Global Telemedicine Market was valued at USD 38.98 Bn in 2019 and is expected to reach at USD 106.82 Bn by 2027 at a CAGR of 13.43% over forecast period 2020-2027.
Global Telemedicine Market
The report covers an in depth analysis of COVID 19 pandemic impact on Global Telemedicine Market by region and on the key players revenue affected till April 2020 and expected short term and long term impact on the market.
Global Telemedicine Market Dynamics:
Telemedicine is the use of medical information exchanged from one site to another via electronic communications to improve a patient’s clinical health status. Telemedicine includes a growing variety of applications and services using two-way video, smart phones, wireless tools and other forms of telecommunications technology. Telemedicine has the potential to transform the future of medicine in both rural and urban settings by improving access to medical care and providing a more affordable way to deliver it. Various factors such as an increasing incidences of chronic diseases worldwide, rising demand for self-care medicines, growing use of internet applications, ease of telemedicine, and rising demand for centralization of healthcare are driving the market growth over forecast period. From driving behavioural change to encouraging doctor-patient collaboration, telemedicine’s time in the sun has proved beneficial as a collateral benefit of Covid-19.
Lockdown in many countries has prompted innovation in the healthcare sector. In a bid to avoid the spread of infection further and protect front line workers and patients alike, telemedicine has emerged as a new saviour. Although telemedicine has been around the edges for decades, its time under the sun has finally come. One of the prominent factors for it is healthcare professionals taking a two-pronged approach for treating patients. As much as healthcare facilities across the globe are boosting resources to fight Covid-19, they are parallelly attending to other patients in need of treatment. For instance, in March 2020, Teladoc, one of the leading company offering virtual care, announced that it received about 15,000 virtual visit requests in a single day. Market player such as Teladoc and MDLive have expanded their capabilities to handle more volume of calls. Such expansion strategies will further drive the market growth.
However, factors such as cyber Security & privacy concerns and lack of knowledge and trust in developing countries are restraining the market growth over forecast period.
Global Telemedicine Market is segmented by Component, Technology, Application, Delivery Model, and Type and by End-user. By technology, Real-time telemedicine held 43.76% of market share in 2019 and is expected to keep its dominance over forecast period. Real time telemedicine refers to the contact between patient and healthcare practitioner via the use of electronic mediums, majorly video conferencing. By component, hardware segment is expected to hold xx% of market share over forecast period. It includes medical peripheral devices, webcams, speakers, microphones, display screen, videoconferencing devices, laptops, and monitors.
By type, the telehome segment is dominating the global market with xx% of market share over forecast period. Telehome services can be effectively used to monitor and assist patient suffering from various respiratory and chronic diseases that can be effectively managed without hospital visit.
By geography, market is segmented into North America, APAC, Europe, MEA& Africa and Latin America. Among all of these North America dominating the global market with 39.09% of market share owing to high demand for telemedicine. Factors such as rising healthcare awareness coupled with cloud-based technologies acceptance and constant research and development initiatives are driving the market growth over forecast period. North America is followed by APAC and Europe. APAC is expected to hold xx% of market share over forecast period. Developing countries such as China, India, Japan and South Korea are mainly driving the APAC market owing to rapid demand for telemedicine and healthcare assistance, especially in the rural areas. Growing innovation and development in telecommunication is expected to drive the growth in this region over forecast period. Europe is expected to xx% of market share over forecast period. European Union countries such as Germany, France, and United Kingdom have relaxed the stringent regulations for practicing telemedicine due to coved 19 conundrum. This step was undertaken to increase the adoption of telemedicine and expand the reimbursement options.
Report covers in depth analysis key development, marketing strategies, value chain, supply chain and company profiles of market leaders, potential players and new entrants. Some of the key players are operating in this market are Cliniq; IBM; Intel Corporation; Philips Healthcare; McKesson Corporation; AMD Telemedicine; GE Healthcare; CardioNet Inc.; 3m Health Information Systems; Medic4all; CirrusMD Inc.; Cisco; and American Telecare Inc. among others. These key players are adopting various organic and inorganic growth strategies such as merger& acquisitions, expansion, joint ventures, collaborations, diversification, new product launches and patent to increaser their regional presence and business opeartions. With the COVID-19 pandemic, telemedicine market players have a huge opportunity to upend the healthcare industry with enhanced quality and affordable services that are easily accessible to everyone.
The objective of the report is to present a comprehensive analysis of the Global Telemedicine Market including all the stakeholders of the industry. The past and current status of the industry with 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 includes 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 analysed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Telemedicine Market dynamics, structure by analyzing the market segments and project Global Telemedicine Market. Clear representation of competitive analysis of key players by price, financial position, Product portfolio, growth strategies, and regional presence in the Global Telemedicine Market make the report investor’s guide.
Scope of Global Telemedicine Market
Global Telemedicine Market Segmentation by Component
• Product
• Services
Global Telemedicine Market Segmentation by Technology
• Store and Forward
• Real Time
• Others
Global Telemedicine Market Segmentation by Application
• Teleradiology
• Telepsychiatry
• Telepathology
• Teledermatology
• Telecardiology
• Others
Global Telemedicine Market Segmentation by Delivery Model
• Web/Mobile
• Telephonic
• Visualized
• Call Centres
Global Telemedicine Market Segmentation by Type
• Tele-hospital
• Tele-home
Global Telemedicine Market Segmentation by End Use
• Providers
• Payers
• Patients
• Others
Global Telemedicine Market Segmentation by Region
• North America
• APAC
• Europe
• MEA& Africa
• Latin America
Global Telemedicine Market Major Players
• Aerotel Medical Systems Ltd. (Israel)
• All scripts Healthcare Solutions, Inc, (U.S.)
• Cardiocom, LLC, (U.S.)
• LifeWatch AG (Switzerland)
• InTouch Technologies, Inc, (U.S.)
• Honeywell HomMed (U.S.)
• F. Hoffmann-La Roche Ltd (Switzerland)
• CISCO Systems (U.S)
• McKesson Corporation(U.S.)
• Telemedicine, Inc. (U.S.)
• AMD Global (U.S.)
• Teladoc
• MDLive
• Cliniq
• IBM
• Intel Corporation
• Philips Healthcare
• McKesson Corporation
• AMD Telemedicine
• GE Healthcare
• CardioNet Inc.
• 3m Health Information Systems
• Medic4all
• CirrusMD Inc.
• Cisco
• American Telecare Inc.
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