The Global Telemedicine Market Size was valued at US$ 34,289.2 Mn in the year 2018 and is anticipated to reach USD 185,669.6 Mn by 2026. The analysts stated that technological developments in telemedicine products would make healthcare more accessible and affordable to all. Spurred by this, the Telemedicine Market growth is likely to increase in the forthcoming years.
List of the major companies that are present in the Global Telemedicine Market
- American Well
- Teladoc Health, Inc.
- InTouch Technologies, Inc.
- Doctor On Demand, Inc.
- MDLIVE Inc.
- Encounter Telemedicine
- SnapMD, Inc.
- Other players
Teleradiology to Cover Leading Share Among Application Segments
Telemedicine services are anticipated to lead the market during the forecast period. Presence of favorable reimbursement policies on teleconsultation is one of the primary factors responsible for the growth of telemedicine services. Other factors such as the entry of new players and increasing adoption of real-time communication devices are driving the telemedicine services segment. Driven by these factors, the telemedicine market size is expected to increase over the projected horizon.
The global telemedicine market is highly competitive and is likely to witness the entry of new players, besides the launch of new products. Recently in May 2019, a telemedicine company called CirrusMD Inc. raised around US$ 15 million by Drive Capital. The company aims to offer seamless communication between patients and doctors online. Rapid advancements in information and communication technology (ICT) has revolutionized the healthcare industry.
Among application, teleradiology is projected to cover leading share in the market. Other segments based on application include teledermatology, telepathology, and telepsychiatry. Healthcare providers are increasingly adopting Picture Archiving and Communication System or PACS. This system securely stores and transmits electronic images from anywhere in the world. It enables easy transmission of images with the help of Electronic Health Records (EHR).
Comcast and Independence Health Group’s Partnership to Improve Delivery Experience Between Patients and Providers
Companies such as GlobalMed, InTouch Technologies, Inc., MeMD, MDLIVE Inc., 2nd.MD, Encounter Telemedicine, and SnapMD, Inc. are functioning in the global telemedicine market. However, some companies such as American Well, Doctor On Demand, and Teladoc Health are leading the market. This is predominantly attributable to their strong customer reach and an increasing number of online consultation.
These companies are continuously focusing on collaborations, acquisitions, and other strategies to increase their market share. For instance, InTouch Health launched a virtual care platform called Solo in April 2019. This platform is a fully integrated end-to-end platform, accommodates multiple settings, and can be used by any user. In the same year, Comcast partnered with Independence Health Group to develop a new communication platform enabled with patient-centered technology. This platform aims to enhance the overall efficiency and experience of patients and healthcare providers.
Active Government Support Catapults North America Market to Lead
From a geographical standpoint, North America is anticipated to emerge dominant in the global telemedicine market. Governments in this region are planning to develop favorable reimbursement policies and practice standards for telemedicine and e-health. This, coupled with increasing patient pool, is boosting the market in North America.
The Senate in Florida passed a House Bill 23 in April 2019, establishing standards of practice for telemedicine and telehealth providers. As the aging population is increasing and preference towards telemedicine is rising, the number of e-health visits are increasing exponentially. This will further increase the telemedicine market share in North America.
Apart from North America, Europe is also expected to grow considerably primarily on account of increasing technological advancements in telecommunications. In addition to this, increasing start-up funding is expected to help the market expand in Europe. Increasing geriatric and rural population are factors attributable to the growth of the market in Asia Pacific.
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Major Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Telemedicine Services
- Reimbursement Scenario – For Key Countries
- Overview of Telemedicine Policies – For Key Countries
- Technological Advancements in Telemedicine Market
- Startups with their Funding Overview
- Key industry Developments – Mergers, Acquisitions and Partnerships
- Global Telemedicine Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By Modality
- Store-and-forward (Asynchronous)
- Real-time (Synchronous)
- Market Analysis, Insights and Forecast – By End User
- Healthcare Facilities
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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Telemedicine Market to Flourish at 23.5% CAGR, InTouch Health Launches an End-to-end Platform Solo to Help Users Worldwide: Fortune Business Insights
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