According to the recent research report titled ‘Global Telemedicine Market: Analysis By Specialties (Teledermatology, Teleradiology, Telepsychiatry, Others), By Component, By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report, global telemedicine market was worth USD 30.7 billion in 2019 and is expected to grow substantially over 2020-2025.
 

Booming elderly population, rising pervasiveness of chronic diseases, and emphasis on improving the access to low cost medical care are the key factors propelling global telemedicine market growth.
 

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Further, rising cognizance and adoption of remote monitoring solutions, along with technical advances in telecommunication are enhancing the overall market outlook. Besides, the outbreak of COVID-19 pandemic has significantly fueled the industry expansion with telehealth replacing physical visit.
 

Notably, telemedicine is rapidly changing the healthcare sector and is predicted to become the most widely accepted and used technique of diagnosis and prescription in the next couple of years. Favorable government initiatives and shortage of physicians are likely to augment worldwide telemedicine industry share.
 

Additionally, with diseases like orthopedic injuries, congestive heart failure, and others on the rise, along with innovations in medical technology, and incorporation of image interpretation remotely in an emergency, the industry is projected to witness a steady growth rate over the forecast timespan.
 

Moreover, up-to-date IT infrastructure and rising healthcare expenditure, in tandem with advent of low power consuming portable x-ray, wireless technologies are anticipated to create lucrative prospects for the industry progression over the study period.
 

Based on component type, global telemedicine market is divided into service, software, and hardware. As per specialty gamut, the industry segmentation comprises telepsychiatry, teleradiology, teledermatology, and others.
 

Coming to geographical ambit, key contributors to the overall market remuneration are North America (Canada, the United States), Europe (Germany, the United Kingdom), and Asia Pacific (Japan, China).
 

Of these, North America held significant market share in 2019 and is expected to expand further over the coming years, owing to growing adoption of smart devices in the region.
 

Major firms defining the competitive landscape of global telemedicine marketplace are CloudMD, Amwell, MDLIVE, AMD Global Telemedicine Inc., Doctor on Demand Inc., and Teladoc Health Inc.