The global 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.
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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.
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 market development.
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Drivers & Restraints-
Rising Cases of Chronic Diseases to Accelerate Growth
As per CMS, the healthcare expenditure reached USD 3.6 trillion in 2018 in the U.S., alone. It revealed a surge of 4.6%. This shows that out-of-pocket expenditure and the rising incidence of chronic diseases have bolstered the healthcare cost. Besides, the increasing usage of teleconsultations and digital technologies would augment the telemedicine market growth in the near future. Teleconsultation services are cost-effective and aid healthcare professionals to save time. Hence, governments of various countries are trying to implement telemedicine services in their healthcare infrastructure. However, the lack of skilled healthcare professionals may hinder the demand for this time of medicine.
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. At the same time, the rising teleconsultations and the robust support from government agencies would propel growth 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. The region is expected to retain its second position in the upcoming years backed by the surging cases of chronic diseases. The British Skin Foundation, for instance, mentioned that every year, the U.K. showcases around 100,000 new cases of skin cancer.
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.
Quick Buy – Telemedicine Market:
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: Telemedicine 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
Table Of Content- Telemedicine Market
- 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/ Regions
- Overview of Telemedicine Policies – For Key Countries
- Technological Advancements in Telemedicine
- State of Telehealth Adoption – For Key Countries/ Regions
- Major Telemedicine Service Providers – For Key Countries
- Internet Users & Penetrations Statistics
- Growth in Usage of Telehealth Technology Among Physicians
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Impact of COVID-19 on Telemedicine Market
- Global Telemedicine Market Size Analysis, Insights and Forecast, 2016-2027
- 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)
- 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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