The snowballingpopulation, the necessity to expand healthcare services, the increasingprevalence of chronic diseases and illnesses, and the shortage of doctors,government support, increased awareness after the COVID-19 outbreak are thefactors driving the global telemedicine market. The Global Telemedicine Market was valued at USD 56.5 billion in 2020, and it is expected to reach USD246.7 billion by 2027, with a CAGR of 23.6%, during the forecast period.
After the outbreak ofCOVID-19, the demand for healthcare services and technology has reached anall-time high. Technologies such as telemedicine, chatbots, and robots arebeing deployed to help gather information, comfort people, treat & diagnosepatients, and even formulate future vaccines. In view of the global shortage ofhospital beds and medical staff, the potential of telemedicine has beenemphasized. Players in the telemedicine industry focus on providing innovativesolutions for COVID-19 to support hospitals and healthcare providers.Increasing awareness and growing adoption to telemedicine during the Covid timeis anticipated to propel the market during the forecast period.
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Medical fraud is animportant consideration in the field of telemedicine and telemedicine practice.There are many ways in which patients or doctors can be victimized-for example,the doctor’s name and account can be used to receive payments from insurancecompanies, or non-eligible or unlisted institutional providers may improperlycode and charge false bills and claim. This factor might hinder the growth ofglobal telemedicine market. Behavioural obstacles may not be the most obviouslimiting factor, but they still pose a major obstacle to the adoption oftelemedicine. Doctors and patients often face unfamiliarity with new practicesand will not easily abandon existing (traditional) practices. Due tounfamiliarity with technology, the elderly may also refuse to use telemedicineand telemedicine services.
The Global TelemedicineMarket is segmented by type which is further bifurcated into tele home and telehospital. The sub- segment tele hospital is anticipated to have largest sharein the market due to requirement of telemedicine in case of emergency. Byservices telemedicine market is sub divided into tele-consulting,tele-monitoring, and tele-education/training. Tele- monitoring is the highestgrowing segment due to increasing home care assistance for the genericpopulation. By delivery mode the segment is bifurcated into call centers, andweb/mobile. Web or mobile is witnessing the significant growth because isoffers the direct access to deliver the care solutions. By application, thesegment is sub- divided into tele radiology, tele psychiatry, tele dermatology,tele cardiology, and others. Tele radiology is the highest growing sub segmentover the forecast period.
The major key playersoperating in the global telemedicine industry are SteadyMD Inc.; American Well;MDlive Inc.; Maven, Inc.; HealthTap, Inc.; iCliniq; BioTelemetry, Inc.; CVSHealth; Synapse Medicine; Teladoc Health, Inc.; Practo, Doctor On Demand, Inc.;Aerotel Medical Systems Ltd.; AMD Global Telemedicine; and Plantronics, Inc.(Polycom).
Key Findings:
- Based on type, the tele hospitals segment is expected to have the highest market share during the forecast period.
- Based on service, tele monitoring segment dominated the telemedicine market in 2020 and is expected to continue its dominance throughout the forecast period.
- Based on the delivery mode, web/mobile segment is expected to grow with the highest CAGR during the forecast period.
- Based on application, tele radiology segment accounted for the largest share of the market.
- Regionally, North America region captured a significant portion of the global telemedicine market in 2020 and is expected to dominate the global telemedicine market during the forecast period
The Global TelemedicineIndustry Segmentation:
By Type
- Tele home
- Tele hospitals
By Service
- Tele-consulting
- Tele-monitoring
- Tele-education/training
By Delivery Mode
- Call Centers
- Web/Mobile
By Application
- Tele radiology
- Tele psychiatry
- Tele dermatology
- Tele cardiology
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Company Profiles andCompetitive Intelligence
- MDlive Inc.
- SteadyMD Inc.
- Maven, Inc.
- iCliniq
- HealthTap, Inc.
- BioTelemetry, Inc.
- American Well
- CVS Health
- Synapse Medicine
- Practo
- Teladoc Health, Inc.
- Doctor on Demand, Inc.
- AMD Global Telemedicine
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Recent News:
- In August 2020, AMD partnered with iTelemed, an Ontario-based company that provides virtual healthcare solutions. This partnership aims to meet the unmet healthcare needs of marginalized people in Canada during the COVID-19 pandemic.
- In July 2020, Teladoc Health, Inc. acquired the American company InTouch Health. In this way, the company combined InTouch Health's product portfolio with its existing products and enhances healthcare in inpatient, outpatient, and home care settings.
- In June 2019, Zava received funding of USD 32 Mn, with this funding the company plans to expand its telemedicine services across Europe.
- On April , 2021, Verizon launched Blue Jeans Telehealth, which will offer library functions so that health care professionals can guide patients to read important reading materials. In addition, it can also help patients complete the questionnaire in advance.
