Market Research Report
Telemedicine Market with COVID-19 Impact Analysis, By Type, By Delivery Mode, By Application, By End User and By Region - Size, Share, & Forecast from 2021-2027
|Published by||AnalystView Market Insights||Product code||991571|
|Published||Content info||270 Pages
Delivery time: 2-3 business days
|Telemedicine Market with COVID-19 Impact Analysis, By Type, By Delivery Mode, By Application, By End User and By Region - Size, Share, & Forecast from 2021-2027|
|Published: February 1, 2021||Content info: 270 Pages||
The global telemedicine market was valued at USD 40.62 billion in 2020, growing with 23.1% CAGR during the forecast period, 2021-2027.
The growing trend of information & communication technology is helping to boost telemedicine abilities with a focus on remote management in the healthcare sector. Telemedicine solutions help healthcare professionals to diagnose, evaluate, and treating patients who are suffering from chronic diseases.
The telemedicine market is estimated to witness tremendous growth in the next few years, owing to the rising adoption of online consultation services especially due to the COVID-19 outbreak. Telemedicine solutions help to enhance clinical management and effectively deliver diagnosis services to patients. Currently, people across the globe are following social distancing norms which are expected to boost the demand for virtual-care delivery for better safety. The WHO has recommended telemedicine as a key service in mitigating under COVID-19 situation. Further, healthcare professionals, physicians are more focusing on adopting digital solutions to enhance their healthcare practices. In addition, affordable service, and the rising trend of e-visits, along with development in cardiology is expected to positively impact market growth.
Digital health has emerged as a new service that is boosting the demand for virtual teleconsultation. Thus, under the COVID-19 pandemic, there has been a significant rise in virtual visit service providers. For instance, Teladoc Health Inc. has witnessed a 60.0% rise in virtual consultation between January and March 2020 period. Besides this, the government authorities are setting new guidelines for improving the telehealth & telemedicine market. For example, in India, the Ministry of Health & Family Welfare has introduced telemedicine practices in 2020. These initiatives are projected to bolster the telemedicine market growth.
Based on components, the hardware segment dominated the market with the highest revenue share in 2019. The increasing usage of medical devices including speakers, webcams, monitors, videoconferencing devices, and microphones is contributing to the market growth. By application, the tele-radiology type segment is anticipated to lead with the largest share over the forecast period owing to increasing the adoption of advanced imaging, AI is increasing the segmental growth.
North America held the highest market share in the global market in 2019. The growing emergence of the COVID-19 pandemic along with the growing access to cloud technologies is augmenting the market growth. Europe is estimated to be the second-largest market by revenue. The Asia Pacific is anticipated to witness significant growth over the forecast period. The increasing adoption of innovative telecom solutions in countries such as Japan and China is supporting the region's growth.
The telemedicine market is fragmented with the presence of local and global players. Prominent participants include Teladoc Health, AMD Telemedicine, Philips Healthcare, and GE Healthcare. Key players in the industry indulge in strategic collaborations, R&D investment, and acquisitions to expand their reach across the world. For example, in 2019, UnitedHealth Group has acquired Vivify Health Inc. to enhance its remote patient monitoring capabilities.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows: