Global Telemedicine Market size was valued at US$ XX Mn in 2019 and the total revenue is expected to grow at 22.4% through 2020 to 2026, reaching nearly US$ XX Mn.
The global Telemedicine market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The global Telemedicine report also provides trends by market segments, technology, and investment with a competitive landscape.
Global Telemedicine Market
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Global Telemedicine Market Overview:
Telemedicine is the system of health-related service and passing of information via electronic medium and telecommunications system. It allows the patient to access the medical service and healthcare counseling through a remote area. The major benefit of telemedicine is patient convenience. Telemedicine fills the bridge gap between the patient and the doctors by avoiding a regular visit to the clinic, and transportation in this pandemics situation. Telehealth involves less funding, decreased staff, and low maintenance of firm and medical facilities and types of equipment. Telemedicine also helps in growing the awareness in a patient by distance learning, meetings, and video conferences to educate the consumer about health and educating the patient regarding new technologies.
Global Telemedicine Market Dynamics:
Growing admittance to basic healthcare with better healthcare quality and patient safety is the major aim of telemedicine solutions. As per the report published by the Agency for Healthcare Research and Quality (AHRQ), the telemedicine companies work on care delivery systems to the end-user. The use of e-ICU and eCare helps in providing suitable care of treatment in this pandemics situation to avoid exposure to the COVID-19 pandemic. By providing higher wellbeing and quality standard counseling to patients, demand for such systems is likely to rise over the forecast period and boost the market growth.
Telemedicine is the most versatile and most favored tool of technology available in the market to transport health education, information, and health care service at a distance. Through the technologies, advanced patient care is provided and more access to remote locations is probable to offer. It also helps in avoiding hospital visits, emergency admission to hospital rooms, and hospitalization rates, thereby supplementing the market growth. However, the challenges faced by this industry are resistance in technology acceptance by practitioners and patients, lack of smartphone availability, high cost of implementation, and data privacy and safety issues. The telemedicine market can also hamper patient’s health by providing steroids on false prescriptions as steroids are taken only under medical supervision. This factor can harm a patient's life due to a lack of patient counseling by telemedicine providers.
Global Telemedicine Market Segment Analysis:
By Type, The tele-hospitals segment dominating the telemedicine market and held the largest revenue share of more than 50.4% in 2020. The segment is expected to observe a sturdy growth rate in the forecast period. Telemedicine services are generally preferred in emergency care by patients. The tele-home care solutions are expected to register significant growth in the coming years as the implementation of remote patient monitoring devices is increasing.
By Component, The product segment is governing the market and accounted for 44.2 % revenue share in 2020. The segment is also segmented into hardware, software, and others. The market share of hardware is 41.9%. The hardware segment includes electronics devices like monitors, laptops, medical devices and tools, speakers, etc.
By Technology, The technology segment is conquered by store and forward segment with a revenue share of around 40.4% in 2020. Store and the forward system involves the storage of the information coming from patient counseling and transmit that medical information to the medical practitioner at an opportune time. The real-time telemedicine segment works by the contact between patient and physician by social media or electronic mediums like video conferencing. Video conferencing is the most preferred method to understand the patient’s behavior and to provide the appropriate diagnostic treatment.Global Telemedicine MarketBy End-User, The patients accounted for 43.6% of revenue share and are leading in the end-user segment. The factor responsible is telemedicine facilities for mild or moderate health issues at emergencies. The payer's segment is insurance companies that finance the telemedicine service providers on behalf of patients. Also, not all telemedicine services are employed by insurance companies.
By Application, The teleradiology segment dominated the telemedicine market and accounted for the largest revenue share of over 26.3% in 2020. The factors responsible for the increase in imaging practices, teleradiology workflow adoption by healthcare providers, and the restructuring and regulation of teleradiology practices.
By Delivery Model, the web/mobile segment delivery model dominated the telemedicine market with a revenue share of 78.8% in 2020. The segment is further divided into telephonic and visualizes. With the introduction of technologically advanced systems, a saturation of cloud-based solutions is likely to lift the acceptance of visualized care delivery solutions. The segment visualizer has marked the highest revenue share of 23.2% during the forecast period. Moreover, the immediate medical assistance to patients located in remote locations and lockdowns globally is fueling the adoption of video conferencing solutions.
Global Telemedicine Market Regional Insights:
North America is dominating the market with a 33.7% revenue share in the market due to high demand in this pandemic situation due to COVID-19 followed by endless research and development initiatives by the government and private market players. The region is estimated to mark the highest trends in healthcare treatment by developing the technologies and putting them into the market to avail the benefits of innovation for patient safety and efficacy.
Emerging regions such as Asia Pacific, Middle East, and Africa are likely to show effective growth in the industry due to fast medical assistance in remote areas and petitions for the same. Budding countries like India and China are growing at a normal pace. Innovations in online software and development toward telecommunication systems are expected to drive the market.
Global Telemedicine MarketThe objective of the report is to present a comprehensive analysis of the global Telemedicine market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Telemedicine market dynamics, structure by analyzing the market segments and project the global Telemedicine market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Telemedicine market make the report investor’s guide.
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Global Telemedicine Market Scope: Inquire before buying
Global Telemedicine Market
Global Telemedicine Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Telemedicine Market Key Players
• 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
• Aerotel Medical Systems (1998) Ltd.
• Plantronics, Inc. (Polycom)
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