Telemedicine Market- Current Impact to Make Big Changes | Major players are McKesson, Honeywell, Allscripts, Cisco, Roche

ReportCrux Market Research has published a new report titled "Telemedicine Market by Type (Product [Hardware, Software, and Others], and Services [Tele-Consulting, Tele-Monitoring, Tele-Education/ Training, and Others]); by Application (Teleradiology, Telepsychiatry, Telecardiology, Telepathology, Teledermatology, and Others); by Delivery Mode (Call Centers, and Web/ Mobile [Telephonic, and Visualized]); by End User (Payers, Providers, Patients, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 - 2027".

According to the report, global demand for telemedicine market was valued at approximately USD 134.40 Billion in 2019 and is expected to generate revenue of around USD 131.06 Billion by end of 2027, growing at a CAGR of around 18.2% between 2020 and 2027.

Major players in telemedicine market are McKesson, Honeywell, Allscripts, Cisco, Roche

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Telemedicine is the use of electronic communication to provide healthcare services to remote patients. Social distancing is one of the main strategies to mitigate the spread of infection with COVID-19. Physicians need to exploit telemedicine technology to provide patients with healthcare services, thus encouraging social distancing and reducing the risk of corona virus infection. Growing number of positive cases of corona virus along with chronic respiratory diseases have raised the adoption of telemedicine facility. Patients with suspected flu like symptoms access various telemedicine systems for get direct access to healthcare facilities. Besides, in the midst of the COVID-19 pandemic, numerous telemedicine companies are experiencing increase in virtual visits. These firms are now increasing their ability to manage several thousand virtual visits a day to meet the rising need, thereby propelling the growth of telemedicine sector globally.

The global market for the telemedicine is segmented into application, type, delivery mode, end user, and region. On the basis of type, the global market for telemedicine is segmented into product, and services. The product segment is further divided into hardware, software, and others. The services are further segmented into tele-consulting, tele-monitoring, tele-education/ training, and others. From this, the services segment held almost 65% share of the market by type. Fast tele-consulting service growth due to the growing number of homes in self-quarantined community. This is due to the introduction of stringent regulations such as partial or complete national lockout and rising social distancing significance.

On the basis of application, the market is categorized into teleradiology, telepsychiatry, telecardiology, telepathology, teledermatology, and others. The telepsychiatry segment held almost 20% share of the market in 2019. The COVID-19 pandemic has both physical and mental effect on the patient. Because of the exponential increase in number of positive COVID-19 events, mass hysteria and fear have spread across the globe. These conditions require proper medical care, which can be efficiently given through telemedicine services.

Based on delivery mode, the market is categorized into call centers, and web/ mobile. The web/ mobile segment is further divided into telephonic, and visualized. Web/ mobile delivery held almost 70% share of the market due to the widespread adoption of internet and mobile technology, along with growing smart phone and internet users.
Based on end user, the market is categorized into payers, providers, patients, and others. The providers segment is likely to grow at high CAGR in the forecast period. Many countries in the European Union have amended the stringent guidelines for telemedicine practice. This move is taken to promote telemedicine adoption and extend the reimbursement options. In addition, this can also improve access for patients in low-resource and remote areas to healthcare facilities, who are reluctant to visit hospitals for fear of being exposed

By region, the market is divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. North America held almost 41% share of the overall market followed by which is the Europe market. Such regional markets are projected to display a similar pattern over the forecast period due to growing understanding of healthcare, combined with acceptance of cloud-based technologies.

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Telemedicine Market Segmentation:
By Type
Product
Hardware
Software
Services
Tele-Consulting
Tele-Monitoring
Tele-Education/Training

By Application
Teleradiology
Telepathology
Teledermatology
Telecardiology
Telepsychiatry
Others

Table of Contents (TOC)
1. Global TELEMEDICINE Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter's Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global TELEMEDICINE Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global TELEMEDICINE Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Rest of North America
7.2. Europe
7.2.1. Europe Regional Market Size and Trend Analysis
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Italy
7.2.1.5. Spain
7.2.1.6. Russia
7.2.1.7. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
7.3.1.1. China
7.3.1.2. Japan
7.3.1.3. India
7.3.1.4. Australia
7.3.1.5. Southeast Asia
7.3.1.6. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
7.4.1.1. Brazil
7.4.1.2. Mexico
7.4.1.3. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
7.5.1.1. Saudi Arabia
7.5.1.2. South Africa
7.5.1.3. UAE
7.5.1.4. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments

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