Market Overview:

Telemedicine market size was expected to grow from USD 35.46 billion in 2018 to USD 80.61 billion in 2023 with a current compound annual growth rate (CAGR) of 17.85% over the next five years. 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 rates 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:

On the basis of geography, the market is segmented under several regions namely North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America and Europe accounts for the major share of the market. This is due to the high acceptance for technology in these regions. Brazil, China, Russia and India are estimated to show fast growth rate owing to rising population and increasing incidence of chronic diseases.

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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