An extensive study of the product application and services conducted by subject matter experts assessing the Telemedicine Market will help product owners to make a wise decision.

New York, NY -- (SBWire) -- 12/07/2020 --According to Reports and Data, the global Telemedicine market is forecast to reach USD 121.17 billion by 2027, registering a CAGR of 14.9% over the forecast period. Telemedicine is experiencing prospective opportunities as adoption of IT rises in healthcare domain, expanding geriatric population, increasing prevalence of disorders that need increased attention and the advantage of maximum reach especially in remote and rural areas.

Geriatric population is rapidly rising across the globe, and Europe and North America have the highest share of population with age of over 65 years and above. Telemedicine is emerging to be playing a crucial role in the pandemic hit world, to remotely address many common medical conditions among the elderly such as Parkinson's, cardiovascular diseases, diabetes, high blood pressure, high cholesterol, arthritis and many more. The United Nations estimates that in 2050, geriatric population are expected to account for 28% of the population in North America, 35% in Europe, 24% in Asia, 25% in Latin America, 23% in Oceania and 9% in Africa. Traveling to hospitals for visits and risk of hospital acquired infections leads to non-compliance among patients to follow ups. Thus, tele-visits and telemedicine can help in such situation to provide services remotely and without the need for travel.

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In 2018, Europe had approximately 3 million dependent or bedridden patients. In such cases movement of patients is restricted in which case telemedicine or tele-visits needed no travelling or home doctor visit for critically ill patients leading to growth of telemedicine market. Moreover, favorable reimbursement policies for telehealth is another major factor driving the market growth. Even governmental insurance companies such as Medicare, Medicaid cover telehealth reimbursements.

In 2020, the center for Medicare & Medicaid Services published coverage for COVID-19 telehealth resulting in growing adoption of telemedicine. To approach the untapped market, players are developing telemedicine solution leading to enhanced market demand. For instance, Texas A&M Health recently launched their telemedicine station for rural patients. Huge ongoing pipeline research are expected to fuel the market growth in future. For instance, Canniesburn Regional Plastic Surgery and Burns Unit, U.K. is engaged in developing 3D telemedicine to practice efficiently during the COVID-19 pandemic.

North America dominated the ovulation testing at home with a revenue of USD 17.63 billion in 2019. In North America, rising prevalence of target diseases, growing adoption of advanced technologies, high investment on IT in healthcare solutions are major factors driving market growth.

Key participants in the Telemedicine market are MDLIVE, Teladoc, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telemedicine, Aerotel Medical Systems Ltd., iCliniq, Polycom, HealthTap, Cardio Net Inc., Amwell, CVS Health, Synapse Medicine, Practo. The companies have focused on various strategies like new product launches, agreements, acquisitions, and merger to strengthen their market position and expand the market share

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For the purpose of this report, Reports and Data has segmented into the global Telemedicine market on the basis of types, components, technologies, applications, end use and region:

Types Outlook (Revenue, USD Billion; 2017-2027)
- Tele-Home
- Tele-Hospital

Components Outlook (Revenue, USD Billion; 2017-2027)
- Service
o Tele-consultation
o Tele-monitoring
o Tele-education
o Tele-care
o Tele-training
o Tele-surgery
- Hardware
o Monitors
o Medical peripheral devices
- Software
o RIS (Radiology Information Systems)
o DICOM (Digital Imaging and Communications in Medicine)
o Picture Archiving and Communication System (PACS)
o Electronic Medical Record (EMR)
o Medical Billing Software
o Practice Management Software
o HIS (Healthcare Information System)
o Others

Technology Outlook (Revenue, USD Billion; 2017-2027)
- Store and Forward
- Real-Time
- Remote Patient Monitoring
- Others

Applications Outlook (Revenue, USD Billion; 2017-2027)
- Teleradiology
- Telepsychiatry
- Telepathology
- Teledermatology
- Telecardiology
- Tele-Surgery
- Teleneurology
- Others

End Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Diagnostic Centers
- Ambulatory Surgical Centers
- Specialty Clinics
- Others

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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
o U.S
- Europe
o U.K
o France
o Germany
o Italy
o Spain
o Rest of Europe
- Asia Pacific
o China
o India
o Japan
o Rest of Europe
- MEA
- Latin America
o Brazil

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