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Global Telemedicine Market Insight December 30, 2021 Comments

Product:Telemedicine

The market for telemedicine is forecast to explosive growth over the next five years. According to the World Knowledge Information (WKI) “Global Telemedicine Market Insight 2021, Forecast to 2026”, The sudden global outbreak of coronavirus is expected to boost the usage of telemedicine as these solutions help caregivers to communicate effectively with their patients during the pandemic and provide better solutions to their health concerns. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 16.82% base on WKI regression analysis model.

Analysts’ Viewpoint:

“Owing to social distancing implemented by various countries around the world, virtual care delivery is stepping up as an effective solution for safe and better communication. The WHO mentioned telemedicine as one of the essential services in the policy to respond to the COVID-19 emergency.”, said Terry, Senior analyst, Medical Equipment Market Research Center in WKI,” Telemedicine solutions hold great opportunities as they help in improving clinical management, reduce variations in diagnosis, and make effective care delivery by enhancing quality and access to healthcare services.”.

Market Insight:

Increased pressure to improve the quality of care and reduce the burden on medical professionals is expected to boost the adoption of telemedicine over the forecast period. Telemedicine is considered as the most versatile technology available to deliver health education, health information, and health care at a distance. Through various technologies, advanced patient-centered care and increased access to remote locations has become possible. Telemedicine also helps in reducing emergency room visits and hospitalization rates, which is a significant factor in driving market growth.

Competition Landscape:

Prominent industry participants include Teladoc; Doctor on Demand; iCliniq; 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.
Vendors are investing in research and development to generate a technologically advanced system in order to gain a competitive advantage over other suppliers and provide economic benefits to the industry. The market is expected to become highly competitive as many startups are seeking opportunities in this sector.
Moreover, with the COVID-19 pandemic, technologists and manufacturers have a huge opportunity to upend the healthcare industry with enhanced quality and affordable services that are easily accessible to everyone. This is further anticipated to put telemedicine services on a positive growth trajectory in the coming few years.

Segmentation of Telemedicine Market:

On the basis of type, the telemedicine market is segmented into Tele-hospital and Tele-home. The tele-hospitals segment held the largest share in 2019 and is expected to expand at a steady growth rate throughout the forecast period. Telemedicine services are generally preferred in emergency care. As eHealth services role expands in healthcare, hospitals can use telemedicine for urgent care, primary diagnosis, and second opinions. It can help rural hospitals to provide 24/7 virtual assistance, small hospitals to share the night coverage cost and offer better post-discharge facilities. These expanding tele-hospital applications are contributing to the growth of this segment.

On the basis of application, the telemedicine is divided into Teleradiology, Telepsychiatry, Telepathology, Teledermatology, Telecardiology and Others. The teleradiology segment accounted for the largest share of the global telemedicine market, in 2019. The dominant share of this segment can be attributed to factors such as an increase in imaging practices, workflow adoption by healthcare providers, and the streamlining and regulation of teleradiology practices. Integration of Artificial Intelligence (AI) into teleradiology, implementation of Picture Archiving and Communication System (PACS), and growing R&D activities pertaining to eHealth are the key factors driving the market growth over the forecast period.

Telemedicine Market: Regional Analysis

In terms of geography, the global telemedicine market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. North America is anticipated to maintain its dominance in the global telemedicine market through the forecast period. Favorable reimbursement policies for telehealth and active government support regarding the establishment of practice standards for telemedicine are growth engines in the market.
Furthermore, the presence of leading players and a growing preference for e-visits in North America are likely to give significant impetus to the growth of the market. Following North America, Europe is expected to grow substantially owing to the rising technological improvements in telecommunications.
Several start-ups in Europe are raising funds in telemedicine to strengthen their position in the market. Enabled by these factors, the demand for telemedicine products is likely to increase, which will drive the market in Europe.

 

CAGR: 16.82%
Largest share area:North America
Largest share country:the United States