Adoption of telemedicine and virtual healthcare is expected to Drive Telemedicine Market. Asia-Pacific to witness the highest growth.
Telemedicine Market is anticipated to expand immensely by 2027 at a significant CAGR during the forecast period (2021-2027). Telemedicine is the practice of medicine using technology to deliver care at a distance. It not only allows patients to connect with doctors or physicians virtually but also helps in diminishing the healthcare expenditure. Doctors and physicians are moving to a digital platform as demand for remote care have increased owing to the ongoing Covid-19 pandemic. It has also encouraged the government involvement to offer people (majorly elderly population) a safer platform to use telemedicine and develop some policies and regulations accordingly.
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Ongoing Covid-19 pandemic paired with technological advancement in the field of healthcare are some of the major factors driving the growth of telemedicine market. In addition, increased penetration of smartphone and internet are further expected to boost the market growth. In addition, rising government funding and initiatives for telemedicine technology also acts as a potential growth driver. Furthermore, inadequate access to medical professionals in the rural region, may act as a potential growth opportunity for telemedicine sector in years to come. On an average, there are only 40 healthcare specialists per 100,000 rural population, globally. According to Massachusetts General Hospital, 79% of patients stated that scheduling a telemedicine follow-up visit was easier and more suitable than arranging an in-person follow-up. Moreover, the hospitals across the globe have started implementing telemedicine under their scope of medical practice.
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According to the annual survey of the American Hospital Association (AHA), in 2019, use of telehealth in hospitals has grown significantly from 35% in 2010 to 76% in 2018. Also, implementation of remote patient monitoring capabilities at hospitals has grown from 43.1% in 2015 to 61.2% in 2017. Virtual care technology saves patients time and money, by reducing patient transfer cost, emergency department and urgent care center visits. Besides this, telemedicine helps to address physician exhaustion by decreasing clinician's drive times and permitting more time for patients. According to the Vidyo Telehealth Adoption Survey 2019, 46% of surveyed health care providers (hospitals and clinics) use live videoconferencing, and 41% used RPM to deliver medical care.
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Based on Service, the global telemedicine market is fragmented into tele-consulting, tele-monitoring, and tele-education. It is projected that tele-consultation service would dominate the market. Applications that support health provider's stay connected with their patients are more appreciated and appropriate than before. Cardiology, Neurology, Dermatology, Gynecology, Orthopedics, Mental health, and Others are some of the specialties the telemedicine sector pertains to. In 2020, the mental health or telepsychiatry segment accounted for a maximum revenue share, adding 21% to revenue. Based on Delivery mode, the market is fragmented into Mobile/Web and Call centers. The Web/Mobile segment accounted for the major revenue share in 2020.
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Based on Modality, the market is fragmented into real-time, store and forward, and others. The real-time segment is anticipated to observe profitable growth due to the extreme rise in the number of virtual visits. According to the On-demand Virtual Care Benchmark Survey, 32.1% of doctors in the US had an on-demand virtual care service in 2018. This is expected to boost the substantial growth of the real-time segment. Providers, Payers, Patients, and Others are some of the major end-users of telemedicine sector. The Providers segment is anticipated to observe lucrative growth of more than 41.2% due to rising demand of virtual visits among patients.
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Additionally, the report provides detailed initiatives that are being taken in the field of telemedicine sector globally. The report provides a detailed analysis of major regions including North America (US, Canada, and Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America dominates the market, owing to chaotic schedules, busy lifestyle, and increasing awareness about the benefit of telemedicine technology among patients and healthcare professionals. Some of the major companies operating in the global telemedicine market includes American Well, SteadyMD, Inc., Maven, Inc., HealthTap, Inc., BioTelemetry, Inc., MDlive, Inc., CVS Health, Teladoc Health, Inc, Doctor on Demand, Inc and Plantronics, Inc.
Global Telemedicine Market Segmentation
Market Insight, by Service
Market Insight, by Specialty
- Mental health
Market Insight, by Delivery mode
- Call Canters
Market Insight, by Modality
- Forward and others
Market Insight, by End-user
Market Insight, by Region
- North America Telemedicine Market
- United States
- Rest of North America
- Europe Telemedicine Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Telemedicine Market
- Rest of Asia-Pacific
- Rest of World Telemedicine Market
- American Well
- SteadyMD, Inc.
- Maven, Inc.
- HealthTap, Inc.
- BioTelemetry, Inc.
- MDlive, Inc.
- CVS Health
- Teladoc Health, Inc
- Doctor on Demand, Inc
- Plantronics, Inc. (Polycom)