Telemedicine Market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market.
With growing number of COVID-19 cases across the world, the telemedicine market is anticipated to register momentous gains over the forthcoming timeframe. The total coronavirus cases have reached to approximately 1.4 million worldwide. Essential factors that would help in controlling the spread of coronavirus disease are maintaining self-quarantine and social distancing.
These factors have further led to few countries adopting measures like partial or complete lockdowns. All these measures have thereby led to a rise in the adoption of telemedicine services in order to use healthcare services.
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According to research report by GMI, telemedicine market is estimated to surpass $175 billion by 2026.
The rising demand for reducing healthcare costs will likewise play a significant role in boosting the market growth. The effort to raise value in healthcare has also been devoted by improving productivity, further resulting in reduction of cost. Adoption of several advanced methodologies like LEAN and Six Sigma to enhance performance and improve the flow of the system will empower savings in terms of cost in healthcare, thus stimulating the market growth.
With respect to service, the market is classified into tele-education/training, tele-consulting, tele-monitoring, and others. Among these, the tele-monitoring services registered a revenue share of nearly 29% in 2019 and will continue to witness appreciative growth. These services can be utilized to monitor patient that are suffering from symptoms of flu but are tested negative for coronavirus infection. Furthermore, tele-monitoring also lessens the total burden on the medical organization, thus increasing their access to those patients who are suffering from serious diseases.
Telemedicine services can be availed in homes and hospitals as well. The telehospital segment is likely to observe high growth of about 19% during the estimated time frame. As the medical and paramedical workforce are at much higher risks due to coronavirus, the demand for telehospital facilities is anticipated to rise in the coming years.
From a regional reference frame, telemedicine market in China is expected to rise at a CAGR of nearly 23% during the estimated time frame. The growth is ascribed to the factors like rising number of cases of coronavirus disease as well as growing geriatric patient population.
Furthermore, with the enforcement of partial lockdown in certain areas of China, the patients are rapidly adopting the services of telemedicine. Additionally, growing use of smart phones as well as internet among the people of China will further boost the market growth.
The competitive landscape of telemedicine market includes companies like Koninklijke Philips N.V., AMD Global Telemedicine, BioTelemetry, Honeywell International Inc, Allscripts Healthcare Solutions Inc, Teladoc, Cisco Systems, and American Well among others.
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Partial Chapter of the Table of Content
Chapter 4. Telemedicine Market, By Service
4.1. Key segment trends
4.2.1. Market estimates and forecast, by region, 2015 – 2026 (USD Million)
4.3.1. Market estimates and forecast, by region, 2015 – 2026 (USD Million)
4.4.1. Market estimates and forecast, by region, 2015 – 2026 (USD Million)
Chapter 5. Telemedicine Market, By Type
5.1. Key segment trends