DUBLIN--(BUSINESS WIRE)--The "Telemedicine Services Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global telemedicine services market will grow from $103.06 billion in 2022 to $131.75 billion in 2023 at a compound annual growth rate (CAGR) of 27.8%. The telemedicine services market is expected to grow to $262.33 billion in 2027 at a CAGR of 18.8%.
North America was the largest region in the telemedicine services market in 2022. Asia Pacific was the second largest region in telemedicine services market. The regions covered in the telemedicine services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of telemedicine services are web-based, cloud-based, and on-premises. Cloud-based solutions provide healthcare providers financial, logistical, and functional advantages over in-house client-server systems. Cloud computing provides cost flexibility as well as the potential for cost reductions. The different technologies include store and foreward, real time and is used in teleradiology, telepsychiatry, telepathology, teledermatalogy, telecardiology.
Rising cases of COVID 19 infections across the globe is driving the telemedicine services market. As of December 2020, the total number of active cases around the world is around 19,649,961 million and expected to increase until the availability of vaccines. Telemedicine services will provide healthcare services to the COVID 19 affected people as they cannot step out to avail the services. Rising cases of COVID 19 infections across the globe is expected to boost the demand for the telemedicine services market.
Data breaches make patients uncomfortable with sharing personal information that would help the physicians to diagnose the patients' health, affecting the telemedicine market negatively. Telemedicine services are provided online or through calls and might not have much security for storing data, or in some cases the telemedicine companies may use third-party servers to store the customer data to cut down the maintenance cost, which might lead to easy data breaches.
For instance, according to Hippa Journal, the official publication of the American Health Information Management Association, the Office for Civil Rights (OCR) of the Department of Health and Human Services (HHS) received 347 reports of healthcare data breaches involving 500 or more records between January 1, 2022, and June 30, 2022.
Telemedicine is increasingly being accepted and insurance companies and government-regulated health care programs are increasingly covering telemedicine services in their plans. The governments are probing companies to make changes to the policies to cover the services under their schemes. For instance, in March 2020, in response to the coronavirus outbreak, the US government announced that private insurers will be covering the cost of coronavirus testing and telemedicine services for patients.
In April 2022, Patient Square Capital, a US-based healthcare investment firm, acquired SOC Telemed for an undisclosed amount. Through this acquisition, Patient Square Capital will help SOC Telemed to be well-positioned to fulfill the expanding demands of patients, clinicians, and hospital partners. SOC Telemed is US-based company specializing in telemedicine technology and solutions.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Scope
Markets Covered:
1) By Technology outlook: Store and Foreward; Real time
2) By Application: Teleradiology; Telepsychiatry; Telepathology; Teledermatalogy; Telecardiology
3) By Type: Web-based; Cloud-based; On-premises
Companies Mentioned: AMD Global Telemedicine, Inc.; Philips Healthcare; Cisco Systems, Inc.; McKesson Corporation; Allscripts Healthcare Solutions Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
A selection of companies mentioned in this report includes
- AMD Global Telemedicine, Inc.
- Philips Healthcare
- Cisco Systems, Inc.
- McKesson Corporation
- Allscripts Healthcare Solutions Inc.
- GE Healthcare Ltd.
- Cerner Corporation
- BioTelemetry, Inc.
- Teladoc
- Aerotel Medical Systems Ltd.
- Honeywell HomMed
- Apollo Hospitals
- Haemonetics
- Cloudvisit Telemedicine
- Maestros Telemedicine
- Medisoft Telemedicine
- Reach Health
- SnapMD Telemedicine Technology
- American Telecare Inc.
- American Well
- Eagle Telemedicine
- OBS Medical
- SOC Telemed
- Specialist Telemed
- F. Hoffmann-La Roche Ltd.
- GlobalMedia Group LLC
- IBM
- Medtronic plc
- SHL Telemedicine
For more information about this report visit https://www.researchandmarkets.com/r/uywkef
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