Browse Telemedicine Market Report Link: industryarc.com/Research/Telemedicine-Market-Research-501358

According to a recent study by IndustryARC, the telemedicine market is forecast to reach $98.32 billion by 2023, growing at a CAGR of 14.12%. Factors driving the telemedicine market growth include increasing medical reimbursement for telehealth services; increasing prevalence of chronic diseases, growing need for improved services, and increasing technological innovations in communications technology worldwide.

Constant revolution in telecommunications technology has positively affected the healthcare sector, leading to the widespread use of mobiles, smartphones, the Internet and computers. The combination of telecommunications technology and medical sciences has created telemedicine. Recent advances in the use of sensor technology and data capture have given patients the opportunity to conduct health checkups at home. The increase in tech-savvy citizens and the increase in government reimbursement are expected to boost the telemedicine market.

The telemedicine market is currently dominated by North America, which generated $39.08 billion in revenue in 2017. Its stronghold is expected to continue for a few more years. Due to the increased adoption of telemedicine and increased demand for mobile health services, North America is expected to increase its market share further. Furthermore, there is a rise in the country's health expenditure per capita, which is expected to rise over the forecast period due to a fall in the unemployment rate.

The major players in this market include:

Koninklijke Philips N.V.

Aerotel Medical Systems Ltd.

InTouch Technologies Inc.

AMD Global Telemedicine Inc.

OBS Medical Ltd.

Cisco Systems Inc.

Allscripts Healthcare Solutions Inc.

Telemedicine manufacturers have laid their focus on mergers and acquisitions as well as product launches to augment entry into related markets and enhance their core competencies and product portfolio as well as gain a foothold in the emerging markets.

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