North America Set To Lead The Telemedicine Market

PALM BEACH, Florida,  ­­- The Telemedicine market has shown substantial growth over the past few years and is projected to continue to this growth cycle over the next several years. A report from Global Market Insights said that Telemedicine Market size was valued at USD 45 billion in 2019 and is expected to witness 19.3% CAGR from 2020 to 2026. Another report from Grand View Research projected that the global telemedicine market size is expected to reach USD 155.1 billion by 2027, expanding at a CAGR of 15.1% over the forecast period.  Telemedicine refers to the delivery of healthcare at a distance. The increasing number of e-visits, expansion of telemedicine in areas of radiology, cardiology, behavioral health, and others have resulted in the development of new business and healthcare models surrounding telemedicine. Advancements in information and communication technology have revolutionized the modes of healthcare delivery. Developments in telemedicine have made healthcare affordable and accessible to all.

Active companies in the markets this week include Vuzix® Corporation (NASDAQ: VUZI), Zoom Video Communications, Inc. (NASDAQ: ZM), MicroVision, Inc. (NASDAQ: MVIS), Teladoc Health, Inc. (NYSE: TDOC), Tenet Healthcare Corporation (NYSE: THC).

The Grand View report said: “Increasing incidences of chronic conditions and rising demand for self-care medicines are the key factors driving the market. Furthermore, increasing use of internet applications, ease of telemedicine, and rising demand for centralization of healthcare are expected to help save cost, which is one of the critical factors for the telemedicine market growth.  The healthcare industry is enormously huge and its centralization is expected to help in harmonizing the entire process as well as providing economic assistances. The unprecedented outbreak of COVID-19 across the globe has resulted into increased demand for telemedicine solutions, due to lockdown implemented by several countries as a preventive measure to curb the pandemic.

Vuzix® Corporation (NASDAQ: VUZI) BREAKING NEWS:  Zoom for Healthcare Now Supported on Vuzix Smart Glasses for HIPAA-Compliant Telemedicine Videoconferencing – Vuzix®  announced support of Zoom Healthcare, a HIPAA/PIPEDA-compliant conferencing application, for Vuzix M-Series and Vuzix Blade® Smart Glasses.

The importance of telemedicine is surging day-by-day and is set to reach the peak in terms of adoption and demand. We at Panacea Infotech are pioneering app development company, holding expertise in telehealth app or doctor-on-demand apps to serve growing number of patients population that are adopting tech-driven healthcare facilities.

Source: PR Newswire