Telemedicine Market To Witness Discrete Growth

Posted by Merin John on May 17th, 2021

Virtual reality is amongst the revolutionary trends driving the healthcare industry. The Telemedicine Market report by Persistence Market Research harps on the way virtual reality has taken the healthcare industry by storm. VR-based healthcare solutions have been captured, with insights regarding the same. Micros have been worked upon.

Rapidly evolving technology plays a noteworthy role in making a patient’s healthcare journey easier. Combined with advancements in mobility and telepresence solutions, this is expected to create new unwired business models that are capable of providing care anywhere. According to the latest research by PMR, the global telemedicine market is expected to account over US$ 38,000 Mn by the end of 2029. The telemedicine market is expected to grow at a CAGR of 17.0% through the forecast period 2019-2029.

The integration of Internet of Things (IoT) sensors in healthcare equipment and machinery results in the mitigation of errors while dealing with a significant amount of sensitive patient data. Moreover, it eliminates human errors and reduces process-related time, cost, and power consumption, which is expected to drive the telemedicine market.

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The telemedicine market is a very lucrative market that offers new players high return on investment. Telehealth companies are focusing on acquisitions to grow their business, especially in emerging economies such as Asia Pacific and Latin America. For instance, in 2018, Teladoc Inc. acquired Advance Medical Inc. to expand its market share in Latin America and Asia Pacific. This acquisition also enabled Teladoc Inc. to provide care in 20 languages through its platform. Similarly, InTouch Health acquired Reach Health to broaden its footprint and boost its ability to help its customers introduce telehealth programs across the care continuum.

The report offers a comprehensive taxonomy of the telemedicine market based on the service type, mode of delivery, end user, and region. Based on product type, the global telemedicine market is segmented into real-time telemedicine and remote patient monitoring. Real-time telemedicine is further subsegmented into teleconsultation, telepathology, telecardiology, telesurgery, teleradiology, teledermatology, telepsychiatry, and others (teleopthalmology, teleneurology, and telenephrology).

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Merin John

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Merin John
Joined: December 11th, 2020
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