WASHINGTON, April 04, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research published a report, titled, "Telemedicine Technologies Market Size, Share & Trends Analysis Report by Component (Software & services, Hardware), by Delivery Mode (Cloud-based, On-Premise), by Application (Teleradiology, Tele-consultation, Tele-ICU, Tele-stroke), by End-User (Providers, Payers, Patients, Other End Users), by Region (North America, Asia Pacific, Europe, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". According to the report, the global Telemedicine Technologies industry generated USD 32,819.53 Million in 2021, and is anticipated to generate USD 82,051.62 Million by 2028, witnessing a CAGR of 16.5% from 2022 to 2028.
Synopsis:
The Telemedicine Technologies Market is witnessing significant growth globally due to the increasing prevalence of chronic diseases and the increasing necessity of patient management. Growth in the telecommunications network and reduction in healthcare costs is expected to have a positive impact on the Telemedicine Technologies Market growth during the forecast period. Moreover, the growth of the Telemedicine Technologies Market is mainly attributed to its capability to monitor patients in remote areas, growing healthcare awareness, rising demand for telesurgery, and acceptance of technology-developed regions. Besides, the global Telemedicine Technologies Market is driven by the execution of the patient protection and affordable care act (PPACA) which has supported numerous people looking for healthcare insurance and also other medical-related services which are expected to increase the demand for Telemedicine Technologies Market in the years to come. The factors such as growing geriatric and medically challenged population, advancement in telecommunication, and increasing the adoption of technology during covid-19 are projected to drive the growth of the Telemedicine Technologies Market in the years to come. Furthermore, Telemedicine Technologies Market uses electronic technologies like smartphones, email, and video conferencing for giving the medical information of the patient personally which is fueling the growth of the Telemedicine Technologies Market during the forecast period. Additionally, video calling, transferring medical pictures, and vigorous signs monitoring among others are the major applications of Telemedicine Technologies Market that are expected to drive the growth of the Telemedicine Technologies Market in the years to come.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Telemedicine Technologies market is predicted to grow at a CAGR of roughly 16.5% during the forecast period.
- The Telemedicine Technologies market was estimated to be worth roughly USD 32,819.53 Million in 2021 and is expected to reach USD 82,051.62 Million by 2028; based on primary research.
- On the basis of region, North America is projected to dominate the worldwide Telemedicine Technologies market.
List of Prominent Players in the Telemedicine Technologies Market:
- Koninklijke Philips N.V. (Netherlands)
- Medtronic (Ireland)
- GE Healthcare (US)
- Cerner Corporation (US)
- Siemens Healthineers (Germany)
- Cisco Systems Inc. (US)
- Teladoc Health Inc. (US)
- American Well (US)
- AMC Health (US)
- MD Live (US)
- Doctor on Demand (US)
- Medvivo Group Ltd (UK)
- Asahi Kasie Corporation (Japan)
- Iron Bow Technologies (US)
- Tele specialists LLC (US)
- Global Med (US)
- Med Web (US)
- IMediplus Inc. (China)
- Vsee (US)
- Chiron Health (US)
- Zipnosis (US)
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Market Segmentation:
- Component
- Software & Services
- Hardware
- Delivery Mode
- Cloud- Based
- On- Premise
- Application
- Teleradiology
- Tele- Consultation
- Tele- ICU
- Tele- Stroke
- Tele- Psychiatry
- Tele- Dermatology
- Other Applications
- End-User
- Providers
- Payers
- Patients
- Other End Users
- Region
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Market Dynamics:
Drivers:
The rising occurrence of chronic diseases and the cost benefits of Telemedicine Technologies Market and telehealth are the major factors driving the growth of the market during the forecast period. Moreover, the government support and the rising awareness among peoples, shortage of physicians, and advancement in telecommunication are also the prime factors projected to boost the demand for Telemedicine Technologies Market during the forecast period. Growth in the geriatric population and growth in the adoption of technology in the wake of a covid-19 pandemic is projected to drive market growth in upcoming years. The use of blockchain, Artificial intelligence and analytics, and high utility in combating infectious diseases during pandemics in Telemedicine Technologies Market is expected to enhance the market growth in the upcoming years.
Challenges:
Incapability to determine cleanliness and hygiene is the major challenge projected to limit the Telemedicine Technologies Market during the forecast period. Lack of awareness, behavioral barriers, and healthcare affordability are also some prime factors expected to hinder the Telemedicine Technologies Market growth in the years to come.
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Regional Trends:
North America region is accounted to hold the largest share of the Telemedicine Technologies Market during the year 2021. The growth of the region and acquiring the largest share is attributed to the factors like rising in the incidence of chronic conditions, the necessity to reduce healthcare expenditure, and the increase in the geriatric population globally.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The growth of the Telemedicine Technologies Market is due to the occurrence of chronic conditions and overloading hospitals in the region during the forecast period. Additionally, the federal commands to increase the healthcare facilities, and the growing focus on improving the quality of healthcare delivered to covid-19 patients are the major factors expected to drive the growth of the Telemedicine Technologies Market in the years to come. The utilization of telehealth and Telemedicine Technologies Market solutions for combating infectious diseases and epidemics along with the implementation of blockchain, AI, and analytics are expected to provide a great opportunity for the growth of the Telemedicine Technologies Market in the Asia Pacific region.
Recent Developments:
In 2021, Medtronic combined with Statis Labs Inc, this partnership support scaling up and expanding access to state-of-the-art Stasis Monitor, which is a connected care bedside multi-parameter monitoring system in India.
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The report on the Telemedicine Technologies Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Telemedicine Technologies Market?
- How will the Telemedicine Technologies Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Telemedicine Technologies Market?
- What is the Telemedicine Technologies market drivers and restrictions?
- What will be the CAGR and size of the Telemedicine Technologies Market throughout the forecast period?
This market titled “Telemedicine Technologies Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size in 2021 | USD 32,819.53 Million |
| Projected Market Size in 2028 | USD 82,051.62 Million |
| CAGR Growth Rate | CAGR of 16.5% From 2022 – 2028 |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
|
| Region & Counties Covered |
|
| Companies Covered |
|
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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