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With 25.8% CAGR, Telemedicine Market Size worth USD 396.76 Billion in 2027

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Pune, India, April 18, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the telemedicine market is set to gain momentum from the introduction of artificial intelligence (AI)-powered booths in local malls. The system can dispense over 100 medications from a smart medicine cabinet. The report further states that the market size was USD 41.63 billion in 2019. It is projected to grow from USD 79.79 billion in 2020 to USD 396.76 billion in 2027 at a CAGR of 25.8% during 2020-2027.

Telemedicine is the term that denotes remote delivery of healthcare services, such as health consultations or assessments over the telecommunication infrastructures. The telemedicine concept allows healthcare providers to analyze, diagnose and treat patients using specialized technology, such as smartphones and video conferencing, without the requirement for an in-person visit.

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Growth Factors-

An enhancing selection of the electronic medical record (EMR) and electronic healthcare record (EHR) or is a significant driver for market development. Furthermore, the increasing incidences of chronic diseases like diabetes & cancer and the inadequacy of efficient health services and good physicians in underdeveloped regions are boosting the demand of the telemedicine market.

The unexpected expense of executing telemedicine frameworks, i.e., EHR & EMR and need for telemedicine training proposed by strict government directions relating to telemedicine are considered to obstruct the telemedicine market development.

Telemedicine is a small segment of e-health and has been witnessing high growth over the past few years. It is estimated that in the coming years with advancements in technology this market will grow significantly.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/telemedicine-market-101067

Segment-

Services Segment to Dominate Stoked by Rising Adoption of Virtual Diagnostics Services

The Global Telemedicine Market is segmented on the basis of type, component, application, technology, delivery model, end-use and region & country level. Based on type the Telemedicine Market is bifurcated into Tele-hospital and Tele-home. In terms of component type, the market is classified as products and services. Based on application, the Global Telemedicine Market is segmented as Teleradiology, Telepathology, Telecardiology, Telepsychiatry, Teledermatology and Others.

Latest Update – Several governments have launched remote telehealth monitoring systems aimed at enhancing drug administration and illness management in the homecare context. The need for teleconsultation services will rise as a result.

Report Coverage Details
Forecast Period 2022-2027
Forecast Period 2020 to 2027 CAGR 25.8%
2027 Value Projection USD 396.76 billion
Base Year 2019
Market Size in 2020 USD 79.79 billion
Historical Data for 2018-2020
No. of Pages 147
Segments covered By Product, By Modality, By Type, By End-User, By Application, By Geography
Growth Drivers Telemedicine has showcased tremendous growth in recent years.
The increasing investment in virtual hospitals is set to augment the telemedicine market growth

Regional Insights-

North America – As per the assessment, North America is likely to lead the global market due to the presence of well-developed healthcare infrastructure. In 2019, North America generated USD 17.90 billion in terms of the telemedicine market share. This growth is attributable to the presence of several prominent players, such as MDLive and Teladoc in this region.

Europe – Europe is anticipated to acquire a second position in the global market for telemedicine owing to the adoption of new technologies in the health care sector. In Europe, the increasing usage of digital health owing to the implementation of favorable guidelines by government bodies would aid growth.

APAC – Because of the rapidly expanding patient pool and the increased acceptance of telehealth services to satisfy the need, APAC is expected to be the fastest-growing market. India, China, and Japan, among other growing countries, are likely to play a critical role in expanding the regional market.

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Competitive Landscape-

Key Players Focus on Partnerships & Acquisitions to Broaden Their Product Lines

The global market for telemedicine houses numerous renowned companies that are mainly focusing on partnership and acquisition strategies. They are doing so to expand their product portfolios and to gain a large consumer base. Below are the two latest industry developments:

  • March 2020: VivaBem joined hands with Doktor.se to raise approximately USD 2.5 million. The fund will help them to refine its existing products by integrating the Doktor.se’s AI-driven technology. It will further improve the user experience for health and wellness services, chronic care management, and telemedicine.
  • January 2020: Teladoc Health acquired InTouch Health to deliver its product offerings to the latter’s clients in more than 450 hospitals. It will also help Teladoc to enhance patient experience in home care, ambulatory care, and acute care settings.

A list of all the renowned service providers operating in this market:

  • American Well (Boston, U.S.)
  • MDLIVE Inc. (Sunrise, U.S)
  • Teladoc Health Inc. (Purchase, U.S.)
  • Doctor on Demand Inc. (San Francisco, U.S.)
  • MeMD (Arizona, U.S.)
  • Encounter Telehealth (Nebraska, U.S.)
  • Global Med (Arizona, U.S.)
  • SnapMD (California, U.S.)
  • Other prominent players

Important facts-

  • Telehealth solutions have demonstrated the proficiency to strengthen health outcomes and reduce costs. Research suggests that telemedicine improves the health of diabetic patients, particularly in the case of older adults. 
  • Telehomecare is supposed to be one of the most profitable applications of telemedicine. The telehomecare market segment is anticipated to grow significantly in the near future. The rise in chronic disease incidences is a global concern that puts a burden on healthcare resources. Telehomecare is a resourceful way to provide care, monitor a patient, and deliver information, by using the advanced technology in telecommunication. Monitoring allows timely identification of disease, and thus, preventing severe chronic conditions.

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Artificial Intelligence

Keyrus expands its data nearshore services connecting Portugal’s talent with the Dach Region, Netherlands and Nordic Countries

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LISBON, Portugal, May 7, 2024 /PRNewswire/ — Keyrus, a global leader in data analytics and digital transformation, is proud to announce the consolidation of developing and delivering data solutions remotely from Portugal. After successfully demonstrating its expertise for over 3 years in the UK, France, and Belgium markets, Keyrus Portugal Nearshore is expanding its offering to the rest of Europe. This significant move establishes a seamless connection between the rich technological talent of Portugal and the robust markets of the Dach Region, Netherlands or Nordic Countries. This strategic initiative not only signifies Keyrus’ unwavering dedication to fostering digital innovation and transformation across the globe but also marks a milestone in its ongoing mission to bridge technological frontiers.

Keyrus Portugal’s focus on data nearshore services highlights the country’s competitive advantages, including its highly skilled technological talent, cutting-edge infrastructure, and geographical and cultural proximity to major European markets. These factors, combined with Keyrus’ deep experience and knowledge in data analytics, cloud solutions, ML, Gen AI, and digital solutions, ensure an unprecedented offering in terms of quality, efficiency, and value.
Javier Riera, Executive Director of Southern Europe at Keyrus, expresses excitement, “Consolidating our data nearshore services heralds a new era of collaboration, uniting Portugal’s top tech talent with leading European businesses. Our goal: deliver personalized resources, aligned with client needs, for efficient implementations and exceptional results.”
About Keyrus
Keyrus is a global consulting and technology company that focuses on making data matter, truly matter, from a human perspective. Since it is not only the data itself that matters, but the opportunities we can develop by leveraging it. A mere means to an end, data, whether big, small, human, complex, historical, prospective, only ever makes sense when it is used to develop experiences, shape understanding, make the best decisions. Our value proposition is founded upon five major groups of services, each comprising multiple offerings: 
Automation and artificial intelligence.  Human-centric digital experience. Data & analytics enablement. Cloud and security. Business transformation & innovation.  At Keyrus, we help our clients to successfully transform themselves to build a better future.  
Keyrus employs over 3500 employees and is based in 27+ countries across 4 continents. 
Discover more about how Keyrus’ data nearshore services can revolutionize your business & data strategy by visiting nearshore.keyrus.com
Video – https://www.youtube.com/watch?v=KjNqa679m_YLogo – https://mma.prnewswire.com/media/2405297/Keyrus_Logo.jpg
 
 

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Promoting a Greener Future: Beny Becomes Official Sponsor of the Primeira Liga

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MADRID, May 7, 2024 /PRNewswire/ — Beny recently announced that it has become the official sponsor of the Primeira Liga. This sponsorship will cover key events in the second quarter of the match. The announcement has drawn significant attention from both the business and sports communities, as it represents not only a commercial collaboration but also symbolizes the convergence of sports and environmental ideals. As the sponsor, Beny’s brand logo is prominently displayed on stadium fencing at the game venues, further enhancing brand visibility.

As a global leader in providing innovative new energy solutions, Beny’s product range includes photovoltaic DC power transmission and distribution, smart EV charging, and micro energy system, among other fields. With its mission to “Empowering the safe advancement of the new energy sector through AI,” Beny strives to contribute to the global energy transition through technological innovation.
Following Beny’s announcement of becoming the official sponsor, industry experts view this partnership not just as a business venture but also as a powerful statement that sports and environmental initiatives can work hand-in-hand to promote sustainable development. Beny’s General Manager, Jundan Wang, commented on the collaboration, stating, “This is a great opportunity to use football as a platform to spread the idea of green energy to a broader audience. We look forward to seeing players deliver stellar performances in the upcoming games, while Beny continues to innovate in the sustainable energy field, driving industry growth.”
Football is one of the most popular sports in the world, capable of uniting people from diverse backgrounds. This aligns with our aspiration: to offer a more sustainable future to global consumers. The Primeira Liga is renowned for its intense competition, technical excellence, and deep impact on fans. Through its sponsorship of game, Beny hopes to raise awareness and acceptance of green energy among fans, encouraging more people to engage in sustainable practices and contribute to a greener future.
The partnership with the Primeira Liga offers new opportunities and possibilities for both parties. This collaboration represents a win-win situation, not only advancing football as a sport but also supporting global efforts towards a sustainable energy transition. We look forward to witnessing the competitive spirit in the upcoming games and seeing both Beny and the Primeira Liga leave a lasting impression in their respective fields.

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Persistent Transforms Enterprise Data Management with iAURA, a Portfolio of AI-Powered Data Solutions

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SANTA CLARA, Calif. and PUNE, India, May 7, 2024 /PRNewswire/ — Persistent Systems (BSE: PERSISTENT) (NSE: PERSISTENT), a global Digital Engineering and Enterprise Modernization leader, announced the launch of Persistent iAURA, a suite of AI-powered data solutions engineered to catalyze business growth. iAURA empowers businesses with seamless deployment and precision in addressing data challenges for AI implementations. The solutions harness AI and ML to uncover hidden patterns, enabling data-driven decision-making, enhanced business intelligence, and automated data quality assurance and reconciliation.

In today’s data-driven world, businesses face challenges in handling large amounts of data while ensuring quality, governance, and cost control, often requiring specialized technical expertise. These challenges hinder strategic decision-making and impede growth, especially with the rise of AI, which requires access and integration of large amounts of high-quality data. As businesses aim to utilize AI, they face obstacles in utilizing data, including extracting actionable insights, ensuring quality, and automating migration processes. iAURA offers tailored solutions, expediting the transition to AI-driven enterprises, providing a comprehensive approach from data ingestion to insights using analytics and accelerators.
The AI-first solutions for complete enterprise data management in the iAURA portfolio include:
iAURA Insights empowers teams to talk to their data in natural language and get relevant business insights.iAURA Migrate automates and accelerates migration and modernization of data technologies using GenAI-enabled tools. It is a comprehensive suite of solutions that spans across Business Intelligence, ETL, Data Warehouse, among others.iAURA Data Ops ensures AI-driven data quality, data reconciliation, and data freshness.iAURA Platforms aid clients in managing tool choice, governance, security, and cost through data and AI platform services.In initial engagements, the benefits of iAURA have been substantial. With iAURA Insights, Persistent developed virtual agents driven by GenAI to seamlessly guide users on a step-by-step journey from business requirements to proposals. This enabled a leading pharmaceutical company to accelerate proposal response time by 90%.
iAURA is compatible with all major hyperscaler platforms and all leading LLM providers, giving clients the flexibility to deploy on their preferred choice of technologies. By combining advanced software solutions, robust platform capability, and deep implementation expertise, iAURA provides clients with unparalleled agility in deployment models. It integrates Persistent’s IP as accelerators and APIs, ensuring seamless integration and optimal performance.
Bidish Sarkar, Senior Vice President – Data and Analytics, Persistent:”We’re excited to introduce iAURA, a cutting-edge suite of AI-powered data solutions engineered to propel business growth. iAURA optimizes enterprise data management, accelerating the transformation from data ingestion to actionable insights. This enhancement empowers enterprises to expedite their decision-making, time to market, and accelerates the journey to scale GenAI use cases.”
Nandini Tare, Associate Practice Lead, Digital Engineering, HFS Research: “Data plays a critical role in GenAI solutions, accessing enterprise data and driving insights from it is one of the challenges that organizations face in today’s fast paced technology landscape. Persistent’s iAURA, unlocks the true potential of data. It drives growth by empowering organizations to make informed data driven decisions. Its seamless integration and compatibility with all hyperscalers bring flexibility of infrastructure and the ability to contextualize and visualize data accelerates insights for better decision making. The iAURA suite of solutions truly brings a strong proposition that transforms enterprise data into valuable outcomes.”
About Persistent
With over 23,800 employees located in 21 countries, Persistent Systems (BSE & NSE: PERSISTENT) is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. As a participant of the United Nations Global Compact, Persistent is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, as well as take actions that advance societal goals. With 268% growth since 2020, Persistent is the fastest-growing Indian IT Services brand according to Brand Finance.
www.persistent.com
Forward-looking and Cautionary Statements
For risks and uncertainties relating to forward-looking statements, please visit persistent.com/flcs
 
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