Pune, India -- (SBWIRE) -- 01/15/2020 -- The report on Telemedicine Market (Type - Live Video-conferencing, Store-and-forward or Asynchronous Video, Remote Patient Monitoring and Mobile Health or Mhealth; Clinical Service - Teleradiology, Telecardiology, Teleconsultation, Teledermatology, Telesurgery, Telepathology, and Telepsychiatry; Technology - Software, Hardware, and Telecom; Mode of Delivery - Cloud-based Delivery, On-premise Delivery): Global Industry Analysis, Trends, Size, Share and Forecasts to 2024. According to the report, the global telemedicine market is projected to grow at a CAGR of 18.4% over the forecast period of 2018-2024.

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Increasing Adoption of Medical Devices to Promote Growth in the Telemedicine Market Over 2018 to 2024

Consistent technological innovations, increasing remote patient monitoring, the high prevalence of chronic diseases, and rising geriatric population are considered to be the driving factors fueling the growth of the telemedicine market. Also, benefits offered by telemedicine is leading to the adoption of telemedicine technology in developed as well as developing countries. In addition, growing technological innovations and the adoption of medical devices are facilitating growth in this market.

Moreover, an increasing number of smartphone users are likely to support the growth of this market over the forecast period. However, the high cost of advanced technology, legal and reimbursement issues and inadequate healthcare infrastructure in developing economies are the factors inhibiting the growth of the telemedicine market. Furthermore, the global telemedicine market is expected to present several opportunities for major players due to technological advancements in the telecommunication sector.

Telemedicine Market: Segmentation

The report on the global telemedicine market covers segments such as, by type, by clinical service, by technology and by mode of delivery. On the basis of by type the global telemedicine market is categorized into live video-conferencing, store-and-forward or asynchronous video, remote patient monitoring and mobile health or health. On the basis of clinical service, the global telemedicine market is categorized into teleradiology, telecardiology, teleconsultation, teledermatology, telesurgery, telepathology, and telepsychiatry. On the basis of technology, the global telemedicine market is categorized into software, hardware, and telecom. On the basis of mode of delivery, the global telemedicine market is categorized into cloud-based delivery and on-premise delivery.

North America Has Dominated the Global Telemedicine Market Through 2018-2024

North America dominated the global telemedicine market followed by Europe. The U.S is the main region driving the growth in the North America region. Telemedicine technology was first used in military situations during the Civil War for ordering medical supplies or medical consultations. The growth of the telemedicine market in this region is mainly attributed to the growing adoption of telemedicine from organizations and patients, ongoing reforms in telehealth parity laws and improved reimbursement policies. Asia Pacific region is witness to grow at the highest CAGR during the forecast period due to growing healthcare infrastructure and on-going adoptions of medical devices.

Telemedicine Market: Competitive Analysis

Some of the leading companies for telemedicine market are Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Honeywell Life Care Solutions, Medtronic, SHL Telemedicine Ltd., Aerotel Medical Systems, BioTelemetry, InTouch Technologies, Philips 

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