 Other Services
8 Global Telemedicine Market, By Mode of Delivery
8.1 Introduction
8.2 On-premise Delivery
8.3 Cloud-based Delivery
9 Global Telemedicine Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 South America
9.3.1 Brazil
9.3.2 Argentina
9.4 Europe
9.4.1 UK
9.4.2 France
9.4.3 Germany
9.4.4 Italy
9.4.5 Spain
9.4.6 Rest of Europe
9.5 Asia-Pacific
9.5.1 China
9.5.2 Japan
9.5.3 India
9.5.4 Indonesia
9.5.5 Malaysia
9.5.6 South Korea
9.5.7 Australia
9.5.8 Russia
9.5.9 Rest of APAC
9.6 Rest of the World
9.6.1 Qatar
9.6.2 Saudi Arabia
9.6.3 South Africa
9.6.4 United Arab Emirates
10 Competitive Landscape
10.1 IGR Competitive Quadrant
10.2 Market Share Analysis
10.3 Competitive Scenario
10.3.1 Mergers & Acquisitions
10.3.2 Agreements, Collaborations, & Partnerships
10.3.3 New Product Launches & Enhancements
10.3.4 Investments & Fundings
11 Company Profiles
11.1 Aerotel Medical Systems (1998) Ltd
11.2 Allscripts Healthcare Solutions Inc.
11.3 AMD Global Telemedicine Inc.
11.4 Biotelemetry
11.5 Resideo Technologies Inc. (Honeywell Life Care Solutions)
11.6 InTouch Technologies Inc.
11.7 Koninklijke Philips NV
11.8 Medtronic PLC
11.9 SHL Telemedicine
11.10 Teladoc
11.11 Doctor on Demand
11.12 iCliniq
11.13 IBM
11.14 Intel Corporation
11.15 Philips Healthcare
11.16 McKesson Corporation
11.17 GE Healthcare
11.18 CardioNet Inc
11.19 3M Health Information Systems
11.20 Medic4all
11.21 CirrusMD Inc.
11.22 Cisco
11.23 American Telecare Inc.
11.24 Cerner Corporation
11.25 Medtronic Inc
12 Appendix
12.1 Questionnaire
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