The snowballing population, the necessity to expand healthcare services, the increasing prevalence of chronic diseases and illnesses, and the shortage of doctors, government support, increased awareness after the COVID-19 outbreak are the factors driving the global telemedicine market. The Global Telemedicine Market was valued at USD 56.5 billion in 2020, and it is expected to reach USD 246.7 billion by 2027, with a CAGR of 23.6%, during the forecast period.
After the outbreak of COVID-19, the demand for healthcare services and technology has reached an all-time high. Technologies such as telemedicine, chatbots, and robots are being deployed to help gather information, comfort people, treat & diagnose patients, and even formulate future vaccines. In view of the global shortage of hospital beds and medical staff, the potential of telemedicine has been emphasized. Players in the telemedicine industry focus on providing innovative solutions for COVID-19 to support hospitals and healthcare providers. Increasing awareness and growing adoption to telemedicine during the Covid time is anticipated to propel the market during the forecast period.
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Medical fraud is an important consideration in the field of telemedicine and telemedicine practice. There are many ways in which patients or doctors can be victimized-for example, the doctor’s name and account can be used to receive payments from insurance companies, or non-eligible or unlisted institutional providers may improperly code and charge false bills and claim. This factor might hinder the growth of global telemedicine market. Behavioural obstacles may not be the most obvious limiting factor, but they still pose a major obstacle to the adoption of telemedicine. Doctors and patients often face unfamiliarity with new practices and will not easily abandon existing (traditional) practices. Due to unfamiliarity with technology, the elderly may also refuse to use telemedicine and telemedicine services.
The Global Telemedicine Market is segmented by type which is further bifurcated into tele home and tele hospital. The sub- segment tele hospital is anticipated to have largest share in the market due to requirement of telemedicine in case of emergency. By services telemedicine market is sub divided into tele-consulting, tele-monitoring, and tele-education/training. Tele- monitoring is the highest growing segment due to increasing home care assistance for the generic population. By delivery mode the segment is bifurcated into call centers, and web/mobile. Web or mobile is witnessing the significant growth because is offers the direct access to deliver the care solutions. By application, the segment is sub- divided into tele radiology, tele psychiatry, tele dermatology, tele cardiology, and others. Tele radiology is the highest growing sub segment over the forecast period.
The major key players operating in the global telemedicine industry are SteadyMD Inc.; American Well; MDlive Inc.; Maven, Inc.; HealthTap, Inc.; iCliniq; BioTelemetry, Inc.; CVS Health; Synapse Medicine; Teladoc Health, Inc.; Practo, Doctor On Demand, Inc.; Aerotel Medical Systems Ltd.; AMD Global Telemedicine; and Plantronics, Inc. (Polycom).
Key Findings:
- Based on type, the tele hospitals segment is expected to have the highest market share during the forecast period.
- Based on service, tele monitoring segment dominated the telemedicine market in 2020 and is expected to continue its dominance throughout the forecast period.
- Based on the delivery mode, web/mobile segment is expected to grow with the highest CAGR during the forecast period.
- Based on application, tele radiology segment accounted for the largest share of the market.
- Regionally, North America region captured a significant portion of the global telemedicine market in 2020 and is expected to dominate the global telemedicine market during the forecast period
Recent News:
- In August 2020, AMD partnered with iTelemed, an Ontario-based company that provides virtual healthcare solutions. This partnership aims to meet the unmet healthcare needs of marginalized people in Canada during the COVID-19 pandemic.
- In July 2020, Teladoc Health, Inc. acquired the American company InTouch Health. In this way, the company combined InTouch Health's product portfolio with its existing products and enhances healthcare in inpatient, outpatient, and home care settings.
- In June 2019, Zava received funding of USD 32 Mn, with this funding the company plans to expand its telemedicine services across Europe.
- On April , 2021, Verizon launched Blue Jeans Telehealth, which will offer library functions so that health care professionals can guide patients to read important reading materials. In addition, it can also help patients complete the questionnaire in advance.
The Global Telemedicine Industry Segmentation:
By Type
- Tele home
- Tele hospitals
By Service
- Tele-consulting
- Tele-monitoring
- Tele-education/training
By Delivery Mode
- Call Centers
- Web/Mobile
By Application
- Tele radiology
- Tele psychiatry
- Tele dermatology
- Tele cardiology
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Company Profiles and Competitive Intelligence
- 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
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