According to a new report by Reports and Data, the global Telemedicine market is forecast to reach USD 121.17 billion by 2027. Telemedicine is experiencing prospective opportunities in the field as rising adoption of IT in healthcare domain, rising geriatric population, increasing prevalence of target diseases and majorly the advantage of maximum reach in case of different medical crisis such as pandemic outbreak of COVID-19 or untapped target of population (rural areas or bedridden patients). Geriatric population is rapidly rising across the globe, and Europe and North America have the highest share of population with age of over sixty-five years and above. Telemedicine is emerging as crucial part of pandemic hit world, to remotely address many common medical conditions that are reflected among the old population such as Parkinson’s, diabetes, cardiovascular diseases, high blood pressure, and high cholesterol, arthritis and many more. According to the United Nations, in 2050, geriatric population are expected to account for 35% of the population in Europe, 28% in Northern America, 25% in Latin America and the Caribbean, 24% in Asia, 23% in Oceania and 9% in Africa.
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Key participants in the Telemedicine market are MDLIVE, Teladoc, SteadyMD, Doctor on Demand, Maven Clinic, AMD Telemedicine, Aerotel Medical Systems Ltd., iCliniq, Polycom, HealthTap, Cardio Net Inc., Amwell, CVS Health, Synapse Medicine, Practo.
For the purpose of this report, Reports and Data have segmented into the global Telemedicine market on the basis of types, components, technologies, applications, end use and region:
Types Outlook (Revenue, USD Billion; 2017-2027)
- Tele-Home
- Tele-Hospital
Components Outlook (Revenue, USD Billion; 2017-2027)
- Service
- Tele-consultation
- Tele-monitoring
- Tele-education
- Tele-care
- Tele-training
- Tele-surgery
- Hardware
- Monitors
- Medical peripheral devices
- Software
- RIS (Radiology Information Systems)
- DICOM (Digital Imaging and Communications in Medicine)
- Picture Archiving and Communication System (PACS)
- Electronic Medical Record (EMR)
- Medical Billing Software
- Practice Management Software
- HIS (Healthcare Information System)
- Others
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Store and Forward
- Real-Time
- Remote Patient Monitoring
- Others
Applications Outlook (Revenue, USD Billion; 2017-2027)
- Teleradiology
- Telepsychiatry
- Telepathology
- Teledermatology
- Telecardiology
- Tele-Surgery
- Teleneurology
- Others
End Use Outlook (Revenue, USD Billion; 2017-2027)
- Hospitals
- Diagnostic Centers
- Ambulatory Surgical Centers
- Specialty Clinics
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S
- Europe
- U.K
- France
- Germany
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Europe
- MEA
- Latin America
- Brazil
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Further key findings from the report suggest
- To avoid the obstruction due to lack of usage knowledge of physicians or healthcare providers market players are developing reference guidelines to boost the adoption of technology. For instance, the American Medical Association (AMA) has launched the AMA Telemedicine Quick Reference Guide, aimed at helping clinicians figure out best practices for implementing the tech. The guidelines cover everything from policy and coding to implementation
- In April 2020, DrChrono launched fully integrated telemedicine app & marketplace for patients. Over 10,000 medical providers on the DrChrono platform have access to more telehealth options and receive more inbound requests to provide virtual care visits to patients, especially during COVID-19
- Towards broadening the clientele field players are engaged in developing telemedicine solution for different users with personalized plans. For instance, in January 2020, Cigna an insurer from the U.S. in partnership with MDLive has launched a telehealth platform that gives its 12 million members in employee-sponsored health plans access to primary care services
- North America dominated the ovulation testing at home with a revenue of USD 17.63 billion in 2019. In North America, rising prevalence of target diseases, growing adoption of advanced technologies, high investment on IT in healthcare solutions are major factors driving market growth.
- The segment of software type has accounted for the highest market share in 2019. Broadly adoption of telemedicine and digital platform in healthcare and several software developments by key players are major factors booming the market growth of telemedicine software
- Based on end use diagnostic centers are estimated to grow at the CAGR 15.5%. Imaging being the primary procedure in overall healthcare management and significant growth of teleradiology are the major factors promoting telemedicine market growth in diagnostic centers
Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2017 – 2027
Chapter 3. Indicative Metrics
Chapter 4. COVID 19 impact assessment
4.1. Global telemedicine Industry Outlook
4.1.1.1. Q1 2020
4.1.1.2. Q2 2020
4.1.1.3. Q3 2020
4.1.1.4. Q4 2020
4.2. Supply chain stabilization
4.2.1.1. Supply scenario
4.2.1.2. Demand scenario
4.3. Upcoming strategies required to combat the current situation
Continued….
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