How Covid-19 Reshaped the Telemedicine Market

Telemedicine Market Research Report, By Service Type (Telenursing), Component (Software, Hardware), Deployment (Cloud-Based, On-Premises), Application (Cardiology, Radiology, Dermatology) End Users (Hospitals, Clinics, Home Care) - Global Industry Size, Trends, Growth, Analysis, Share, Forecast till 2027

Market Insights

According to Market Research Future, the telemedicine market is estimated to grow at a CAGR of 16.8% during the forecast period, 2017-2023.

Telemedicine contains several audiovisual elements used to establish communication between patients and healthcare professionals who are at a considerable distance. Telemedicine is particularly useful for people living in remote areas as it enables them to communicate to renowned healthcare providers without leaving their place of residence and receive advanced medical treatment. Efforts to expand the penetration of health care are likely to stimulate the global telemedicine market over the forecast period, with the provision of high-quality health services becoming a goal for everyone in the world. Following the path of technological advancement, the global telemedicine market size is expected to boost during the forecast period.

It is also likely that the rising prevalence of chronic diseases will stimulate the global telemedicine market during the forecast period. Chronic diseases, such as diabetes and cancer, require the patient to remain under the supervision of health professionals, but the treatment of these diseases is rare or can be administered at home by a trained non-medical person. This has led to the development of telemedicine for monitoring purposes as it allows patients to reduce and restore hospital costs in the comfortable environment of their home. It is also expected to be an important mechanism for the global telemedicine market over the forecast period, primarily as a result of the growing geriatric population, which is likely to lead to increased demand for home care and other telemedicine innovations, health

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Market Segmentation

The global telemedicine market is segmented by type of service, component, implementation, application, and end-use.

Based on the type of service, the global telemedicine market is segmented into telemonitoring, telephony, teleradiology, teledermatology, and tele oncology.

On the basis of components, the telemedicine market is segmented into software and hardware, the software segment is subdivided into integrated and standalone software, and the hardware segment into monitors and medical devices.

The implementation segment is bifurcated into a global cloud and on-premise telemedicine market.

By application, the global telemedicine market is classified into cardiology, ophthalmology, psychiatry, radiology, dermatology, etc.

Based on end-use, the global telemedicine market is subdivided into clinics, hospitals, and home care.

Regional Analysis

Regionally, North America and Europe were the dominant participants in the global telemedicine market in 2017, after playing a groundbreaking role in the development of competent telemedicine systems and their widespread use by the region's developed economies. The number of doctors implementing telemedicine services is higher in both regions, while governments in the region have also consistently supported technological progress in telemedicine systems to provide first-class health care services to their citizens. This is likely to remain one of the key drivers of the telemedicine market, as the value of integrating and installing telemedicine systems into day-to-day healthcare facilities can be quite high.

The Asia Pacific region is projected to spur rapidly over the forecast period as a result of the growing efforts of emerging market governments such as China, Australia, India, and Indonesia to support coherent health sector development. India is expected to experience solid growth in the telemedicine industry in the coming years, with a value of $32 million for the Indian telemedicine industry by 2020.

Key players

Some of the leading key competitors in the global telemedicine market include Iris Telehealth, Medvivo Group Ltd., Cardiocom, SHL Telemedicine, Care Innovations, Cerner Corporation, Koninklijke Philips NV, Honeywell Lifesciences, Tunstall Healthcare, TeleVital, Allscripts Healthcare Solutions, Intel Corporation, CareClix, IBM Corporation, AMD Global Telemedicine Inc., Aerotel Medical Systems Ltd., CardioNet, Cisco, General Electric, and Medtronic.

Industry Updates

• Walmart, Doctor on Demand, shake hands over offering primary care model that includes integrated behavioral health services for employees. Walmart is offering access to primary care to its employees and their dependents in three states for now, at copay of just $4.

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