Global Markets for Telemedicine Technologies

Report Scope:
The scope of this report is broad and covers the components available in the telemedicine market and potential end-user applications. Revenue forecasts from 2019 to 2024 are given for components, applications and end-users with estimated value derived from the revenues of manufacturers.

The report also includes a discussion on the major players in each regional telemedicine market.Further, it explains major drivers and regional dynamics of the global telemedicine market.

The report concludes with a look at the vendor landscape and includes detailed profiles of major vendors in the global telemedicine market.

Report Includes:
- 49 data tables and 42 additional tables
- An overview of the global markets for telemedicine technologies within the industry
- Analyses of the global market trends, with data corresponding to market size for 2018 and 2019, and projections of compound annual growth rates (CAGRs) through 2024
- Discussion of market opportunities and challenges, and highlights of the new telemedicine products and technologies influencing the demand for adoption of innovative medical technology
- Information pertaining to the impact of COVID-19 pandemic on the growth of the telemedicine market
- Industry value chain analysis of the telemedicine market providing a systematic study of the key intermediaries involved, which could further assist stakeholders in formulating appropriate strategies
- Key merger and acquisition deals, partnerships, collaborations and joint ventures as well as other strategic alliances in the global telemedicine market
- Market share analysis of the key market participants and their research priorities and competitive landscape
- Detailed company profiles of the major global corporations, including AMD Global Telemedicine, Boston Scientific Corp., GE Healthcare, Medtronic, Inc., Resideo Life Care Solutions and Siemens Healthcare

Summary:
Telemedicine is the delivery of medical services to any location with the help of advanced telecommunications technology. Telemedicine technology incorporates digital communication and telecommunications technologies to treat patients residing in any location that can be reached by these technologies.

The COVID-19 pandemic has resulted into a global lockdown, which has increased the demand for telehealth services, along with a growing focus on low-cost healthcare services.This has resulted in a growing market for telemedicine.

According to the Institute for Health Metrics and Evaluation, global expenditures on healthcare are expected to rise from REDACTED in 2017 to REDACTED by 2040.Annual global public spending on health rose by an average REDACTED from 2000 to 2017.

However, it isworth noting that the annual rise has dropped from REDACTED from 2000 to 2010 to REDACTED from 2010 to 2017.

Telemedicine has transformed the role of physicians and increased access to health services for patients worldwide. This has led to a greater number of technology startups and increased investments in the telemedicine market.

For instance, in May 2020, American Well raised around REDACTED, to keep up with the escalating demand of telemedicine. In August 2018, MDLive Inc. received financing of around REDACTED from telehealth investor, Health Velocity Capital; from partners Health Care Service Corp. (HCSC) and Cigna Corporation; and from contributions from Industry Ventures and Novo Holdings A/S. All such financing and fundraising is having a positive influence in the market growth.

In the meantime, the use of connected devices such as smart phones and tablets for real-time patient monitoring and diagnosis is growing rapidly.This trend has led to the improvement in healthcare services and increased patient-care efficiency and data collection.

The U.S. spends about REDACTED of its GDP on healthcare, which could reach by more than REDACTED with the help of connected devices in diagnostic treatment, chronic disease management and preventive care of the patients.

The global telemedicine market is projected to grow at a CAGR of REDACTED during the forecast period of 2019-2024. In 2024, total revenues are expected to reach more than REDACTED, up from REDACTED in 2018.

This report provides an analysis of each market segment, including components, applications, and end users.The component segment consists of hardware, software and services.

The hardware segment of the telemedicine market had a market share of REDACTED in 2018 in terms of revenue.By 2024, total revenue from hardware in the telemedicine market is expected to reach REDACTED.

However, the software segment is expected to have a slightly higher CAGR, at REDACTED through 2024, than hardware.