FREMONT, Calif., Sept. 1, 2020
FREMONT, Calif., Sept. 1, 2020 /PRNewswire/ -- According to the new market intelligence report by BIS Research, "Global Telemedicine Market - Analysis and Forecast, 2019-2030", the global telemedicine market generated a revenue of $21.55 billion in 2019 and is estimated to grow over $123.0 billion by the end of 2030. The market is projected to grow at a CAGR of 17.16% during the forecast period from 2020 to 2030.
The comprehensive study of global telemedicine market by BIS Research extensively covers the following:
The detailed market study is a compilation of 17 Data Tables and 117 Figures spread through 238 Pages and in-depth TOC on "Global Telemedicine Market"
The study encompasses market growth drivers, opportunities, market restraining factors, competition mapping, and segmental analysis. The market report by BIS Research indicates that the increased patient demand for virtually-delivered care, increased reimbursement for remote care services (particularly in the U.S.), urgent need to reduce the cost of care, and increased regulatory approvals, among others, are fueling the growth of the market.
The concept of telemedicine is not new and incepted during the 1950s. However, the technology could not enter the mainstream of healthcare delivery due to the lack of consumer demand, absence of reimbursement framework, security concerns, and high cost of infrastructure required to implement telemedicine programs.
However, the dynamic of the market has changed in the last three years due to a shift to direct-to-consumer telemedicine service, which gained significant attention from both investors and patients. In conjunction to rising consumer adoption and technological advancements, the COVID-19 pandemic has also significantly bolstered the adoption of telemedicine. It has perhaps changed the ways patients and providers used to interact with each other.
View the Report from BIS Research at "Global Telemedicine Market "
Owing to the lockdown situation and social distancing measures to prevent the risk of infection, people are refraining from going to clinics and healthcare organizations to consult with doctors in-person. This situation has significantly increased the adoption of telemedicine among masses.
To gain a holistic view of the market, data from different segments of the market has been analyzed minutely. These segments include component types, types of technologies used, medical specialties, different modes of delivery, and regions. Each of these segments is further categorized into sub-segments and micro-segments to compile an in-depth study.
Abdul Wahid, Principal Consultant - BIS Research, states, "Telemedicine has experienced a significant boost during the COVID-19 pandemic. With social distancing guidelines enforced by state and national governments around the world, telemedicine has become a "new normal" for healthcare delivery. During the pandemic, telemedicine sector witnessed numerous changes in terms of regulatory relaxations, reimbursement frameworks, and surge in demand for teleconsultations, among others. In developed countries, such as the U.S., the reimbursement and regulatory hurdles were removed. For example, on March 17th, the U.S. government expanded telehealth coverage for Medicare beneficiaries during COVID-19 Outbreak."
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This report is a meticulous compilation of research on more than 200 players in the market ecosystem. The report also profiles 15 leading companies in the telemedicine, space such as Teladoc Health Inc., Doctor On Demand, MDLIVE, Inc., American Well, Virtrial Inc., AMD Global Telemedicine, Inc., Poly, Koninklijke Philips N.V, General Electric Company (GE), International Business Machines Corporation (IBM), Crossover Health, Inc., Allscripts Healthcare Solutions, Inc., Cisco Systems, Inc., and Intel Corporation.
The study also offers strategic recommendations that can help organizations in tracking various products, trends, and technologies that are changing the dynamics of the market. The recommendations by BIS Research also offer bespoke research services to help organizations meet their objectives.
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About BIS Research
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as, custom studies, and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.
BIS Healthcare scans, analyzes, and tracks markets to provide superior intelligence and consultations to its clients. Over the years, it has created a knowledge pool through whitepapers, analyst notes, case studies, and customized solutions.
BIS Healthcare caters to different facets of the healthcare industry, including Medical Devices, Digital Health, Life Sciences, Robotics and Imaging, Information Technology, Precision Medicine, and other emerging healthcare technologies, covering the entire industry spectrum.
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