Dublin, May 26, 2020 (GLOBE NEWSWIRE) -- The "Telemedicine - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Amid the COVID-19 crisis and the looming economic recession, the Telemedicine market worldwide will grow by a projected US$43.9 Billion, during the analysis period, driven by a revised compounded annual growth rate (CAGR) of 13.3%. Cardiology, one of the segments analyzed and sized in this study, is forecast to grow at over 15.6% and reach a market size of US$13.9 Billion by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The Cardiology market will be reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
As part of the new emerging geographic scenario, the United States is forecast to readjust to a 11.4% CAGR. Within Europe, the region worst hit by the pandemic, Germany will add over US$1.6 Billion to the region's size over the next 7 to 8 years. In addition, over US$1.4 Billion worth of projected demand in the region will come from Rest of European markets. In Japan, the Cardiology segment will reach a market size of US$374.2 Million by the close of the analysis period. Blamed for the pandemic, significant political and economic challenges confront China. Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the Telemedicine market.
Against this backdrop and the changing geopolitical, business and consumer sentiments, the world's second largest economy will grow at 18.3% over the next couple of years and add approximately US$8.7 Billion in terms of addressable market opportunity. Continuous monitoring for emerging signs of a possible new world order post-COVID-19 crisis is a must for aspiring businesses and their astute leaders seeking to find success in the now changing Telemedicine market landscape. All research viewpoints presented are based on validated engagements from influencers in the market, whose opinions supersede all other research methodologies.
Telemedicine, offering quality services with significant cost savings, has given a new dimension to the healthcare sector. Although telemedicine programs have been in vogue for nearly half a century, the recent health care reforms have been instrumental in promoting the increased usage of such applications. Telemedicine services are used in several medical areas including diabetes control, primary health care, psychiatry, genetics, radiology, pathology, cardiology, dermatology and pediatrics, among others. Telemedicine programs have proved cost effective, and with curtailment of health care expenditures becoming one of the major concerns, such programs are being increasingly implemented in several nations across the globe.
The US and Europe dominate the world telemedicine market, as stated by the recent report published by Global Industry Analysts, Inc. In the US, federal grants to encourage telemedicine deployment and develop telecommunications infrastructure, has been responsible for wide adoption of the technology. Moreover, growing number of multiple chronic disease patients coupled with rapidly increasing population of aging baby boomers and lack of disease management and requisite healthcare facilities are expected to propel the market for remote monitoring of patients. Consequently, increased remote monitoring of patients bodes long-term growth for the telemedicine market.
Aging population and rising demand for home treatments are expected to foster the adoption of telemedicine in the European market. Rising demand for quality healthcare and the need to curtail escalating government expenditure on healthcare services is expected to push European governments towards adoption of e-health policies. The European software market is poised to register double-digit CAGR over the period 2005-2015. The use of information technology for delivery of medical care is particularly beneficial for elderly citizens as well as for patients suffering from chronic illnesses. Rapid technological advances; key players' augmented focus on reducing technology costs to encourage use of telemedicine; and shift in preferences of health organizations towards remote monitoring of patients, have been the prime drivers for market growth.
Asia is experiencing substantial rise in demand for telemedicine, primarily driven by the increasing healthcare costs and growth in aging population in the region. Given the huge population size, Asia's aging rate is relatively faster compared to Europe and the US. India and other developing countries, where quality of healthcare vary widely between urban and rural areas, adopt telemedicine for bridging the rural-urban gap and offer enhanced access to quality medical care for its population. There has been a rapid rise in demand for teleradiology in Australia. About 65% of radiologists in Australia rely of teleradiology.
Some of the key participants in the global telemedicine market include Aerotel Medical Systems Limited, AMD Telemedicine, Inc., Apollo PACS Inc., CARD GUARD Group, CardioNet Inc., Cerner Corporation, Cybernet Systems Corporation, GE Healthcare Ltd., Honeywell HomMed LLC, Invivo Corp., Johns Hopkins Medicine, Mennen Medical Corp., NightHawk Radiology Services LLC, Philips Healthcare, SHL TeleMedicine Ltd., Siemens Healthcare, Polycom, TANDBERG, TeleVital Inc., Templeton Readings LLC, United Therapeutics Corporation, Welch Allyn Protocol, Inc. and WorldCare International Inc., among others.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Global Competitor Market Shares
- Telemedicine Competitor Market Share Scenario Worldwide (in %): 2019 & 2028
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
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