The global Telemedicine market report assesses the Telemedicine industry in the global market with regards to the industry trends, industry growth, size, share, drivers, restraints, opportunities, challenges, cost analysis, market size in terms of value or volume, extensive profiling of the companies, competitive landscape, product portfolio, and other key elements during forecast period. The study also provides deeper insights into the market with regards to the scope and application of the market to impart a better understanding of the market.
Furthermore, the report covers various important aspects of the industry such current and emerging trends, updated outlines, growth factors, restraints, growth prospects and opportunities, regulatory framework and government policies, macro and micro economic factors, and other factors that enable to draw projections for the estimated market growth in the forecast period.
The COVID-19 impact:
The pandemic outbreak of COVID-19 is estimated to boom the market growth of telemedicine market. The virus has impacted more than 200 economies and has affected around 14 million health globally. Telemedicine is a revolutionary healthcare service that allows health care providers to care for patients using digital technologies for phone and video chat appointments. Considering severity of infection lockdown and restricted movements of individuals eventually affected regular or follow up check ins at the healthcare facilities. To resolve an obstruction telemedicine has been widely adopted. In addition to the shutdown of hospitals, most of the healthcare facilities are engaged in serving the infected patients telemedicine help in monitoring, or diagnosing remotely with least number of healthcare professionals’ involvement avoiding an accidental infections resulting in rising growth of telemedicine market in COVID-19 crisis. To boost the healthy practice government are anticipating in development of telemedicine solutions. For instance, Indian Aarogya Setu app NITI Aayog and the Principal Scientific Advisor to the Prime Minister launched a new initiative - the Aarogya Setu Mitr telemedicine portal - to offer citizens essential healthcare services without stepping out of their homes.
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Further key findings from the report suggest
- To avoid the obstruction due to lack of usage knowledge of physicians or healthcare providers market players are developing reference guidelines to boost the adoption of technology. For instance, the American Medical Association (AMA) has launched the AMA Telemedicine Quick Reference Guide, aimed at helping clinicians figure out best practices for implementing the tech. The guidelines cover everything from policy and coding to implementation
- In April 2020, DrChrono launched fully integrated telemedicine app & marketplace for patients. Over 10,000 medical providers on the DrChrono platform have access to more telehealth options and receive more inbound requests to provide virtual care visits to patients, especially during COVID-19
- Towards broadening the clientele field players are engaged in developing telemedicine solution for different users with personalized plans. For instance, in January 2020, Cigna an insurer from the U.S. in partnership with MDLive has launched a telehealth platform that gives its 12 million members in employee-sponsored health plans access to primary care services
- North America dominated the ovulation testing at home with a revenue of USD 17.63 billion in 2019. In North America, rising prevalence of target diseases, growing adoption of advanced technologies, high investment on IT in healthcare solutions are major factors driving market growth.
- The segment of software type has accounted for the highest market share in 2019. Broadly adoption of telemedicine and digital platform in healthcare and several software developments by key players are major factors booming the market growth of telemedicine software
- Based on end use diagnostic centers are estimated to grow at the CAGR 15.5%. Imaging being the primary procedure in overall healthcare management and significant growth of teleradiology are the major factors promoting telemedicine market growth in diagnostic centers
- Key participants in the Telemedicine market are MDLIVE, Teladoc, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telemedicine, Aerotel Medical Systems Ltd., iCliniq, Polycom, HealthTap, Cardio Net Inc., Amwell, CVS Health, Synapse Medicine, Practo. The companies have focused on various strategies like new product launches, agreements, acquisitions, and merger to strengthen their market position and expand the market share
For the purpose of this report, Reports and Data have segmented into the global Telemedicine market on the basis of types, components, technologies, applications, end use and region:
Types Outlook (Revenue, USD Billion; 2017-2027)
Components Outlook (Revenue, USD Billion; 2017-2027)
- Medical peripheral devices
- RIS (Radiology Information Systems)
- DICOM (Digital Imaging and Communications in Medicine)
- Picture Archiving and Communication System (PACS)
- Electronic Medical Record (EMR)
- Medical Billing Software
- Practice Management Software
- HIS (Healthcare Information System)
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Store and Forward
- Remote Patient Monitoring
Applications Outlook (Revenue, USD Billion; 2017-2027)
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Diagnostic Centers
- Ambulatory Surgical Centers
- Specialty Clinics
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Europe
- Latin America
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