Pune, India, April 30, 2021 (GLOBE NEWSWIRE) -- According to the report, Telemedicine market size is projected reach USD 396.76 Billion by 2026. Global Telemedicine market was USD 41.63 billion in 2018 and is anticipated to exhibit a CAGR of 25.08% during the forecast period set between 2019 to 2026. Rising Demand for Better Access to Advanced Healthcare to Aid Growth.
Telemedicine is used in diverse sectors, which include cardiology, radiology, behavioural health, and others. This will further give rise to new healthcare business models in telemedicine. People around the world prefer virtual consultation as it reduces the cost of other healthcare services such as hospital stays.
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Telemedicine services are anticipated to lead the market during the forecast period. Presence of favorable reimbursement policies on teleconsultation is one of the primary factors responsible for the growth of telemedicine services. Other factors such as the entry of new players and increasing adoption of real-time communication devices are driving the telemedicine services segment.
Driven by these factors, the telemedicine market size is expected to increase over the projected horizon. Among application, teleradiology is projected to cover leading share in the market. Other segments based on application include teledermatology, telepathology, and telepsychiatry.
Healthcare providers are increasingly adopting Picture Archiving and Communication System or PACS. This system securely stores and transmits electronic images from anywhere in the world. It enables easy transmission of images with the help of Electronic Health Records (EHR).
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From a geographical standpoint, North America is anticipated to emerge dominant in the global telemedicine market. Governments in this region are planning to develop favorable reimbursement policies and practice standards for telemedicine and e-health. This, coupled with increasing patient pool, is boosting the market in North America.
The Senate in Florida passed a House Bill 23 in April 2019, establishing standards of practice for telemedicine and telehealth providers. As the aging population is increasing and preference towards telemedicine is rising, the number of e-health visits are increasing exponentially. This will further increase the telemedicine market share in North America.
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- American Well
- Teladoc Health, Inc.
- InTouch Technologies, Inc.
- Doctor On Demand, Inc.
- MDLIVE Inc.
- Encounter Telemedicine
- SnapMD, Inc.
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Global Telemedicine Market Segmentations:
- Store-and-forward (Asynchronous)
- Real-time (Synchronous),
By End User:
- Healthcare Facilities
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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