Growth Forecast and Opportunities in the Telemedicine Market by 2027
Telemedicine allows patients to connect with healthcare providers who are located virtually close to them. By using telemedicine, patients are able to get a general diagnosis, find out their treatment options for common illnesses, and even receive a prescription for medications. By accessing this type of technology through a trusted healthcare provider, patients are assured that their information is safe and secure with the highest level of security. Another benefit of using telemedicine is the ability to conduct virtual care. When patients are able to talk to healthcare professionals through either a computerized voice interface or a human voice, they feel much more at ease with their encounters with medical professionals.
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Drivers
Technological advancements in the healthcare sector and growing prevalence of chronic diseases are expected to provide a growth impetus to the telemedicine market during the forecast period.
Moreover, several government initiatives over patient safety in the wake of COVID-19 crisis are engulfing the large portion of the healthcare sector to adopt digital solutions. This factor is expected to propel the growth of the telemedicine market over the forecast period.
Analysis of COVID-19 Crisis
The COVID-19 outbreak has turned out to be fruitful for the telemedicine market as the pandemic had led to the much-needed adoption of cloud platforms among healthcare professionals to monitor patients remotely. This pandemic-led shift towards digital patient monitoring alternatives has created positive growth prospects for the players operating in the telemedicine market.
Key Takeaways
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The telemedicine market is projected to grow at a CAGR of XX % during the forecast period owing to the improving healthcare standards in patient treatment, growing senescent population, and the ongoing COVID-19 prevalence. For instance, according to the India Brand Equity Foundation (IBEF) report released in September 2021, about 20% of the Indian healthcare sector is expected to shift from traditional diagnostic methods to virtual medical solutions by 2025.
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Across the geographical horizons, the telemedicine market in the North American region is anticipated to grow marginally throughout the forecast period in the view of newer standards in medical practices along with the attractive reimbursement policies provided by the local governments.
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Another noteworthy geographic region is Asia Pacific which is providing a significant thrust to the telemedicine market on the heels of rising demand for healthcare assistance in the rural regions.
Top Key Players Include In Telemedicine Market: Siemens Healthcare, McKesson, Cardio Net Inc., Cerner, IBM Corporation, Medtronic, Inc, Philips Healthcare Honeywell Life Care Solutions, GE Healthcare, AMD Telemedicine and Cisco Systems.
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