According to our latest study on “Telemedicine Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Product & Services, Specialty, and Delivery Mode,” the market was valued at US$ 51,094.75 million in 2020 and is projected to reach US$ 199,544.64 million by 2028; it is expected to grow at a CAGR of 18.6% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining to the market growth.
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The rising incidence of chronic diseases is a global concern, and these diseases cause extra financial burden on healthcare sectors. Telehomecare is a pioneering way to provide care, monitor patients, and transmit information by using latest telecommunication technologies. Monitoring allows early-stage identification of disease, thus preventing chronic disease conditions. Telehome systems can be used to track and support patients with a variety of respiratory and chronic conditions that can be treated without the need of hospital visits. Furthermore, telehome services could also help reduce communications in person and lower the spread of communicable diseases.
Based on type, the telemedicine market is bifurcated into telehospital and telehome. In 2020, the telehospital segment accounted for a larger market share. The market growth for this segment is attributed to the increasing prevalence of chronic and lifestyle-associated diseases, and rising use of smartphones & development of various mobile platforms.. However, healthcare fraud and rising data security concerns restrain the market growth. On the other side, the increasing adoption of telemedicine amid COVID-19 outbreak pandemic offers lucrative opportunities for the growth of the global telemedicine market.
The implementation of telehome services also benefits patients economically and lowers the burden on physicians. According to the World Health Organization (WHO), chronic diseases are the leading causes of death worldwide, accounting for 60% of total deaths. Among all chronic diseases, cardiovascular diseases (CVDs) are the leading cause of deaths. The prevalence of chronic diseases such as cancer, CVDs, stroke, respiratory diseases, and diabetes is increasing due to alterations in lifestyle and lack of access to preventive care. The causes of chronic diseases may vary from genetic disposition to environmental factors and oxidative stress. The rising incidence of these chronic diseases is propelling the demand and adoption of telemedicine platforms.
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Allscripts Healthcare, LLC; Cerner Corporation; Cisco Systems, Inc.; Eagle Telemedicine; Honeywell International Inc.; McKesson Corporation; Koninklijke Philips N.V.; AMD Global Telemedicine, Inc.; American Well; Teladoc Health, Inc.; and Insight are among the prominent players operating in the telemedicine market. These companies are focusing on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in December 2020, Philips acquired BioTelemetry, Inc, a global leader in patient care management solutions for the hospital and the home.
The report segments the global Telemedicine market as follows:
- Software and Hardware
- Mental Health
By Delivery Mode
- Call Centres
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