Market Overview-Telemedicine Market
The report Telemedicine Market further states that the market size was USD 41.63 billion in 2019. It is projected to grow from USD 79.79 billion in 2020 to USD 396.76 billion in 2027 at a CAGR of 25.8% during 2020-2027.
The global telemedicine market is set to gain momentum from the introduction of artificial intelligence (AI)-powered booths in local malls. The system can dispense over 100 medications from a smart medicine cabinet.
Telemedicine is the term that denotes remote delivery of healthcare services, such as health consultations or assessments over the telecommunication infrastructures. The telemedicine concept allows healthcare providers to analyze, diagnose and treat patients using specialized technology, such as smartphones and video conferencing, without the requirement for an in-person visit.
Why is Telemedicine required for Hospitals?
- Server A Wider Patients Base
Telemedicine allows hospitals to serve a wide population base. This enables them to establish their presence among the patients residing in removed areas. Hospitals can generate additional revenue and expand their reach to other areas.
- Urgent and Hassle-free Medical Care
It also enables hospitals to quickly connect with patients without much hassle. The online presence of hospitals makes it easy for Hospitals to interact with patients and disseminate medical information directly to them.
- Save Time, Money, and Resources
By implementing Telemedicine, Hospitals needn’t allocate plenty of resources thus saving time and money.
- Keep Track of patient records
Hospitals can use monitoring apps to keep track of the progress and recovery of patients. This allows doctors to provide medical attention to patients easily l.
- Easy maintenance of Patients records
Telemedicine facilities the maintenance of Patient records like Electronic Health Records (EHR) and ePrescription for future references. It allows quick and secure access from anywhere anytime.
An enhancing selection of the electronic medical record (EMR) and electronic healthcare records (EHR) is a significant driver for market development. Furthermore, the increasing incidences of chronic diseases like diabetes & cancer and the inadequacy of efficient health services and good physicians in underdeveloped regions are boosting the demand of the telemedicine market.
The unexpected expense of executing telemedicine frameworks, i.e., EHR & EMR and need for telemedicine training proposed by strict government directions relating to telemedicine are considered to obstruct the market development.
Telemedicine is a small segment of e-health and has been witnessing high growth over the past few years. It is estimated that in the coming years with advancements in technology this market will grow significantly.
Services Segment to Dominate Stoked by Rising Adoption of Virtual Diagnostics Services
The Global Telemedicine Market is segmented on the basis of type, component, application, technology, delivery model, end-use and region & country level. Based on type the Telemedicine Market is bifurcated into Tele-hospital and Tele-home. In terms of component type, the market is classified as products and services. Based on application, the Global Telemedicine Market is segmented as Teleradiology, Telepathology, Telecardiology, Telepsychiatry, Teledermatology and Others.
Latest Update – The tele-consulting category had 42 percent of the telemedicine market share in 2020, owing to an ageing population and increased demand for home-based remote monitoring services. Several governments have launched remote telehealth monitoring systems aimed at enhancing drug administration and illness management in the homecare context. The need for teleconsultation services will rise as a result.
Why is Telemedicine required for Doctors?
- Accessibility of Patient Data
The integration of relevant patient data with the patient’s medical history with mobile apps enables doctors to access their data easily from anywhere, anytime.
- Make informed choices
Doctors can make informed data-driven choices based on patients’ easily accessible information on the app.
- Application Management
By leveraging doctor app development, one can accept/reject an appointment, manage bookings, schedule follow-ups, and much more from the app itself.
- Continuity of Patient Care
Doctor video construction app allows healthcare professionals to access and disseminate patient information in real-time, thus improving the quality and continuity of patient care.
- Improve Brand Value
By catering to the demand of patients, doctors can enhance their brand value. They can easily reach out to more and more patients and expand their business this will provide online exposure to their business.
- Better Coordination
Doctors can easily share health data, prescriptions, reports, notes, etc. and make communication transparent. They can share this data security with other doctors to work collaboratively.
North America – As per the assessment, North America is likely to lead the global market due to the presence of well-developed healthcare infrastructure. In 2019, North America generated USD 17.90 billion in terms of the telemedicine market share.
Europe – Europe is anticipated to acquire a second position in the global market for telemedicine owing to the adoption of new technologies in the health care sector. In Europe, the increasing usage of digital health owing to the implementation of favorable guidelines by government bodies would aid growth.
APAC – Because of the rapidly expanding patient pool and the increased acceptance of telehealth services to satisfy the need, APAC is expected to be the fastest-growing market. India, China, and Japan, among other growing countries, are likely to play a critical role in expanding the regional market.
Why is Telemedicine required for Patients?
- Search and Pick Doctors
The possibility of searching for doctors based on proximity, and experience and especially empowers the patients to pick the right doctor easily.
- Personal profile to Maintain Health History
It allows secure storage of critical patient information like their medical history, prescriptions, and various reports.
- Easy Access
In addition to the secure storage of patients’ medical history, patient apps enable quick access to the data easily from anywhere, anytime.
- Appointment Reminders
Patient’s app utilize push notifications to send reminders about upcoming doctor visits to ensure that they are aware of their scheduled appointment.
A list of all the renowned service providers operating in this market: Telemedicine Market
- American Well (Boston, U.S.)
- MDLIVE Inc. (Sunrise, U.S)
- Teladoc Health Inc. (Purchase, U.S.)
- Doctor on Demand Inc. (San Francisco, U.S.)
- MeMD (Arizona, U.S.)
- Encounter Telehealth (Nebraska, U.S.)
- Global Med (Arizona, U.S.)
- SnapMD (California, U.S.)
- Other prominent players
Table Of Content:
1.1. Moreover, Research Scope
1.2. Moreover, Market Segmentation
1.3. Moreover, Research Methodology
1.4. Moreover, Definitions and Assumptions
3.1. Moreover, Market Drivers
3.2. Moreover, Market Restraints
3.3. Moreover, Market Opportunities
Moreover, Key Insights
4.1. Key Industry Developments – Moreover, Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Moreover, Analysis
4.3. Moreover, SWOT Analysis
4.4. Moreover, Technological Developments
4.5. Moreover, Value Chain Analysis
4.6. Moreover, Impact of COVID-19 on Market
5.Key Findings / Moreover, Summary
5.1 North America Sales, Revenue and Market Share by Country
5.1.1 North America Sales and Market Share by Country (2022-2029)
5.1.2 North America Revenue and Market Share by Country (2022-2029)
5.2 United States Sales and Growth Rate (2022-2029)
5.3 Canada Sales and Growth Rate (2022-2029)
5.4 Mexico Sales and Growth Rate (2022-2029)
8 South America by Country
8.1 South America Sales, Revenue and Market Share by Country
8.1.1 South America Sales and Market Share by Country (2022-2029)
8.1.2 South America Revenue and Market Share by Country (2022-2029)
8.2 Brazil Sales and Growth Rate (2022-2029)
8.3 Argentina Sales and Growth Rate (2022-2029)
8.4 Colombia Sales and Growth Rate (2022-2029)
9 Middle East and Africa by Countries
9.1 Moreover, Middle East and Africa Sales, Revenue and Market Share by Country
9.1.1 Middle East and Africa Sales and Market Share by Country (2022-2029)
9.1.2 Moreover, Middle East and Africa Revenue and Market Share by Country (2022-2029)
9.2 Saudi Arabia Sales and Growth Rate (2022-2029)
9.3 Moreover, Turkey Sales and Growth Rate (2022-2029)
9.4 Egypt Sales and Growth Rate (2022-2029)
9.5 Moreover, Nigeria Sales and Growth Rate (2022-2029)
10 U.S. Healthcare Assets Management Market In Developing Countries
11 South America Analysis by Countries
12 Moreover, Competitive Landscape
13 Moreover, Industry Outlook
13.1 Moreover, Market Driver Analysis
13.1.2 Moreover, Market Restraints Analysis
13.1.3 Moreover, Market Trends Analysis
13.2 Moreover, Merger, Acquisition and New Investment
13.3 Moreover, News of Product Release
14 Moreover, Global Forecast
15 Moreover, New Project Feasibility Analysis
15.1 Moreover, Industry Barriers and New Entrants SWOT Analysis
15.1.1 Moreover, Porter’s Five Forces Analysis
15.1.2 Moreover, New Entrants SWOT Analysis
15.2 Moreover, Analysis and Suggestions on New Project Investment
- Telehealth solutions have demonstrated the proficiency to strengthen health outcomes and reduce costs. Research suggests that telemedicine improves the health of diabetic patients, particularly in the case of older adults.
- Telehomecare is supposed to be one of the most profitable applications of telemedicine. The telehomecare market segment is anticipated to grow significantly in the near future. The rise in chronic disease incidences is a global concern that puts a burden on healthcare resources. Telehomecare is a resourceful way to provide care, monitor a patient, and deliver information, by using the advanced technology in telecommunication. Monitoring allows timely identification of disease, and thus, preventing severe chronic conditions.