How much is the Telemedicine Market worth?
According to the report, global demand for telemedicine market was valued at approximately USD 134.40 Billion in 2019 and is expected to generate revenue of around USD 131.06 Billion by end of 2027, growing at a CAGR of around 18.2% between 2020 and 2027.
What is Telemedicine Market?
Telemedicine is the use of electronic communication to provide healthcare services to remote patients. Social distancing is one of the main strategies to mitigate the spread of infection with COVID-19. Physicians need to exploit telemedicine technology to provide patients with healthcare services, thus encouraging social distancing and reducing the risk of corona virus infection. Growing number of positive cases of corona virus along with chronic respiratory diseases have raised the adoption of telemedicine facility. Patients with suspected flu like symptoms access various telemedicine systems for get direct access to healthcare facilities. Besides, in the midst of the COVID-19 pandemic, numerous telemedicine companies are experiencing increase in virtual visits. These firms are now increasing their ability to manage several thousand virtual visits a day to meet the rising need, thereby propelling the growth of telemedicine sector globally.
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What are Telemedicine market’s key drivers?
- Rising Consumer Demand and Increasing Patient Acceptance
- Growing Incidence of Lifestyle-Related Chronic Diseases
- Enhanced Quality of Care
- Lack of Access to Care & Rising Provider Adoption of Telemedicine
Segmentation Analysis:
How much market share of Telemedicine Market was held by application segment in 2019?
On the basis of application, the market is categorized into teleradiology, telepsychiatry, telecardiology, telepathology, teledermatology, and others. The telepsychiatry segment held almost 20% share of the market in 2019. The COVID-19 pandemic has both physical and mental effect on the patient. Because of the exponential increase in number of positive COVID-19 events, mass hysteria and fear have spread across the globe. These conditions require proper medical care, which can be efficiently given through telemedicine services.
How much market share of Telemedicine Market was held by delivery mode segment in 2019?
Based on delivery mode, the market is categorized into call centers, and web/ mobile. The web/ mobile segment is further divided into telephonic, and visualized. Web/ mobile delivery held almost 70% share of the market due to the widespread adoption of internet and mobile technology, along with growing smart phone and internet users.
How much market share of Telemedicine Market was held by end user segment in 2019?
Based on end user, the market is categorized into payers, providers, patients, and others. The providers segment is likely to grow at high CAGR in the forecast period. Many countries in the European Union have amended the stringent guidelines for telemedicine practice. This move is taken to promote telemedicine adoption and extend the reimbursement options. In addition, this can also improve access for patients in low-resource and remote areas to healthcare facilities, who are reluctant to visit hospitals for fear of being exposed.
Regional Analysis:
Which region is predicted to have the largest share in the Telemedicine market?
By region, the market is divided into Europe, North America, Latin America, Asia Pacific, and Middle East & Africa. North America held almost 41% share of the overall market followed by which is the Europe market. Such regional markets are projected to display a similar pattern over the forecast period due to growing understanding of healthcare, combined with acceptance of cloud-based technologies. Due to continuous research and development programs, North America represented the highest share by sales on the global market. Asia-Pacific is expected to grow at high CAGR owing to the developing nations like India, and China and the growing demand for telemedicine and health care, in particular in rural areas in this region.
Which are the prominent Telemedicine Market Key Players across the globe?
Major players in telemedicine market are Honeywell HomMed (U.S.), Allscripts Healthcare Solutions, Inc, (U.S.), Telemedicine, Inc. (U.S.), LifeWatch AG (Switzerland), Aerotel Medical Systems Ltd. (Israel), McKesson Corporation (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), AMD Global (U.S.), CISCO Systems (U.S.), and Cardiocom, LLC, (U.S.) among others.
Table of Contents (TOC)
1. Global Telemedicine Market Market Introduction
1.1. Definition and Taxonomy
1.2. Research Scope
2. Research Methodology
3. Executive Summary
3.1. Global Market Overview and Key Findings by Major Segments
4. Market Dynamics and Industry Trend Analysis
4.1. Market Dynamics
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. SWOT Analysis
4.3. PESTLE Analysis
4.4. Porter’s Five Forces Analysis
4.5. Market Growth Attractiveness Analysis by Key Segments and Region
5. Competitive Landscape and Market Share Analysis by Manufacturers
5.1. Market Competition Scenario
5.2. Manufacturer Market Share
5.3. Manufacturer Intensity Map
5.4. Opportunity Orbits
5.5. Strategic Market Developments
6. Global Telemedicine Market Market Value (USD Million), Share (%), Comparison by Key Segments
7. Global Telemedicine Market Market Value (USD Million), Share (%), Comparison by Region
7.1. North America
7.1.1. North America Regional Market Size and Trend Analysis
7.1.1.1. U.S.
7.1.1.2. Canada
7.1.1.3. Rest of North America
7.2. Europe
7.2.1. Europe Regional Market Size and Trend Analysis
7.2.1.1. Germany
7.2.1.2. UK
7.2.1.3. France
7.2.1.4. Italy
7.2.1.5. Spain
7.2.1.6. Russia
7.2.1.7. Rest of Europe
7.3. Asia Pacific
7.3.1. Asia Pacific Regional Market Size and Trend Analysis
7.3.1.1. China
7.3.1.2. Japan
7.3.1.3. India
7.3.1.4. Australia
7.3.1.5. Southeast Asia
7.3.1.6. Rest of Asia Pacific
7.4. Latin America
7.4.1. Latin America Regional Market Size and Trend Analysis
7.4.1.1. Brazil
7.4.1.2. Mexico
7.4.1.3. Rest of Latin America
7.5. Middle East and Africa
7.5.1. Middle East and Africa Regional Market Size and Trend Analysis
7.5.1.1. Saudi Arabia
7.5.1.2. South Africa
7.5.1.3. UAE
7.5.1.4. Rest of Middle East and Africa
8. Company Profiles of Key Manufacturers
8.1. Company Basic Information
8.2. Company Overview
8.3. Financial Highlights
8.4. Product Portfolio
8.5. Business Strategy
8.6. Recent Market Developments
