Telemedicine Technologies and Services Market is Expected to see a Growth of 13.8% During the Forecast Period 2022-2031 | Exclusive Report by Transparency Market Research Inc.

Posted on 2024-03-11 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-11 — /EPR Network/ — Transparency Market Research Inc. –

The global telemedicine market, valued at US$144.2 billion in 2021, is projected to grow at a CAGR of 13.8% from 2022 to 2031, reaching over US$526.7 billion by 2031. The growth is driven by increased adoption in various medical specialties like dermatology, gynecology, neurology, and cardiology, facilitated by smartphone and network advancements. The COVID-19 pandemic accelerated adoption, and key players are expanding distribution networks and launching new products to enhance their market presence.

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Telemedicine encompasses the utilization of telecommunications and information technologies to facilitate the sharing of medical information and delivery of clinical care, education, public health, and administrative services. It enables the treatment of patients situated remotely by leveraging telecommunication technology to exchange medical data between locations through innovative technological means. Telemedicine services provide individuals with access to healthcare digitally, typically through computer or smartphone applications.

Furthermore, the scarcity of effective physical treatment alternatives has positioned telemedicine as a secure and interactive platform connecting patients, both infected and uninfected, with healthcare providers.

Advancements in Mobile Penetration and Connectivity to Propel Global Market

Digital technologies are revolutionizing health systems, offering flexible communication and information exchange options. They support medical diagnostics, monitoring, and therapy, particularly when participants are separated by distance or time. Mobile access is widespread worldwide, with developed markets like South Korea, Australia, the U.S., the U.K., Germany, Sweden, and Japan exceeding 100% mobile penetration.

The rise of smartphones and advanced networks like 3G and 4G is expected to further boost mobile healthcare services. Health ICT leverages digital technologies to prevent illness, treat diseases, manage chronic conditions, and enhance healthcare efficiency while reducing errors, thereby propelling the global telemedicine market.

Key players:

McKesson Corporation, F. Hoffmann-La Roche Ltd., Medtronic, Koninklijke Philips N.V., GE Healthcare, LifeWatch, Honeywell International, Inc., AMD Global Telemedicine, Inc. GlobalMed, Aerotel Medical Systems Ltd., and other players.

Market Segmentation:

Component
- Hardware
- Software
- Services

Specialty
- Dermatology
- Gynecology
- Neurology
- Cardiology
- Orthopedics
- Emergency Care
- Internal Medicine
- Others

Services
- Tele-consultation
- Tele-monitoring
- Tele-education
- Tele-training
- Tele-care
- Tele-surgery
- Others

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Key Developments:

In May 2021, K Health entered into a partnership with Boost Mobiles, which provided Boost’s customers access to a range of telehealth care for or subscribers of its Unlimited Plus plan
In June 2020, Royal Philips announced collaboration with American Telemedicine Association to help further the adoption of telehealth across the industry, demonstrating its commitment to connecting care across acute, post-acute, and home care settings
In October 2017, Medtronic announced that its Medtronic Care Management Services (MCMS) business had entered into a strategic partnership with American Well

Regional Outlook:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

Market Drivers and Challenges:

Drivers: Technological Advancements, Rising Demand for Remote Healthcare, Increasing Chronic Disease Burden
Challenges: Regulatory Hurdles, Data Security Concerns, Connectivity Issues in Remote Areas

Market Trends:

Integration of Artificial Intelligence and Machine Learning in Telemedicine
Expansion of Telemedicine Services in Rural and Underserved Areas
Emergence of Virtual Reality and Augmented Reality in Remote Consultations

Future Outlook:

The future of the Telemedicine Technologies and Services Market appears promising, with continued innovation and investment expected to drive growth. The market is likely to witness increased collaboration between healthcare providers, technology companies, and regulatory bodies to overcome existing challenges and unlock new opportunities.

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