The size of the global telemedicine market in 2019 was USD 41.63 billion. The impact of COVID-19 on the world has been unprecedented and staggering, and the pandemic has resulted in a surge in demand for telemedicine in every region. According to our analysis, the global market will grow spectacularly by 91.7% in 2020. According to projections, the market will increase at a CAGR of 25.8% between 2020 and 2027, rising from USD 79.79 billion in 2020 to USD 396.76 billion in 2027. When the pandemic is over, this market's demand and growth will resume to pre-pandemic levels, which explains the abrupt decline in CAGR.
In recent years, telemedicine has grown incredibly. It facilitates communication between patients and doctors over distances and may help lower healthcare costs. These benefits have hospitals and doctors eager to incorporate digital health technologies into their practices. The government has also been prompted by this to create rules and reimbursement procedures related to telehealth.
Access Report Page: https://www.fortunebusinessinsights.com/industry-reports/telemedicine-market-101067
Growth Factor-
An enhancing selection of the electronic medical record (EMR) and electronic healthcare records (EHR) or 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 for the telemedicine market.
The unexpected expense of executing telemedicine frameworks, i.e., EHR & EMR and the 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.
Report Scope & Segmentation
Drivers & Restraints-
Rising Cases of Chronic Diseases to Accelerate Growth
As per CMS, the healthcare expenditure reached USD 3.6 trillion in 2018 in the U.S., alone. It revealed a surge of 4.6%. This shows that out-of-pocket expenditure and the rising incidence of chronic diseases have bolstered healthcare cost. Besides, the increasing usage of teleconsultations and digital technologies would augment the telemedicine market growth in the near future. Teleconsultation services are cost-effective and aid healthcare professionals to save time. Hence, governments of various countries are trying to implement telemedicine services in their healthcare infrastructure. However, the lack of skilled healthcare professionals may hinder the demand for this time of medicine.
Segment-
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 teleconsulting 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.
Regional Insights-
North America - As per the assessment, North America is likely to lead the global market due to the presence of a well-developed healthcare infrastructure. In 2019, North America generated USD 17.90 billion in terms of telemedicine market share. This growth is attributable to the presence of several prominent players, such as MDLive and Teladoc in this region. At the same time, the rising teleconsultations and the robust support from government agencies would propel growth in this region.
Europe - Europe is anticipated to acquire a second position in the global market for telemedicine owing to the adoption of new technologies in the healthcare sector. In Europe, the increasing usage of digital health owing to the implementation of favorable guidelines by government bodies would aid growth. The region is expected to retain its second position in the upcoming years backed by the surging cases of chronic diseases. The British Skin Foundation, for instance, mentioned that every year, the U.K. showcases around 100,000 new cases of skin cancer.
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.
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
Ask for FREE Report Sample: https://www.fortunebusinessinsights.com/enquiry/sample/telemedicine-market-101067