Telemedicine Technologies and Services Market is Predicted to Rise at a CAGR of 13.8% during the Forecast Period, observes TMR Study

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Jun 23, 2022, 11:30 ET

As smartphones and 3G and 4G networks become more widely available, the usage of the mobile platform to deliver healthcare services is expected to rise, propelling the market
The global telemedicine technologies and services market is likely to be driven by increasing adoption for self-care devices/solutions including mHealth and remote monitoring

ALBANY, N.Y., June 23, 2022 /PRNewswire/ -- The value of the global telemedicine technologies and services market stood at US$ 144.2 Bn in 2021. Future market outlook for telemedicine technologies and services estimates the market to rise at CAGR of 13.8% during the forecast period, from 2022 to 2031. The global telemedicine technologies and services market is likely to surpass valuation of US$ 526.7 Bn by 2031. The global telemedicine technologies and services market is likely to be propelled by the increasing use of telemedicine technologies and services in several specialized fields such as cardiology, gynecology, dermatology, and neurology. Telemedicine technology and services are becoming more popular due to their simplicity of use and the growing adoption of smartphones and 4G and 3G networks.

Furthermore, as a result of the COVID-19 outbreak, telemedicine technology and services gained appeal during lockdown conditions. Additionally, in order to expand their position in the global market, major businesses are focused on improving their distribution networks, launching new products, and exploring different regions.

The utilization of telecommunications and information technology to communicate information and deliver education, clinical treatment, administrative and public health services is referred to as telemedicine technologies and services. Telemedicine technologies and services market demand analysis predict that using telecommunication technology, telemedicine has been quite effective in treating patients at a faraway place. It uses modern technological innovation to transfer medical data and information from one place to another. Telemedicine services enable patients to get healthcare services via a smartphone app or computer.

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Key Findings of Market Report

Chronic illnesses are a major health problem across the world. Chronic diseases such as cardiovascular disease and diabetes are becoming more common. The market is likely to be propelled by strong demand for self-care devices/solutions including remote monitoring and mHealth.
Health ICT is built on the advent of databases, digital technologies, and various applications aimed at treating illnesses, preventing sickness, and managing chronic illness. It also strengthens individual and community healthcare, as well as system efficiency and the prevention of medical blunders. These elements are likely to boost revenue opportunities for the key players in the telemedicine technologies and services.
By 2031, the services category is expected to account for a significant market share for telemedicine technologies and services. The services category is expected to grow rapidly, as it offers low-cost means to visit doctors and other healthcare experts. Furthermore, the category is predicted to grow due to higher demand for telemedicine services like telepsychiatry, teledermatology, and teleradiology during the forecast period

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Global Telemedicine Technologies and Services Market: Growth Drivers

Teledermatology is a specialization of dermatology that is undoubtedly one of the most prominent telemedicine and e-health applications. Skin illnesses such as psoriasis are better diagnosed and treated with digital technology, which is likely to widen scope for telemedicine technologies and services. The increasing occurrence of skin illnesses and ailments, as well as the convenience with which telemedicine services can be used, are expected to propel the segment over the forecast timeframe.
The tele-consultation segment is expected to develop at a high CAGR throughout the projection period in terms of services. The category is expected to grow due to the adoption of technologically improved goods, a growth in the number of individuals using smartphones and Internet services, and a rise in the usage of phones for consulting with doctors/physicians.

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Global Telemedicine Technologies and Services Market: Key Players

Some of the key market players are

AMD Global Telemedicine, Inc.
F. Hoffmann-La Roche Ltd.
Aerotel Medical Systems Ltd.
Koninklijke Philips N.V.
McKesson Corporation
Honeywell International, Inc.

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Global Telemedicine Technologies and Services 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

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

Telemedicine Market: Increasing incidences of chronic and other acute diseases, ageing & baby boomers population, technological advancements awareness about the Telehealth services, and increase in healthcare expenditure are projected to drive the Telemedicine market during the forecast period.

Video Telemedicine Market: increase in developments in the healthcare industry, rise in prevalence of chronic disorders, and surge in geriatric population are projected to augment the global video telemedicine market. Additionally, initiatives to provide healthcare services in remote areas is a critical factor anticipated to propel the global telemedicine market during the forecast period.

Telehealth Market: The global telehealth market is driven by increase in population, need to expand healthcare access, rise in cases of chronic diseases and conditions, shortage of physicians, advancements in telecommunications, government support, surge in awareness, and increase in technology adoption in the wake of COVID-19.

Teleradiology Market: Companies in the global teleradiology Market are undergoing strategic acquisitions and various product launch which enable product distribution in various regions and also strengthen their market share in global market.

mHealth Monitoring Diagnostic Medical Devices Market: Rise in prevalence of chronic disorders, aging population, technological advancements, entry of new players, and increase in access to health care are projected to drive the global mHealth monitoring diagnostic medical devices market.

mHealth Market: The global mHealth market is expected to witness massive growth rate in the coming years of the forecast period. For one, the outbreak of the COVID-19 pandemic has become a catalyst for the development of the global market.

Veterinary Dermatology Drugs Market: The veterinary dermatology drugs market has witnessed a meaningful surge over the years, due to the rising awareness concerning veterinary care. Growing urbanization and increasing number of pet animals are anticipated to influence the growth of the veterinary dermatology drugs market.

Ozone Therapy in Dermatology Market: Rise in the development of technologically-advanced ozone generators and significant rise in the adoption of ozone therapy among patients across the globe in the past few years are projected to boost the growth of the global market during the forecast period.

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