The global telemedicine market was expected to grow at a robust CAGR of 14.5% within the forecast period from 2018 to 2023. In 2018, the market was evaluated to be of worth around US$14.3 billion. This value is expected to rise around worth US$36.3 billion by the end of 2023. Thus, the market is expected to showcase a lucrative potential for the market players in the forthcoming years. Telemedicine market has gained a lot of traction in the remote management of the patients' post-treatment of chronic illnesses. Telemedicine the service where the healthcare related issues are dealt over teleconference or telecommunication, for example, consultation. This helps the medical practitioners to analyze, diagnose, treat the patients, and prescribe medicines.
Market drivers and restraints:
The primary driver for rising healthcare costs is increased utilization of healthcare services, which result in the growth of consumer demand for innovative and new techniques, lifestyle factors, etc. Furthermore, it can also be attributed to the cost shifting, from government programs to private payers. Low reimbursement rates have increased cost-shifting burden on hospitals and doctors, who, in turn, charge much higher prices for the same facilities to private payers, which ultimately affect the health insurance rates. It is estimated that elderly care is four times as expensive as it is for those who are younger, and the elderly population consumes between 40% and 50% of the healthcare resources.
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Report segmented as:
By Specialty:
• Cardiology
• Dermatology
• Neurology
• Orthopedics
• Emergency Care
• Internal Medicine
• Gynecology
• Others
By Service Type:
• Tele-consultation
• Tele-monitoring
• Tele-education
• Tele-care
• Tele-training
• Tele-surgery
Geographical analysis:
Based on geography, the market is segmented under several regions namely North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. North America and Europe account for the significant share of the market. This is due to the high acceptance of technology in these regions.
Important market players:
Companies, like Allscripts Healthcare Solutions Inc., BioTelemetry, Medtronic, and Philips, hold significant market shares in the telemedicine market.
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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