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The global telemedicine industry is being driven by the advancing healthcare systems and the growing need to enhance patient outcomes. The growing focus on enhancing clinical management and providing effective care delivery by improving quality and access to healthcare solutions is aiding the industry growth. Moreover, with the emergence of mobile technology and increasing smartphone penetration, there is expected to be an increased utilisation of mobile health apps, thus, contributing to the industry growth.
To extend the care beyond the walls of hospitals in the current situation where healthcare is disrupted, telemedicine is expected to witness a robust growth compared to pre-pandemic levels. Additionally, it is expected to serve as a game changer for low resource and developed countries alike. According to Philips’s Future Health Index (FHI) report, telehealth has been ranked as the most seamless digital health technology by approximately 61% of younger doctors to enhance patient experience during COVID-19, overtaking artificial intelligence (AI) (53%). The use of telehealth by healthcare professionals allows them to have a greater collaboration with colleagues across different skill sets, while improving patient satisfaction.
The growing partnership and innovations in the industry are significantly contributing to the industry. In June 2020, Koninklijke Philips N.V. (NYSE: PHG), one of the key players in the industry, announced to collaborate with the American Telemedicine Association (ATA) to promote the adoption of telehealth. The partnership is aimed at developing future telehealth strategies across hospitals and clinics into the home, especially with the recent outbreak of the novel coronavirus. Such developments are expected to enhance the demand for telemedicine in the forecast period.
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The major players in the global telemedicine market are Koninklijke Philips N.V., Aerotel Medical Systems Ltd, Allscripts Healthcare, LLC, AMD Global Telemedicine, InTouch Technologies Inc., MDLIVE Inc., and Medtronic plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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