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.
Telemedicine is a small segment of e-health and has been witnessing high growth over the past few years. It is estimated that in the coming years with advancements in technology this market will grow significantly.
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Report Scope & Segmentation
|Forecast Period 2020 to 2027 CAGR||25.8%|
|2027 Value Projection||USD 396.76 billion|
|Market Size in 2020||USD 79.79 billion|
|Historical Data for||2018-2020|
|No. of Pages||147|
|Segments covered||By Product, By Modality, By Type, By End-User, By Application, By Geography|
|Growth Drivers||Telemedicine has showcased tremendous growth in recent years.|
|The increasing investment in virtual hospitals is set to augment the telemedicine market growth|
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.
Services Segment to Dominate Stoked by Rising Adoption of Virtual Diagnostics Services
The Global Telemedicine Market is segmented on the basis of type, component, application, technology, delivery model, end-use and region & country level. Based on type the Telemedicine Market is bifurcated into Tele-hospital and Tele-home. In terms of component type, the market is classified as products and services. Based on application, the Global Telemedicine Market is segmented as Teleradiology, Telepathology, Telecardiology, Telepsychiatry, Teledermatology and Others.
Latest Update – The tele-consulting category had 42 percent of the telemedicine market share in 2020, owing to an ageing population and increased demand for home-based remote monitoring services. Several governments have launched remote telehealth monitoring systems aimed at enhancing drug administration and illness management in the homecare context. The need for teleconsultation services will rise as a result.
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
- Telehealth solutions have demonstrated the proficiency to strengthen health outcomes and reduce costs. Research suggests that telemedicine improves the health of diabetic patients, particularly in the case of older adults.
- Telehomecare is supposed to be one of the most profitable applications of telemedicine. The telehomecare market segment is anticipated to grow significantly in the near future. The rise in chronic disease incidences is a global concern that puts a burden on healthcare resources. Telehomecare is a resourceful way to provide care, monitor a patient, and deliver information, by using the advanced technology in telecommunication. Monitoring allows timely identification of disease, and thus, preventing severe chronic conditions.
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