Telemedicine Market Size 2020, Share, Growth, Trends, Drivers and Global Industry Analysis 2027
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.
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.
The primary driver of increasing healthcare costs is expanded use of healthcare facilities, which has lead to increased customer demand for innovative and modern technologies. This can also be attributed to the transfer of expenses, from government services to private payers. Low rates of reimbursement have increased the cost shifting pressure on hospitals and physicians who, in effect, charge private payers much higher prices for the same services, which eventually impact the health insurance rates. Elderly treatment is estimated to be four times as expensive as it is for people who are younger, and the elderly population absorbs about 45 percent of health care services. Tele-health services have shown the potential to improve health outcomes and cut costs. Similar to conventional methods, telemedicine saves resources for hospitals, patients, and payers. Telemedicine has lowered healthcare costs while increasing productivity through better chronic disease treatment, shared healthcare staff, shortened travel times, and shorter stays in hospitals. Thus the above factors are boosting the growth of telemedicine market globally.
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The global market for the telemedicine is segmented into application, type, delivery mode, end user, and region. On the basis of type, the global market for telemedicine is segmented into product, and services. The product segment is further divided into hardware, software, and others. The services are further segmented into tele-consulting, tele-monitoring, tele-education/ training, and others. From this, the services segment held almost 65% share of the market by type. Fast tele-consulting service growth due to the growing number of homes in self-quarantined community. This is due to the introduction of stringent regulations such as partial or complete national lockout and rising social distancing significance. Therefore, when people are unable to visit the doctors in person, they opt for tele-consultation facilities and virtual healthcare visits. Various businesses are interested in increasing their capacity to account for the huge volume of virtual visits, thus stimulating competition in the market. Market players including MDLive and Teladoc have been increasing their ability to manage more amounts of call. These expansion strategies will continue to drive the growth in the market for telemedicine services.
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.
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.
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
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.
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.
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